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Microeconomics Questions31.Complete the following sentence. When the long run average cost

(LRAC) curve has a positive slope, it implies there are:


Select one:

a. increasing returns to scale.

b. constant returns to scale.

c. decreasing returns to scale.

d. diseconomies of scale.

e. none of the above


32.In the figure above, a price control "F" has been placed above the

equilibrium price "E." Which algebraic expression correctly calculates the

surplus caused at the price control level?

Question 32graph.png

Select one:

a. E - A

b. B + A

c. E - B

d. A - B + E

e. B - A


33.Which most closely approximates a perfectly competitive market?


Select one:

a. An electric utility

b. An Ethiopian-style restaurant

c. The airline industry

d. A farmers' market

e. The beverage market


34.A kinked demand curve is a perceived demand curve that arises when

competing oligopoly firms commit to match price increases, but not

price cuts.


Select one:

True?

False?


35.Positive Income Elasticity of a good indicates that the good is __________.


Select one:

a. A normal good

b. An inferior good

c. A substitute

d. A compliment

e. None of the above


36.Abby has a weekly budget of $75 to spend on fruit and vegetables. She

decides to buy 2 pounds of organic fruit at a cost of $7.50/lb. She

spends the rest on 6 pounds of organic vegetables. What is the price

she pays for each pound of vegetable, given her budget constraint?


Select one:

a. $10

b. $6

c. $5

d. $25

e. $4


37.In a perfectly competitive market, the price equals __________.


Select one:

a. Marginal revenue divided by output

b. Average revenue

c. Total revenue divided by marginal revenue

d. All of the above

e. None of the above


38.After a revolution in a country with exceptionally high income inequality,

a government institutes an extreme income transfer program from

wealthy families to impoverished ones. How is this represented in the

Lorenz curve?

Question 38graph.png

Select one:

a. Movement from D to C.

b. Movement from C to A.

c. Movement from C to B.

d. Movement from B to D.

e. Movement from B to C.


39.What does the above graph represent?

Question 39graph.png

Select one:

a. A move to a higher indierence curve.

b. A move to a lower indierence curve.

c. A move to a higher budget constraint.

d. A move to a lower budget constraint.

e. Unattainable consumption.


40.Which market structure is most likely to feature a cartel?


Select one:

a. Monopoly

b. Oligopoly

c. Monopolistic competition

d. Perfect competition

e. Deadweight loss

Image transcriptions

https://www.coursehero.com/file/39618150/Final-Exampdf/ https://my.uopeople.edu/mod/quiz/attempt.php?attempt=1776474&cmid=164499&page=3#q8 1/6 2019/3/29 Question 32 ". . Final Exam . Not yet answered S Marked out of 1.00 A F Price E ..... Quantity In the figure above, a price control "F" has been placed above the equilibrium price "E." Which algebraic expression correctly calculates the surplus caused at the price control level? es e Select one: O a. E - A O b. B +A dy Cour O C. E - B O d.A-B +E ed via e.B.A Question 33 Which most closely approximates a perfectly competitive market? Answer saved Marked out of Select one: 1.00 O a. An electric utility O b. An Ethiopian-style restaurant O c. The airline industry

Answer saved Marked out of Select one: 1.00 O a. Marginal revenue divided by output O b. Average revenue O c. Total revenue divided by marginal revenue O d. All of the above O e. None of the above Question 38 Lorenz Curve Not yet answered Marked out of 1.00 0.75- Proportion of Income rie was 0.5 urseHero.c D 0.25 - 0.25 0.5 0.75 Proportion of People After a revolution in a country with exceptionally high income inequality, a government institutes an extreme income transfer program from wealthy families to impoverished ones. How is this represented in the Lorenz curve? Select one: O a. Movement from D to C. O b. Movement from C to A. O c. Movement from C to B. O d. Movement from B to D. e. Movement from B to C. https://www.coursehero.com/file/39618150/Final-Exampdf/

wealthy families to impoverished ones. How is this represented in the Lorenz curve? Select one: O a. Movement from D to C. b. Movement from C to A. O c. Movement from C to B. O d. Movement from B to D. O e. Movement from B to C. https://www.coursehero.com/file/39618150/Final-Exampdf/ Question 39 Good Y Answer saved Marked out of 40 1.00 30 20 V 10 5 10 15 20 Good X What does the above graph represent? Select one: Hero. O a. A move to a higher indifference curve. O b. A move to a lower indifference curve. O c. A move to a higher budget constraint. O d. A move to a lower budget constraint.

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