2009Final_12112009-2 - Name Date Microeconomics 2010 final...

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Version 2 Page 1 Name: __________________________ Date: _____________ Microeconomics 2010 final, sec. 300. Fall 2009 (Version 2) The exam has 123 questions. Make sure you have all 123 questions (29 pages) 1. From the individual's perspective maximizing their utility and behaving efficiently are one and the same. A) True B) False 2. A curve that represents combinations of two goods that yield equal levels of satisfaction is a(n): 3. The short-run supply curve for a perfectly competitive firm is its: 4. Consumer surplus for an individual buyer is equal to: 5. Consider the market for pigs and assume there is a marginal external cost associated with raising pigs. Without government regulation, at the market equilibrium price and quantity of pigs: A) the price will be less than the marginal social cost. B) too few pigs will be raised. C) the price will be less than the marginal cost to pig farmers. D) the price will be less than the marginal benefit.
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Version 2 Page 2 6. Consider two firms: Suppose that firm A pollutes, this negatively affects firm B, and the amount firm A pollutes is un-taxed and unregulated. Which of the following statements is definitely NOT true? 7. In long-run equilibrium, economic profits in a perfectly competitive industry are: 8. If a good that involves external costs is then priced to take these costs into account, then its price would:
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