TEST 6: CHAPTER 8
Name_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) A firm in a perfectly competitive market has no control over price because
A) any firm may freely enter into and/or exit from
TEST 1: CHAPTER 2
Name_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) Which of the following would cause a shift to the right of the supply curve for gasoline?
I. A large increase in the price of
Cleveland State University
Department of Economics
ECN 302: Intermediate Microeconomics, Spring 2013
Section 50, MW 6:00-7:15 PM, MC 0406
Aycan Koksal
1712 Rhodes Tower
[email protected]
(216) 687-3692
Monday and Wednesday, 4.00-5.00pm, and by appointm
ECN 302, Spring 2013
Quiz 1
Name_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) Perfectly competitive firms
A) are small relative to the size of the market.
B) sell homogeneous products.
C) are p
ECN302
Midterm2
11/18/14
1.Whichofthefollowingstatementsistrue
a. Ifdemandisinelastic,priceandtotalrevenuemoveoppositedirections.
b.
c.
d.
Ifdemandisunitelastic,priceandtotalrevenuemoveinthesamedirection.
Ifdemandiselastic,priceandtotalrevenuemoveinthesam
TEST 3: CHAPTER 4
Name_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) Assume that beer is a normal good. If the price of beer rises, then the substitution effect results in
the person buying _ of
A firm's cost minimizing production decisions are made by: understanding the firm's input-output function (production technology) and the input prices the firms faces, and then deciding how much of each input to use for
TEST 8: CHAPTERS 10 &11
Name_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
Refer to the information provided in Figure 13.6 below to answer the question that follows.
Figure 13.6
1) Refer to Figure
TEST 7: CHAPTER 9
Name_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) When government intervenes in a competitive market by imposing an effective price ceiling, we
would expect the quantity suppl
1) A farmer uses M units of machinery and L hours of labor to produce C tons of corn, with the following production function C = L0.5 + M0.75. This production function exhibits D) decreasing returns to scale for all output levels. 2) Which of the fol
Exam 1 1) Which of the following algebraic forms for a demand curve yields an isoelastic demand curve? A) log(Q) = a - b log(P) + c log(I) 2) Mikey is very picky and insists that his mom make his breakfast with equal parts of cereal and apple juice any ot
TEST 9: CHAPTER 12
Name_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) Which market structure is characterized by the following characteristics?
i. a large number of firms compete
ii. each firm p
TEST 10: CHAPTER 14
Name_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) A firm should hire more labor when the marginal revenue product of labor
A) exceeds the wage rate.
B) is less than the wage
Economics302Homework1
Ineachofthefollowingquestions,assumethatthemarketdemandcurveslopesdownwardsandthatthemarketsupplycurveslopesupwards.
1.
2.
3.
4.
5.
6.
GoodXisinferior.Incomefalls.Thedemandcurveshiftstothe:
a.
b.
c.
Left
Right
NoChange
GoodXisnormal.
Name: Ryan Hardy 1A 2D 3B 4A 5D 6B 7A 8D 9B 10 D 11 D 12 B 13 A 14 A 15 A 16 C 17 C 18 C 19 E 20 B 21 A 22 A 23 A 24 C 25 A 26 A 27 C 28 C 29 A 30 B 31 A 32 D 33 A 34 A 35 C 36 A 37 D 38 D 39 B 40 B 41 D 42 A 43 B 44 B 45 D 46 B
Score: 47 B 48 C 49
A firm's cost minimizing production decisions are made by: understanding the firm's input-output function (production technology) and the input prices the firms faces, and then deciding how much of each input to use for a given level of output. The firm
1) A farmer uses M units of machinery and L hours of labor to produce C tons of corn, with the following production function C = L0.5 + M0.75. This production function exhibits D) decreasing returns to scale for all output levels. 2) Which of the followin
Name: Ryan Hardy 1A 2D 3B 4A 5D 6B 7A 8D 9B 10 D 11 D 12 B 13 A 14 A 15 A 16 C 17 C 18 C 19 E 20 B 21 A 22 A 23 A 24 C 25 A 26 A 27 C 28 C 29 A 30 B 31 A 32 D 33 A 34 A 35 C 36 A 37 D 38 D 39 B 40 B 41 D 42 A 43 B 44 B 45 D 46 B
Score: 47 B 48 C 49 B 50 C
P: Price
q: Output
FC: Fixed Cost
VC: Variable Cost
TC: Total Cost
MC: Marginal Cost
AFC: Average Fixed Cost
AVC: Average Variable Cost
ATC Average Total Cost
: Profit
TR: Total Revenue
LRATC: Long run average total cost
TC= FC+VC
MC= TC/q = TVC/q
AFC= FC
ECN 302, Spring 2013
Quiz 2
Name_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) An industry with a large number of firms, differentiated products, and free entry and exit is called
A) oligopoly.
TEST 2: CHAPTER 3
Name_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) Indifference curves are convex to the origin because of:
A) the assumption of completeness.
B) the assumption of a diminishin