Microeconomics

Suppose a farmer is a price taker for soybean sales with cost functions given by TC = .1q2 + 2q + 30 ...

Started by saliriagwu

Suppose a farmer is a price taker in soybeans with cost functions given by TC = .1q2 + 2q + 30 MC = ...

Started by Lobcity

Suppose that a firm has to pay a 10 tax on revenue. The profit-maximizing level of output is a. ...

Started by SGallaher96

If an unregulated electric company is a monopolist, faces demand of Q = 100 - 50P, and has a ...

Started by cagreen833

An unregulated electric company is a monopolist and faces demand of Q = 50 - 10P. If the company has ...

Started by futuristic

In the short run a. new firms may enter an industry. b. existing firms may change the quantity ...

Started by lak

In the short run, an increase in market demand will usually lead to a(n) a. decrease in price and ...

Started by gonzo233

If a 1 percent increase in price leads to a .7 percent increase in quantity supplied in the short ...

Started by craiczarry

If the market for bottled spring water is characterized by a very elastic supply curve and a very ...

Started by leo leo

Under perfect competition, if an industry is characterized by positive economic profits in the short ...

Started by Frost2351

Firms in long-run equilibrium in a perfectly competitive industry will produce at the low points of ...

Started by karen

Long-run elasticity of supply is defined as a. percentage change in quantity demanded in the long ...

Started by NClaborn

Suppose domestic beef producers face demand of QD = 1000 - 5P. Suppose the Chinese acquire a taste ...

Started by rachel9

A deadweight loss of consumer and/or producer surplus occurs when a. producers fail to maximize ...

Started by aabwk4

Missing markets result from a. high transactions costs of such markets. b. strict price controls. ...

Started by rosent76

One example of Ricardian rent is a. rent paid to landlords under price controls. b. the difference ...

Started by brutforce

In the long run, the greater burden of a specific tax will usually be absorbed by a. consumers. b. ...

Started by dmcintosh

The excess burden of a tax is a. the amount by which the price of a good increases. b. the loss of ...

Started by segrsyd

Per-unit transaction costs a. may cause the demand and supply curves to shift either inward or ...

Started by maegan_martin

If quantity supplied is either greater or less than the equilibrium quantity, then all of the ...

Started by kwoodring

Who benefit(s) from protectionism? a. Consumers b. Domestic producers c. No one d. Both ...

Started by tichca

When a quota/trade barrier is instituted, the loss of domestic consumer surplus may be transferred ...

Started by nautica902

Consider a two-good production economy in which both goods are produced with fixed proportions ...

Started by KimWrice

The slope of the production possibility frontier shows a. the marginal rate of substitution between ...

Started by plus1

In an economy consisting of only two goods, corn and cloth, the amount of extra cloth that can be ...

Started by Chelseaamend