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Learning Goal: I’m working on a economics multi-part question and need an explanation and answer to help me learn.Question 12 ptsOpportunity cost is shown on the production possibilities frontier (PPF) graph Group of answer choiceswhen we move from an inefficient point to the origin.when we move from one point on the frontier to another point on the frontier.at any one single point on the graph.when we move from one unattainable point to an efficient point on the frontier.when we move from the origin to any inefficient point.Flag question: Question 2Question 23 ptsBecause of free entry and exit, companies in perfectly competitive marketsGroup of answer choicescan earn positive or negative economic profits, but in the long run, firms have zero economic profits.can earn positive economic profits, but in the long run, firms have zero economic profits.can earn negative economic profits, but in the long run, firms have zero economic profits.can earn positive or negative economic profits, but in the long run, firms have negative economic profits.Flag question: Question 3Question 33 ptsA price takerGroup of answer choiceswill always make economic profits.must set the price equal to the price charged by other sellers.is a characteristic held by a monopolistically competitive firm.has some control over the price it charges.Flag question: Question 4Question 43 ptsA monopoly charges ________ prices and produces a ________ quantity than a competitive market.Group of answer choiceshigher; higherlower; higherlower; lowerhigher; lowerFlag question: Question 5Question 53 ptsPrice discrimination exists when a firm sells ________ goods at more than one price to ________ groups of customers based on their ______.Group of answer choicesdifferent; similar; willingness to paydiscounted; large; ageexisting; distinct;ageidentical; different; willingness to payFlag question: Question 6Question 63 ptsProduct differentiationGroup of answer choicesoccurs in perfectly competitive markets and monopolistically competitive markets.may occur in any market structure if the companies advertise to promote the differences in their product.only occurs in monopolistically competitve markets.occurs when a company has a monopoly because they are the only one selling the good or service.Flag question: Question 7Question 72 ptsThe price elasticity of demand tells usGroup of answer choicesthe movement along a supply curve when there is a change in demand.how much more consumers will demand when incomes rise.the extent to which demand increases as additional buyers enter the market.none are correcthow sensitive buyers are to a change in price.Flag question: Question 8Question 83 ptsIf barriers to entry are high and products are very differentiated, then (hint: think about which market structure it would resemble with the given characteristics)Group of answer choicesthe industry will look like monopolythe industry is probably monopolistically competitive.the industry is probably perfectly competitive.the industry is probably a differentiated monopsony.Flag question: Question 9Question 93 ptsWhich of the following is true for profit-maximizing firms operating in a competitive market, monopolistic competition, and monopoly?Group of answer choicesProfits are maximized when marginal cost equals marginal revenue.Firms earn positive economic profits in the long run.Firms earn zero economic profits in the long run.Price equals marginal revenue.Flag question: Question 10Question 103 ptsIf there are only a few companies in an oligopoly, the total quantity of the good they produce jointly will likely be ________ the total quantity on the market if the market were perfectly competitive and ________ the total quantity on the market if the market were controlled by a monopoly.Group of answer choicesgreater than; less thanless than; less thanless than; greater thangreater than; greater thanFlag question: Question 11Question 112 ptsIf the income elasticity of demand for X is negative it means that X isGroup of answer choicesa normal good.a complementa necessity.a substitutean inferior good.Flag question: Question 12Question 123 ptsEconomists typically measure the likely level of oligopoly power present in an industry by calculating the Group of answer choicesconcentration ratios.capital ratios.competition ratios.reserve ratios.Flag question: Question 13Question 133 ptsFirms in this market structure are likely to advertise because they need to differentiate themselves from the other firms in the market.Group of answer choicesoligopoly, perfect competition, and monopolistic competitionperfect competition and monopolistic competitionperfect competition and monopolistic competitionmonopolistic competitionFlag question: Question 14Question 143 ptsOne of the fundamental causes of Perfectly Competitive markets is that Group of answer choicesaccounting profits become zero because of price wars.there are more buyers than sellers, giving the buyers market power.there are more sellers than buyers, giving the sellers market power.there are so many buyers and sellers that each has no impact on the market price and the market outputFlag question: Question 15Question 153 ptsIn both perfect competition and monopolistic competition, each firmGroup of answer choiceshas many competitors.is likely to advertise.sells a product that is at least slightly different from those of other firms.has some monopoly power.Flag question: Question 16Question 163 ptsThe law of demand states that, other things equal:Group of answer choicesconsumers will buy more of a product at high prices than at low prices.the larger the number of buyers in a market, the lower will be product price.price and quantity demanded are inversely related.price and quantity demanded are directly related.Flag question: Question 17Question 173 ptsIf there is currently a surplus of a product in a market, the price of the product Group of answer choiceswill rise in the near future.is in equilibrium.is below the equilibrium level.is above the equilibrium level.Flag question: Question 18Question 183 ptsAn