PS09_MC - Pls hand in via WebCT ECON1001 Problem Set 9...

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Pls hand in via WebCT!!! ECON1001 Problem Set 9 ECON1001: Principles of Microeconomics (Non-major) Problem Set #9 Part I: MC Question (Reference Copy) Release Date: 9 Nov (Fri) Due Date: 5pm, 16 Nov (Fri) Note: You are ONLY allowed to answer this part in the WebCT system. The tutor DOES NOT ACCEPT other ways in handling this MC part. Part II: Short Question Please download Question & Answer sheet of this part from the tutorial website. www.econ.hku.hk/econ1001 Thank you for your cooperation.
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Pls hand in via WebCT!!! ECON1001 Problem Set 9 Q1. Market power measures the firm's ability to A) under cut its competitors. B) resist union wage demands. C) raise its price without losing all of its sales. D) influence the price its competitors charge. E) force consumers to pay prices higher than their reservation prices. Q2. Suppose a firm increases its labor usage and office space (the only inputs used) by 10% and observes a 13% increase in output. The firm has A) increasing returns to scale. B) constant returns to scale. C) violated the law of diminishing marginal returns. D) increased its average costs. E) reduced its total costs.
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This note was uploaded on 10/02/2011 for the course ECON 1001 taught by Professor S.c during the Spring '10 term at HKU.

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PS09_MC - Pls hand in via WebCT ECON1001 Problem Set 9...

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