Refer to the information provided in Figure 9.2 below to answer the question(s) that follow.
Figure 9.2Refer to Figure 9.2. In which of the following price ranges will the firm continue to operate but at a loss?
A. $5-$6
B. $6-$7
C. $7-$8
D. $8-$9
Answer: B
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If a market is controlled by a perfect-price-discriminating monopoly, then
A) a deadweight loss is generated. B) there is no consumer surplus. C) consumer surplus is the same as under perfect competition. D) output is less than that of a single-price monopoly.
Alice has spent all of her income on ten different goods, and knows that the marginal utilities per dollar spent on the ten goods are equal. Which of the following statements is correct?
a. She could possibly increase her total utility by redistributing her income among the ten items. b. She has violated the assumption of rationality. c. The law of diminishing marginal utility does not apply to her. d. Any reallocation of income among the ten items will reduce her total utility. e. She must be at a point inside of her budget line.
Suppose the population (age 16 and over) of New Zealand is 48 million; 4 million are unemployed, and 40 million hold jobs. Indicate the rate of unemployment and the employment/population ratio of New Zealand
a. The unemployment rate is 10 percent, and the employment/population ratio is 75 percent. b. The unemployment rate is 9.1 percent, and the employment/population ratio is 91.7 percent. c. The unemployment rate is 10 percent, and the employment/population ratio is 83.3 percent. d. The unemployment rate is 9.1 percent, and the employment/population ratio is 83.3 percent.
All externalities
a. cause markets to fail to allocate resources efficiently. b. cause equilibrium prices to be too high. c. benefit producers at the expense of consumers. d. cause equilibrium prices to be too low.