increase in demand will causeGroup of answer choicesthe demand curve to shift to the left, the price to decrease, and the quantity to decreasethe demand curve to shift to the left, the price to decrease, and the quantity to increasethe demand curve to shift to the right, the price to increase, and the quantity to increasethe demand curve to shift to the right, the price to increase, and the quantity to decreaseFlag question: Question 19Question 193 ptsIf there is an increase in supply, Group of answer choicesthere will be a movement along the supply curvethe supply curve will shift to the right causing the price to decrease.the supply curve will shift to the left causing the price to decreasethe supply curve will be upward slopingFlag question: Question 20Question 203 ptsAssuming orange juice and Sunny Delight are substitutes, a lower price for Sunny Delight would result in a(n)Group of answer choicesincrease in demand for orange juice causing the quantity to decrease and the price to increase.decrease in demand for orange juice causing the quantity to decrease and the price to decrease.None of the aboveincrease in supply of Sunny Delight causing the quantity to increase and the price to decreaseFlag question: Question 21Question 213 ptsA drought in California causes a major decrease in the amount of almonds that are harvested. As a result of the drought, the consumer surplus in the market for almonds (hint what will happen to the price?)Group of answer choicesincreases, and the consumer surplus in the market for almond milk increases.increases, and the consumer surplus in the market for almond milk decreases.decreases and the consumer surplus in the market for almond milk decreases.decreases, and the consumer surplus in the market for almond milk increases.Flag question: Question 22Question 222 ptsProducer surplus at a price of $70 will beGroup of answer choices$175$50$100none of the aboveFlag question: Question 23Question 236 ptsPlease use the graph above to CALCULATE the following at the equilibrium price:Consumer Surplus = Producer Surplus = Flag question: Question 24Question 242 ptsA price maker Group of answer choicesis a characteristic held by a perfectly competitive firmcan sell its product at any price.must set the price at the market price.will always make economic profits.has some control over the price it charges.Flag question: Question 25Question 252 ptsWhen two or more companies set prices or quantities, economists refer to them asGroup of answer choicesmonopoly.perfectly competitive market.monopolistically competitive market.colluding.predatory pricing unit.Flag question: Question 26Question 262 ptsA player’s best strategy regardless of the strategies other players choose is called a(n)Group of answer choicesefficient strategy.dominant strategy.equilibrated strategy.surplus maximization strategy.efficient strategy.Flag question: Question 27Question 272 ptsThe ________ illustrates the combinations of two goods that a society can produce if all of its resources are being used efficiently.Group of answer choiceslaw of positive statementsprinciple of comparative advantagelaw of demandproduction possibilities frontier (PPF)concept of absolute advantageFlag question: Question 28Question 282 ptsA market is in equilibrium: Group of answer choicesat all prices above that shown by the intersection of the supply and demand curves.whenever the demand curve is downsloping and the supply curve is upsloping.if there is no surplus of the product.if the amount producers want to sell is equal to the amount consumers want to buy.Flag question: Question 29Question 292 ptsConsumer surplus is the Group of answer choicesnumber of units that consumers want to buy at the market price.total revenue earned from producing and selling a good.difference between the price the seller receives and the willingness to sell it.difference between the willingness to pay for a good and the price.difference between the willingness to pay for a good and the willingness to sell it.Flag question: Question 30Question 302 ptsWhen looking at a graph, the area below the demand curve and above price is Group of answer choicesexternal benefit.dead-weight lossspending surplus.tax revenue.consumer surplus.Flag question: Question 31Question 312 ptsThe cross-price elasticity of demand can tell us whether goods areGroup of answer choiceselastic or inelastic.complements or substitutes.normal or inferior.luxuries or necessities.Flag question: Question 32Question 322 ptsWhen your income increases from $400 to $450 per week, you buy 2 muffins instead of the 3 you used to buy. What is the income elasticity of demand?Group of answer choices-3.43.411.8-2Flag question: Question 33Question 338 ptsUsing the graph, please find the following after the tax is imposed:Consumer Surplus [ Select ] [“$150”, “$125”, “$60”, “$45”] Producer Surplus [ Select ] [“$20”, “$120”, “$45”, “$60”] Total Tax Revenue [ Select ] [“$60”, “$80”, “$8”, “$120”] DWL [ Select ] [“$120”, “$80”, “$40”, “$128”] Flag question: Question 34Question 342 ptsIf Sima can make either 6 shirts or 7 vests per week, what is her opportunity cost of producing 1 vest?Group of answer choices6/7 vests7/6 shirts7/6 vests6/7 shirtFlag question: Question 35Question 352 ptsIf Pablo has the comparative advantage in producing a good, it means that he Group of answer choiceshe is more efficient at producing ithe has a lower opportunity cost of producing ithe can produce it using fewer materialshe is able to produce more than other producersFlag question: Question 36Question 362 ptsIf a market is characterized by a negative externality, Group of answer choicesthe price that is being charged is higher than what is socially optimal because the government imposed a corrective tax.the quantity produced in the market is too low because producers aren’t including all of the costs when deciding how much to producethe quantity produced in the market is too high because producers aren’t including all of the costs when deciding how much to producethe external cost should be added price that is charged
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