economics

A firm bought a pizza over for $13,500 and if it shut down now, could sell the oven for $9,500. Which of the following statements is TRUE?

If a bottle of fine French wine costs US$250 in the U.S., 2500 rand in South Africa, there are no transaction costs, and the exchange rate is 20 rand/US$, then

At the current price of a good Al's consumer surplus equals 8 and Ben's consumer surplus equals 15. By using two-part pricing a monopolist could increase his profit by

If a manager is unsure what the entire profit function looks like, then she can

Suppose a market were currently at equilibrium. A rightward shift of the demand curve would cause

Concerning an investment project which of the following is TRUE?

If marginal revenue equals marginal cost, the firm is maximizing profits as long as

If the inverse demand curve a monopoly faces is p = 100 - 2Q, and MC is constant at 16, then profit maximization is achieved when the monopoly sets price equal to

If Stock A sometimes increases and sometimes decreases in value when Stock B increases in value at the same time, they are

The government forcing a monopoly telecommunications company to allow other firms to use its cables is an attempt to

In the market for used cars, if there is asymmetric information yet all cars sell for the same price

The difference between producer surplus and profit is always the associated

A change in a relevant factor other than the price of the good itself causes a ________ the demand curve, and a change in a good's own price causes a ________ the demand curve.

A rival good

In the simplest version of the Cournot model, we assume

One way to avoid the free rider problem is

In a Bertrand model, market power is a function of

The marginal rate of transformation of y for x represents

If a bottle of fine French wine costs US$250 in the U.S., 2500 rand in South Africa, there are no transaction costs, and the exchange rate is 10 rand/US$, then

If the demand function for orange juice is expressed as Q = 2000 - 500p, where Q is quantity in gallons and p is price per gallon measured in dollars, then the demand for orange juice has a unitary elasticity when price equals

When a prisoners' dilemma game is repeated a finite number of times (T)

If a firm traded on the New York Stock Exchange posts an accounting profit of $10 million, then the firm is making a positive economic profit

Which of the following is NOT a property of isoquants?

Suppose that for each firm in the competitive market for potatoes, long-run average cost is minimized at $0.20 per pound when 500 pounds are grown. The demand for potatoes is Q = 10,000/p. If the long-run supply curve is horizontal, then how much will consumers spend, in total, on potatoes?

A market's structure is described by

The imposition of a quota on an imported good

Firms in an oligopolistic market ________ because they are ________.

The t-statistic measures

In regression analysis, the dependent variable

An example of a market where a Bertrand model would be not be plausible is the market for

If market price is greater than the minimum of AVC but below the minimum of AC, then

The percentage change in the quantity supplied in response to a percentage change in the price is known as the

In the presence of asymmetric information, a fixed-fee contract

If average cost is positive

A primary difference between rebates and coupons?

Which of the following will cause the average fixed cost curve of making cigarettes to shift?

Which is a behavioral economics justification for limiting advertising directed towards children?

Suppose the production of DVD players can be represented by the following production function: q = . Which of the following statements is TRUE?

Block pricing

A market failure occurs

A firm becomes a multinational enterprise when

If capital is fixed, but a firm varies labor

Einstein was quoted saying "Everything should be made as simple as possible, but not simpler." When it comes to economic models this means that

An interior solution to a consumer's utility maximization problem implies

If a firm is operating at an output level where losses are minimized the firm

A firm's managers are constrained by

A microeconomic model CANNOT be used to

If a person is risk neutral, then she

What is one way firms can enforce tie-in sales?

When there is a binding price floor