econ omics

the above figure shows the market for buckets of golf balls at the driving range. A new lesure time tax is placed on suppliers in this market, shifting the supply curve from S0 to S1. The amount of this tax is _____ per bucket of golf balls.

$3

use the figure aboce to answer this question. Pam gives the onyl piano lessons in town. In order to maximize profit, Pam should charge ____ per lesson and will earn a totla econommix profit of ______

$40;$40

the figure above shows the demand, marginal revenue, and marginal cost curves for paul's parrot pillows, a single price monopoly producer of pillows stuffed with parrot feathers. when paul maximizes his profit the price per pillow is

$70

the long-run average cost curve is U-shaped because of which of the following?

economies and diseconomies of scale

find the one ur missing

idiot

In the above figure, a perfectly competitive market will have a price of ___, and a single price monopoly will have a price of ___.

P2 and quantity of Q2; P1 and the quantity of Q1

the above figure shows the production possibilty frontier for an economy the points or points that are attainable and production efficient are

Points A, B, and C.

The figure above shows the labor market in a region for a minimum wage to change the wage rate and amount of emplyment, it must be

set above $6 an hour.

The above figure shows the market for winter jackets. In an effort to keep the nation warm, the president places a price ceiling of $100 in the market for winter jackets. As a result there is a

shortage equal to 150,000 jackets

the figure above shows the market for college education. left to itself without any government intervention, a competitive market would create a deadweight loss equal to

the area a + c

The graph shows the market for the two zipline firms that operate in a resort city. if the firms maximize profit and decide to collude, together they will produce _____ rides at a price of ____ per ride

$200; $50

Chase has a budget of $14 which he must allocate between steam and craberry juice. The tabe gives his marginal utility and the marginal utility per dollar for both of those goods. The price of steak is $10 per serving and the price of cranberry juice is $2 per serving to maximize his ubility. Chase should buy

1 serving steak and 2 servings of cranberry juice

the figure above shows the costs and benefits associated with the production of wood pulp. with regulation that acheives an efficient outcome, the market produces ____ tons of wood pulp at a price of _____ per ton.

3; $800

the figure above shows a market that a cartel controls. if the irms in the cartel produce _____ units, they will ______

5; maximize joint profits

use the figure above to answer this question. consider a perfectly competitive market expericing good times. figure ______ shows a firma maximising profit in the short run because it produces ______ units and makes an economic profit of ____

A; 100; $2 per unit

in an oligopoly there are

barriers to entry and only a few firms

To be able to price discriminate a firm must

be able to prevent resales of its good

margincal utility is the

change in totla utility that results from a one unit increase in the quantity of a good consumed

microeconomics includes the study of the

choices made by individuals and businesses

the opportunity cost of producing one more unit of a good is calculated by dividing the

decrease in the quantity of the other good by the increase in the quantity of the good whose opportunity cost were calculating

A cartel is a collusive agreement among a number of firms that is designed to

decrease output and raise prices

tax incidence is the

division of the burden of a tax between the buyer and the seller

the tool that economists use to analyze the mutual interdependence of oligopolies is

game theory

The main source of economies of scale is

greater specialization of both labor and capital

For a perfectly competitive sugar producer in Haiti, a short-run economic profit will occur if the price of each ton of sugar sold is

greater than the average totoal cost of producing sugar

the marginal revenue curve for a perfectly competitive firm is

horizontal

what is the reason that all economic issues and problems occur?

human wants exceed the resources available to satisfy them.

The number of corn producers increases, so the supply of corn ________ and the supply curve of corn ________.

increases; shifts rightward

it is very difficult for gourmet chocolatier to find inexpensive and available inputs for the business. because of this, we predict that gourmet choclatier's supply to be

inelastic

Peters Pencils is a perfectly competitive company producing pencils. suppose peter is producing 1,000 pencils an hour. If the total cost of 1,000 pencils is $500, the market price per pencil is $2, and the marginal cost is 2$ , then Peter.

is maximizing his profit and is making an economic profit

The graph shows the LRAC facing a ______ where ______ of scale exist when 5 million units are produced

natural monopoly; economies

when firms in a perfectly competitive market are earning an economic profit in the long run

new firms will enter the market

the fact that firms in oligopoly are interdependent means that

one firms profits are affected by other firms' actions

marginal cost is the opportunity cost of producing

one more unit of a good or service

Bill owns a lawn care company in windermere, florida. whose cost curves are illustrated in the above figure the market equilibriuk price in this perfectly competitive market equals $32 per lawn mowed. If Bill's average totals cost curve is ATC, his total economic ____ equals _____

profit ; $480 per week

The figure shows a perfectly competitive market that was ina long run equilibrium on demand curve D0. Due to a peremanent change in demand to D1. existing firms will begin to make an economic ____ which will result in _____ the market

profit; new firms entering

the downward slope of a demand curve

represents the law of demand

The price elasticity of demand measures the extent to which the quantity demanded changes when

the price of the good changes

If a perfectly competitive industry become a monopoly and the costs do not change, which of the following allocation of costs and benefits applies

the producer benefits, but consumers and society are harmed

A perfectly competitive wheat farmer is maximizing its profit and then increases its output, the farmers

total revenue increases, but total cost rises by more so that the farmer's total profit decreases.