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Microeconomics
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Microeconomics
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25 Questions

1. If a firm produces nothing - which of the following costs will be zero?
2. The combination of two goods a consumer chooses depends on
3. One assumption that distinguishes short-run cost analysis from long-run cost analysis for a profitmaximizing firm is that in the short run -
4. The majority of income in the United States comes from
5. Profit is defined as
6. The graph above depicts the cost structure for a firm in a perfectly competitive market. What price level will leave the profit maximizing firm with zero profits?
7. A group of firms that are acting in unison to maximize collective profits is called a
8. When the price of a commodity rises - we can expect
9. The amount of the tax that sellers would pay is
10. A bottle of wine costs $8 and a quiche costs $5.(A)t Robert’s present levels of consumption - he spends all of his income and receives marginal utility of $10 from the last bottle of wine and marginal utility of $4 from the last quiche. To maximize his total utility - Robert should
11. The marginal product of labor is equal to the
12. Which of the following costs does not vary with the amount of a firm’s output?
13. A key determinant of labor productivity is
14. A good is not scarce in a society if
15. The impact of one person’s actions on the wellbeing of a bystander is called
16. To maximize profit - a competitive firm hires workers until the point where
17. Markets are often inefficient when negative production externalities are present because
18. Refer to the graph shown above. If the price is $25 - the quantity demanded would be
19. Utility measures
20. Comparative advantage is based on
21. When the price is set at $25
22. XYZ Corporation produced 300 units of output but sold only 275 of the units it produced. The average cost of production for each unit of output produced was $100. Each of the 275 units sold were sold for a price of $95. The total revenue of the XYZ Corporation is
23. Suppose the price of product X is reduced from $10 to $9 and - as a result - the quantity of X demanded increases from 100 to 120. Using the midpoint method - the price elasticity of demand for X in the given price range is
24. Angelo is a wholesale meatball distributor. He sells his meatballs to all the finest Italian restaurants in town. Nobody can make meatballs like(A)ngelo. As a result - his is the only business in town that sells meatballs to restaurants. Assuming that Angelo is maximizing his profit - which of the following statements is true?
25. The economic inefficiency of a monopolist can be measured by

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