The relationship between changes in income and purchase of a good indicates
whether the good is luxury or necessary.
whether the good is a compliment or substitute.
whether the good is normal or inferior.
both (A) and (C).
If demand is inelastic, marginal revenue will be
positive.
zero.
negative.
constant.
If a consumer purchases only two goods (X and Y) and the demand for X is elastic,
then a rise in the price of X
will cause total spending on good Y to rise.
will cause total spending on good Y to fall.
will cause total spending on good Y to remain unchanged.
will have an indeterminate effect on total spending on good Y.
A firm’s rate of technical substitution is represented graphically by
the slope of the line connecting the origin with the origin with the relevant point on
the isoquant.
the negative of the slope of the line connecting the origin with the relevant point on
the isoquant.
the slope of the isoquant at the relevant point.
the negative of the slope of the isoquant at the relevant point.
The price elasticity of demand for good X is defined as (note: PX: price of good X)
As long as marginal cost is below average cost, average cost will be
falling.
rising.
constant.
Changing in a direction that connot be determined without more information.
Technical progress will
shift a firm’s production function and its related cost curves.
not affect the production function, but may shift cost curves.
shift a firm’s production function and alter its marginal revenue curve.
shift a firm’s production and cause more capital (and less labor) to be hired.
Suppose the production function for good q is given by q = 3×K + 2×L where K and
L are capital and labor inputs.
I. The function exhibits constant returns to scale.
II. The function exhibits diminishing marginal productivities to all inputs.
III. The function has a constant rate of technical substitution.
Which of these statements is true?
All of them.
I and II but not III.
I and III but not II.
Only I.
The short run market supply curve is
the horizontal summation of each firm’s short-run supply curve.
the vertical summation of each firm’s short-run supply curve.
the horizontal summation of each firm’s short-run average cost curve.
the vertical summation of each firm’s short-run average cost curve.
Per-unit transaction costs
may cause the demand and supply curves to shift either inward or outward
depending on the value obtained from transaction agents.
Refer only to the commission paid to a third party for each transaction made.
Are absorbed by the party seeking the transaction.
Have the same effect on behavior as do lump-sum transaction costs; the difference
in terminology is purely definitional.
If a monopoly is maximizing profits
price will always be greater than average cost.
price will always equal marginal cost.
price will always be greater than marginal cost.
price will always equal marginal revenue.
If the government requires a natural monopoly to price at marginal cost
monopoly firms will earn zero economic profits because the price of the good
equals the cost of producing that good.
monopoly firms will operate at a loss because P<AC.
more firms will be able to enter the market.
producer surplus will increase because quantity supplied is greater.
Suppose that the price elasticity of demand for a product is -1 and that the price
elasticity of supply is +1. Assume also that the income elasticity of demand is +2.
Then an increase in income of 10% will raise equilibrium price by
10%.
5%
20%.
an annual amount that cannot be determined.
in the price leadership model,
firms believe that price increases result in a very elastic demand, while price
decrease result in an inelastic demand for their product.
each firm acts as a price taker.
one dominant firm takes the reactions of all other firms into account in its output
and pricing decisions.
firms coordinate their decisions to act as multiplant monopolies.
An efficient allocation of productive inputs requires that
each output has the same rate of technical substitution among inputs used.
each output has the same marginal rate of substitution for consumers..
each pair of output has the same rate of product transformation.
each individual has the same marginal rate of substitution between outputs.
(一) Returns to Scale
(二) Opportunity Cost
(三) Price Discrimination
(四) Barriers to Entry
(五) Externality
可觀看題目詳解,並提供模擬測驗!(免費會員無法觀看研究所試題解答)