micro

If the indifference curve is tangent to the BC then
Utilitity is minimized
Profits are maximized
Firms are price-takers
None of the above
Assume a market in equilibrium, if both supply and demand shift to the right then
Prices will likely rise
Prices will likely fall
I depends on the size of the shifts
None of the above
If price drops 5% and then demand goes up 4%, we can argue that
Demand is inelastic
Demand is elastic
Demand is uni-elastic
None of the above
Taxes and subsidies always lead to:
Increased output and reduced total welfare
Lower unemployment rates and reduced total welfare
Redistribution and reduced total welfare
None of the above
The law of diminishing returns implies that
The variable factor is becoming abundant in relation to the fixed one
Every additional unit of the variable factor adds to output more than before
Marginal production increases as the variable factor is increased
None of the above
The marginal rate of technical substitution refers to:
The trade-off between two goods as to keep utility constant
The trade off between two inputs as to keep output constant.
The change in output as a result of a change in inputs
None of the above
The marginal costs function goes down, then up, and then:
Cuts the average fixed costs function at its minimum
Cuts the average costs function at its minimum
Cuts the total costs function at its minimum.
None of the above
Monopolistic competition is characterized by:
Many firms and a homogeneous product
Many price-taker firms
One and only form
None of the aboce
A monopoly is different to perfect competition in that, under monopoly:
Prices and output are higher
Information is more complete
Positive profits last longer
None of the above
An efficient profit-maximizing firm follows the MR=MC condition
Always
Under perfect competition only
Under imperfect competition only
None of the above
0
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