Lec 16 Questions

Lec 16 Questions - D. Remains constant as long as price...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Econ 101 Class 16 Questions 1. Which of the following soft drink sellers is likely to have the most market power? A. Concession Area at the Smith Center. ** B. Franklin Street Snack Shop. C. Lenoir Dining Hall. D. Food Court at a Shopping Mall Like Streets of South Point. 2. If a firm faces its own demand schedule and can choose its price, then its marginal revenue… A. Is less than its price. ** B. Is negative at quantities where demand is elastic. C. Is zero at the quantity that the firm chooses to produce.
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: D. Remains constant as long as price remains above marginal cost. 3. The following table reports the marginal revenue that Carla receives from editing term papers. Quantity Marginal Revenue 1 40 2 36 3 32 4 28 5 24 6 20 7 16 8 12 Suppose Carla’s opportunity cost for editing a paper is $29 and that she charges the same price to all customers. How many papers will she edit? A. One B. Two C. Three ** D. Eight...
View Full Document

This note was uploaded on 03/02/2009 for the course ECON 101 taught by Professor Balaban during the Spring '07 term at UNC.

Ask a homework question - tutors are online