Econ
[Q#2020] If buyers’ value for bicycles increase, the demand for bicycles will ______.a. Increase
[Q#2053] A supply shortage in the market for lettuce will _______ the equlibrium price of lettuce. a. Increase
[Q#2057] At any moment the equilibrium price in the market for tablet computers will be determined by ________ . c. Buyers and the sellers of tablet computers
[Q#2059] The equilibrium price is also known as c. the market-clearing price.
[Q#4021] Along a demand curve with a constant slope, the price elasticity of demand: d. will be greater at higher prices than at lower prices.
[Q#5004]The short run is the period of time in which:d. at least one input is fixed.
[Q#5024]Oscar has negotiated a lease for his sporting goods store in which he is required to pay $2,000 per month in rent. Oscar pays his staff $10 per hour to sell sporting goods and his monthly electricity bill averages $500, depending on his total hours of operation. Oscar's fixed costs per month equal:a. $2,000
[Q#5031]The change in total cost arising from producing one more unit of output is known as:c. marginal cost.
[Q#5045]Austin's total fixed cost is $4,000. Austin employs 15 workers and pays each worker $100. The average product of labor is 5, and the marginal product of the last worker hired is 8. What is the marginal cost of the last unit produced by the last worker Austin hired?b. $13
[Q#6019]A firm is a price-taking producer when:d. its actions cannot affect the market price of the product.
[Q#6026]In a perfectly competitive market:a. no one market participant will be able to influence price.
[Q#6033]The table above gives the total cost information for a perfectly competitive firm. What is the profit-maximizing quantity of output?d. 1
[Q#6034]Which of the following is the best example of a commodity in a perfectly competitive industry?b. apples
[Q#6035]The short-run individual supply curve of a firm is:b. the portion of its marginal cost curve above average variable cost.
[Q#2053] A supply shortage in the market for lettuce will _______ the equlibrium price of lettuce. a. Increase
[Q#2057] At any moment the equilibrium price in the market for tablet computers will be determined by ________ . c. Buyers and the sellers of tablet computers
[Q#2059] The equilibrium price is also known as c. the market-clearing price.
[Q#4021] Along a demand curve with a constant slope, the price elasticity of demand: d. will be greater at higher prices than at lower prices.
[Q#5004]The short run is the period of time in which:d. at least one input is fixed.
[Q#5024]Oscar has negotiated a lease for his sporting goods store in which he is required to pay $2,000 per month in rent. Oscar pays his staff $10 per hour to sell sporting goods and his monthly electricity bill averages $500, depending on his total hours of operation. Oscar's fixed costs per month equal:a. $2,000
[Q#5031]The change in total cost arising from producing one more unit of output is known as:c. marginal cost.
[Q#5045]Austin's total fixed cost is $4,000. Austin employs 15 workers and pays each worker $100. The average product of labor is 5, and the marginal product of the last worker hired is 8. What is the marginal cost of the last unit produced by the last worker Austin hired?b. $13
[Q#6019]A firm is a price-taking producer when:d. its actions cannot affect the market price of the product.
[Q#6026]In a perfectly competitive market:a. no one market participant will be able to influence price.
[Q#6033]The table above gives the total cost information for a perfectly competitive firm. What is the profit-maximizing quantity of output?d. 1
[Q#6034]Which of the following is the best example of a commodity in a perfectly competitive industry?b. apples
[Q#6035]The short-run individual supply curve of a firm is:b. the portion of its marginal cost curve above average variable cost.