If the price for Good A is 4$ and 9000 units are demanded, if PED is -1.5, and price changes to 6$, what is the change in quantity demanded?
Respuesta
6750
2250
6650
-2250
Pregunta 2
Pregunta
If the income elasticity of demand for a product is -1.2 a firm that produces that product would benefit from a decrease in:
Respuesta
The size of the middle class.
The size of the lower class.
The size of government staff.
Pregunta 3
Pregunta
If a firm wants to maximise revenue they should produce to the point in which:
Respuesta
Marginal Costs=Average Total Costs
Marginal Revenue=0
Marginal Utility = 0
Pregunta 4
Pregunta
In a market with perfect competition:
Respuesta
Demand for firms is downward sloping.
Demand for the industry is downward sloping.
Demand for the firm is perpendicular to quantity demanded.
Demand for the firm equals total revenue.
Pregunta 5
Pregunta
In a market economy, the price mechanism:
Respuesta
Helps buyers come in contact with sellers and products.
Helps buyers communicate with sellers.
Helps sellers adjust to inflation.
Pregunta 6
Pregunta
PED's are useful for firms because:
Respuesta
They help firms make decisions about employment of factors.
They inform firms about revenue.
They are irrelevant to firms.
Pregunta 7
Pregunta
PED's are least relevant to firms in which of the following market structures:
Respuesta
Monopoly
Perfect Competition
Oligopolies
Pregunta 8
Pregunta
If a teacher leaves a teaching post with a $50,000 anual salary and opens a doughnut shop for $5,000 that will make $145,000 a year the teacher has made:
Respuesta
$140,000 Economic Profit
$95,000 Normal Profit
$90,000 Economic Profit
An economic profit greater than accounting profit.
Pregunta 9
Pregunta
A firm will leave its industry and change it for another when: