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C. Marginal rate of technical substitution

D. Marginal physical product

E. Marginal value product

28. A firm increases the number of hours its workers are employed from 7,000 to 8,000, and output increases from 140,000 bushels to 155,000 bushels. The marginal product of an extra hour is

A. 5

B. 10

C. 15

D. 20

E. 100

29. Refer to the figure below. Consider the isoquant for an output level of 300 units. The firm's amount of capital is 100 units in the short run. The user cost of capital is $200 per day, and the wage rate is $80 per day per worker. The variable cost of producing 300 units is equal to

A. $20,000 per day

B. $36,000 per day

C. $16,000 per day

D. $24,000 per day

E. $30,000 per day

30. In which of the following situations will a competitive firm be willing to produce?

A. SR; TR > VC for some Q > 0

B. LR; TR = TC for some Q > 0

C. LR; min(AC) < MR

D. All of the above

E. None of the above

31. Which of the following is NOT a defining feature of perfect competition?

A. Heterogeneous product

B. Identical technology

C. Perfect information

D. No barriers to entry

E. Many firms and buyers

32. An individual competitive firm's short-run supply function is (over the relevant range of prices):

A. Its AVC schedule

B. Its ATC schedule

C. Its AFC schedule

D. Its MC schedule

E. Its MR schedule

33. Which of the following best describes a technology with increasing returns to scale?

A. Q(L, K) = 2L + 2K

B. Q(2L, K) = Q(L, 2K)

C. Q(2L, 2K) = Q(L, K)

D. 2Q(2L, 2K) = 4Q(L, K)

E. Q(2L, 2K) = 4Q(L, K)

34. Which of the following is true for a long-run equilibrium in a competitive industry?

A. min(AVC) = P

B. min(ATC) = P

C. min(MC) = P

D. At least one firm makes positive economic profit

E. More than one of the above

35. Which of the following is a necessary condition for a monopoly to arise?

A. Production-specific patents

B. Superior technology or scale economies

C. Potential ability of a single firm to satisfy the whole industry demand at any price

D. More than one of the above

E. None of the above

36. A monopolist's marginal revenue curve lies below average revenue, because:

A. A monopolist typically has to pay high taxes

B. A monopolist has to decrease price of all goods sold if it wants to expand output

C. Marginal magnitudes consider smaller increments than average ones

D. Price elasticity of demand decreases as quantity rises

E. A monopolist tends to overprice its product

37. In which of the following circumstances a natural monopoly would likely arise?

A. Very high start-up costs and low unit production costs

B. Unit production costs are very high at relatively low output levels

C. Entrance of a second firm to the industry would result in losses for the entrant

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