Midterm3_2106_04_14_2011_ABCD

Midterm3_2106_04_14_2011_ABCD - Name Class Date ID A...

Info icon This preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
Name: ________________________ Class: ___________________ Date: __________ ID: A 1 MT3_2106_Spring_2011: 33 questions at 2 ppts, plus 3 bonus questions at 2 ppts. Multiple Choice Identify the choice that best completes the statement or answers the question. ____ 1. Assume the market for tennis balls is perfectly competitive. When one tennis ball producer exits the market, a. the price of tennis balls increases. b. the price of tennis balls decreases. c. the price of tennis balls does not change. d. there is no longer a market for tennis balls. ____ 2. Today's demand curve for gasoline could shift in response to Figure 4-5 Firm A Firm B ____ 3. Refer to Figure 4-5. If these are the only two sellers in the market, then the market quantity supplied at a price of $6 is ____ 4. A movement upward and to the right along a supply curve is called
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Name: ________________________ ID: A 2 ____ 5. Which of the following is a determinant of the market supply curve but not a determinant of an individual seller’s supply? a. technology b. expectations c. input prices d. the number of sellers ____ 6. If a 10% decrease in price for a good results in a 20% increase in quantity demanded, the price elasticity of demand is Figure 5-4 ____ 7. Refer to Figure 5-4 . If the price decreases in the region of the demand curve between points B and C, we can expect total revenue to
Image of page 2
Name: ________________________ ID: A 3 Table 5-5 Income Quantity of Good X Purchased Quantity of Good Y Purchased $30,000 2 20 $40,000 6 10 ____ 8. Refer to Table 5-5 . Using the midpoint method, the income elasticity of demand for good Y is ____ 9. Kirsten sells 300 glasses of lemonade at $0.50 each. Her total costs are $125. Her profits are a. $25. b. $124.50. c. $125. d. $150. Table 13-5 The Flying Elvis Copter Rides Quantity Total Cost Fixed Cost Variable Cost Marginal Cost Average Fixed Cost Average Variable Cost Average Total Cost 0 $50 $50 $0 -- -- -- -- 1 $150 A B C D E F 2 G H I $120 J K L 3 M N O P Q $120 R
Image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern