When a monopolist increases the amount of output that it produces and sells, the
price of its output
a. stays the same.
b. increases.
c. decreases.
d. may increase or decrease depending on the price elasticity of demand.
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, c. decreases.
When each firm chooses its own best strategy, given the strategy the other one
actually chooses, the market
has reached
a. a competitive equilibrium.
b. an open market solution.
c. a socially optimal solution.
d. a Nash equilibrium.
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d. a Nash equilibrium.
Because there is diminishing marginal product of labor, as the number of workers
increases
a. the additional output added by one additional worker rises.
b. the additional cost of hiring an additional worker rises.
c. the additional output added by one additional worker declines.
d. the additional cost of an additional unit of output falls.
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c. the additional output added by one additional worker declines.
Which of the following events would cause both the equilibrium price and equilibrium
quantity of Dodge
Neons (an inferior good) to increase?
a. a decrease in consumer income
, b. an increase in consumer income
c. gas mileage of SUVs and mid-size sedans increases.
d. wages of auto workers fall.
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a. a decrease in consumer income
If the current price of roses is $40.00, but the equilibrium price of roses is $30.00, we
expect a
a. shortage to exist and the market price of roses to increase.
b. shortage to exist and the market price of roses to decrease.
c. surplus to exist and the market price of roses to increase.
d. surplus to exist and the market price of roses to decrease.
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d. surplus to exist and the market price of roses to decrease.
As a group, oligopolists would always earn the highest profit if they would
a. produce the perfectly competitive quantity of output.
b. charge the same price that a monopolist would charge if the market were a
monopoly.
c. produce more than the perfectly competitive quantity of output.
d. operate according to their own individual self-interests.
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b. charge the same price that a monopolist would charge if the market
were a monopoly.
price of its output
a. stays the same.
b. increases.
c. decreases.
d. may increase or decrease depending on the price elasticity of demand.
Give this one a try later!
, c. decreases.
When each firm chooses its own best strategy, given the strategy the other one
actually chooses, the market
has reached
a. a competitive equilibrium.
b. an open market solution.
c. a socially optimal solution.
d. a Nash equilibrium.
Give this one a try later!
d. a Nash equilibrium.
Because there is diminishing marginal product of labor, as the number of workers
increases
a. the additional output added by one additional worker rises.
b. the additional cost of hiring an additional worker rises.
c. the additional output added by one additional worker declines.
d. the additional cost of an additional unit of output falls.
Give this one a try later!
c. the additional output added by one additional worker declines.
Which of the following events would cause both the equilibrium price and equilibrium
quantity of Dodge
Neons (an inferior good) to increase?
a. a decrease in consumer income
, b. an increase in consumer income
c. gas mileage of SUVs and mid-size sedans increases.
d. wages of auto workers fall.
Give this one a try later!
a. a decrease in consumer income
If the current price of roses is $40.00, but the equilibrium price of roses is $30.00, we
expect a
a. shortage to exist and the market price of roses to increase.
b. shortage to exist and the market price of roses to decrease.
c. surplus to exist and the market price of roses to increase.
d. surplus to exist and the market price of roses to decrease.
Give this one a try later!
d. surplus to exist and the market price of roses to decrease.
As a group, oligopolists would always earn the highest profit if they would
a. produce the perfectly competitive quantity of output.
b. charge the same price that a monopolist would charge if the market were a
monopoly.
c. produce more than the perfectly competitive quantity of output.
d. operate according to their own individual self-interests.
Give this one a try later!
b. charge the same price that a monopolist would charge if the market
were a monopoly.
