5. In a perfectly competitive market:
The behavior of individual consumers
Unemployment and interest rates
(b) and (c)
There is a single seller.
There is a cartel.
No single buyer or seller can significantly affect the
Chapter 2 The Basics of Supply and Demand '
1) Which of the following is NOT an application of supply and demand analysis?
A) Understanding changing world economic conditions and their effects on prices
B) Evaluating the effects of government price contro
Chapter 6 Production
7. The marginal product of an input is
1. A production function defines the output that can be produced
in a given time period if no additional inputs are hired.
the addition to total output due to the addition of on
Chapter 8 Profit Maximization and Competitive Supply
1. Which of following is a key assumption of a perfectly competitive market?
Firms can influence market price
Commodities have few sellers
It is difficult for new sellers to enter the market
Chapter 7 The Cost of Production
1. Which of the following statements is true regarding the differences between economic and accounting costs?
Accounting costs include all implicit and explicit costs.
Economic costs include implied costs only.
Chapter 9 The Analysis of Competitive Markets
5. Refer to Figure 9.1. If the market is in equilibrium, total producer surplus is
6. Refer to Figure 9.1.
If the market is in equilibrium, total consumer and produc
MERSN UNIVERSITY FACULTY OF ECONOMICS AND ADMINISTRATIVE SCENCES
DEPARTMENT OF ECONOMICS MICROECONOMICS MIDTERM EXAM DATE 18.11.2011 TIE 12:30
STUDENT NAME AND NUMBER_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answ
Chapter 5 Uncertainty and Consumer Behavior
5. Samantha's expected expense for her car is
Aline and Sarah decide to go into business together as economic consultants. Aline believes they have a 50-50 chance
of earning $200,000 a year, and that
Mock-up Midterm Exam 1 In Class portion
 In your notes posted on Blackboard
 Julio receives utility from consuming food (F) and clothing (C) as given by the utility
function U(C,F) = FC. In addition, the price of food is $2 per unit,
MERSN NVERSTES KTSAD VE DAR BLMLER FAKLTES
KTSAT BLM MKROKTSAT 1 DERS ARA-SINAV SORULARI 08.11.2010
oktan Semeli Sorular
Sorunun yant olan veya cmleyi en iyi ekilde tamamlayan seenei yant anahtarna iaretleyiniz.
1. Bte dorusunun yatay ekseni
Budget lines, Optimal
ECON 303 / Michail
One slide review: Indifference
This is primarily
[the slopes of ICs
fall as we
Chapter 2 The basics of Demand and Supply
7. The price of good A goes up.
1. A supply curve reveals
the quantity of output consumers are willing to purchase at each possible market price.
the difference between quantity demanded and quantit
Chapter 3 Consumer Behavior
1. The theory of consumer behavior is based on certain assumptions. It includes at least the assumption(s) that
transitivity of consumer preferences.
Chapter 4 Individual and Market Demand
6. The curve in the diagram below is called
1. Moving down along a demand curve for apples
consumer well-being decreases.
the marginal utility of apples decreases.
the marginal utility of apples increases.