10/10/25, 10:20 AM Econ 2030 Midterm Exam 2 LSU EXAM comprehensive questions and verified answers| get it 100% ACCURATE!! Flashcards | …
Econ 2030 Midterm Exam 2 LSU EXAM
comprehensive questions and verified answers|
get it 100% ACCURATE!!
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Terms in this set (93)
The shorter the period of time that a buyer has to
make a purchasing decision, everything else held
constant, the more price __ demand will be for the
good. The __ proportion of a consumer's budget a
good makes up, everything else held constant, the
inelastic; smaller
more price inelastic demand will be for the good.
- inelastic; smaller
- elastic; greater
- elastic; smaller
- inelastic; greater
Suppose the rational and chic Amber saw a beautiful
pair of Christian Louboutin loafers priced at $995 and
she bought them. Suppose further that her consumer
surplus from the purchase was $200. It can be
concluded with certainty that her reservation price for
$1195 buying the loafers was...
- $0
- $200
- $795
- $995
- $1195
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,10/10/25, 10:20 AM Econ 2030 Midterm Exam 2 LSU EXAM comprehensive questions and verified answers| get it 100% ACCURATE!! Flashcards | …
At a given point in time, suppose a monopolist is
producing its profit-maximizing level of output and is
earning an economic profit equal to zero. Everything
remain in business else held constant, what will the monopolist do in the
long run?
- shut down
- remain in business
Suppose books are a normal good. Suppose further
that national income in increasing.
A. In the situation above, producer surplus in the book
market will __, everything else held constant.
- remain unchanged
- increase
A. increase - be ambiguous
B. increase - decrease
B. In the situation above, economic surplus in the
book market will __, everything else held constant.
- remain unchanged
- increase
- be ambiguous
- decrease
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, 10/10/25, 10:20 AM Econ 2030 Midterm Exam 2 LSU EXAM comprehensive questions and verified answers| get it 100% ACCURATE!! Flashcards | …
Suppose the government imposes an excise tax of $10
per unit on bicycles. Suppose further that buyers bear
65 percent of the burden of the tax.
A. In the situation above, which of the following can
be concluded with certainty?
- the demand for bicycles is price elastic
- the demand for bicycles is relatively more price
A. the demand for elastic than the supply is
bicycles is relatively more - the demand for bicycles is price inelastic
price inelastic than the - the demand for bicycles is relatively more price
supply is inelastic than the supply is
B. $6.50 lower B. After the tax is imposed, the price the sellers
receive for selling a bicycle will be __ than it was
before the tax, everything else held constant.
- $6.50 lower
- $6.50 higher
- $10.00 hgiher
- $3.50 higher
- $3.50 lower
Suppose the price at which a monopolist is selling its
output is $10 and the marginal revenue associated
with the last unit of output sold is $8. Suppose further
that the marginal cost of producing the last unit of
output sold is $6. Which of the following actions
decrease output and
should the non-price discriminating monopolist take
increase price?
to increase its profits?
- decrease output and decrease price
- increase output and increase price
- increase output and decrease price
- decrease output and increase price
https://quizlet.com/1090651706/econ-2030-midterm-exam-2-lsu-exam-comprehensive-questions-and-verified-answers-get-it-100-accurate-flash-card… 3/18
Econ 2030 Midterm Exam 2 LSU EXAM
comprehensive questions and verified answers|
get it 100% ACCURATE!!
Save
Terms in this set (93)
The shorter the period of time that a buyer has to
make a purchasing decision, everything else held
constant, the more price __ demand will be for the
good. The __ proportion of a consumer's budget a
good makes up, everything else held constant, the
inelastic; smaller
more price inelastic demand will be for the good.
- inelastic; smaller
- elastic; greater
- elastic; smaller
- inelastic; greater
Suppose the rational and chic Amber saw a beautiful
pair of Christian Louboutin loafers priced at $995 and
she bought them. Suppose further that her consumer
surplus from the purchase was $200. It can be
concluded with certainty that her reservation price for
$1195 buying the loafers was...
- $0
- $200
- $795
- $995
- $1195
https://quizlet.com/1090651706/econ-2030-midterm-exam-2-lsu-exam-comprehensive-questions-and-verified-answers-get-it-100-accurate-flash-card… 1/18
,10/10/25, 10:20 AM Econ 2030 Midterm Exam 2 LSU EXAM comprehensive questions and verified answers| get it 100% ACCURATE!! Flashcards | …
At a given point in time, suppose a monopolist is
producing its profit-maximizing level of output and is
earning an economic profit equal to zero. Everything
remain in business else held constant, what will the monopolist do in the
long run?
- shut down
- remain in business
Suppose books are a normal good. Suppose further
that national income in increasing.
A. In the situation above, producer surplus in the book
market will __, everything else held constant.
- remain unchanged
- increase
A. increase - be ambiguous
B. increase - decrease
B. In the situation above, economic surplus in the
book market will __, everything else held constant.
- remain unchanged
- increase
- be ambiguous
- decrease
https://quizlet.com/1090651706/econ-2030-midterm-exam-2-lsu-exam-comprehensive-questions-and-verified-answers-get-it-100-accurate-flash-card… 2/18
, 10/10/25, 10:20 AM Econ 2030 Midterm Exam 2 LSU EXAM comprehensive questions and verified answers| get it 100% ACCURATE!! Flashcards | …
Suppose the government imposes an excise tax of $10
per unit on bicycles. Suppose further that buyers bear
65 percent of the burden of the tax.
A. In the situation above, which of the following can
be concluded with certainty?
- the demand for bicycles is price elastic
- the demand for bicycles is relatively more price
A. the demand for elastic than the supply is
bicycles is relatively more - the demand for bicycles is price inelastic
price inelastic than the - the demand for bicycles is relatively more price
supply is inelastic than the supply is
B. $6.50 lower B. After the tax is imposed, the price the sellers
receive for selling a bicycle will be __ than it was
before the tax, everything else held constant.
- $6.50 lower
- $6.50 higher
- $10.00 hgiher
- $3.50 higher
- $3.50 lower
Suppose the price at which a monopolist is selling its
output is $10 and the marginal revenue associated
with the last unit of output sold is $8. Suppose further
that the marginal cost of producing the last unit of
output sold is $6. Which of the following actions
decrease output and
should the non-price discriminating monopolist take
increase price?
to increase its profits?
- decrease output and decrease price
- increase output and increase price
- increase output and decrease price
- decrease output and increase price
https://quizlet.com/1090651706/econ-2030-midterm-exam-2-lsu-exam-comprehensive-questions-and-verified-answers-get-it-100-accurate-flash-card… 3/18
