This pack of ECO 561 Final Exam consists of:
1) If a firm in a purely competitive industry is confronted with an equilibrium price of $5, its marginal revenue:
2) A firm that is motivated by self interest should
3) If price is above the equilibrium level, competition among sellers to reduce the resulting
4) Camille's Creations and Julia's Jewels both sell beads in a competitive market. If at the market price of $5, both are running out of beads to sell (they can't keep up with the quantity demanded at that price), then we would expect both Camille's and Julia's to
5) Since their introduction, prices of DVD players have fallen and the quantity purchased has increased. This statement
6) In a market economy the distribution of output will be determined primarily by
7) In a competitive market economy firms will select the least-cost production technique because
8) Suppose that the price of peanuts falls from $3 to $2 per bushel and that, as a result, the total revenue received by peanut farmers changes from $16 to $14 billion.
9) If technology dictates that labor and capital must be used in fixed proportions, an increase in the price of capital will cause a firm to use
10) In which of the following industries are economies of scale exhausted at relatively low levels of output?
11) If a firm decides to produce no output in the short run, its costs will be
12) Which of the following represents a long-run adjustment?
13) Paying an above-equilibrium wage rate might reduce unit labor costs by
14) A firm can hire six workers at a wage rate of $8 per hour but must pay $9 per hour to all of its employees to attract a seventh worker. The marginal wage cost of the seventh worker is
15) Price exceeds marginal revenue for the pure monopolist because the
16) Oligopoly is difficult to analyze primarily because
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