spring 2009 exam 6

spring 2009 exam 6 - ECON 2106 Shelby Frost Exam 3 1:00pm...

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ECON 2106 Shelby Frost Exam 3 1:00pm TR Spring 2009 Version A Page 1 Do NOT open your exam until you are told to do so. Turn off your cell phone or any other noise-making devices you have with you. You are taking Version A of the exam. Please mark letter A on your scantron where it reads “Test Form”. When you submit your scantron for grading, you must turn in a signed copy of this page. Failure to do so will result in earnings of $0 for this exam. You may keep the questions for your record of what answers you marked. An answer key will be posted in webct after the exam is over so you can grade your own work. Tear this page off and turn it in when you turn in your scantron; keep the other pages for yourself. Honesty Oath: By signing below, I certify that I have adhered to the GSU Policy on Academic Honesty. The GSU Policy on Academic Honesty includes the following: “B. Cheating on Examinations: Cheating on examinations involves giving or receiving unauthorized help before, during, or after an examination. Examples of unauthorized help include the use of notes, computer based resources, texts, or "crib sheets" during an examination (unless specifically approved by the faculty member), or sharing information with another student during an examination (unless specifically approved by the faculty member). Other examples include intentionally allowing another student to view one's own examination and collaboration before or after an examination if such collaboration is specifically forbidden by the faculty member.” Print name: _____________________ Signature: ___________________________
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ECON 2106 Shelby Frost Exam 3 1:00pm TR Spring 2009 Version A Page 1 This page is left blank intentionally.
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ECON 2106 Shelby Frost Exam 3 1:00pm TR Spring 2009 Version A Page 2 Multiple Choice: Choose the one alternative that best completes the statement or answers the question Use the following to answer question 1: Figure: Computing Monopoly Profit 1. (Figure: Computing Monopoly Profit) The profit-maximizing price is _______ and will generate total economic profit of _______. A) P 3 ; the rectangle P 2 P 3 EF B) P 2 ; EF C) P 2 ; EF D) P 3 ; the rectangle P 1 P 2 FG 2. Which of the following is(are) true? A) MR > P if the demand curve is downward sloping. B) MR = MC is a profit-maximizing rule for any firm. C) A monopoly firm is a price taker. D) All of the above are true. 3. If a consumer purchases a combination of commodities A and B such that MU A /P A = 50 and MU B /P B = 30, to maximize utility, the consumer should buy: A) less of both A and B. C) less of A and more of B. B) more of both A and B. D) more of A and less of B.
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ECON 2106 Shelby Frost Exam 3 1:00pm TR Spring 2009 Version A Page 3 4. The demand curve facing a monopolist is: A) downward sloping, the same as that facing a perfectly competitive firm. B) downward sloping, unlike the horizontal demand curve facing a perfectly competitive firm.
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spring 2009 exam 6 - ECON 2106 Shelby Frost Exam 3 1:00pm...

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