Micro Econ

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the cross elasticity of glass & plastic is 1.25. if the price of glass increased by 12%, what was the percent change in the quantity demand of plastic

15%

which of the following is not a characteristic of a monopolistically competitive market?

firms must take the market price as given

unemployment is caused by

a surplus of labor

mara gets a free flu shot from her campus clinic. as a result, mara and her roommates avoid the flu all season. which of the following is true?

all of the above are true

total surplus is

consumer surplus + producer surplus

marginal cost is the

cost of producing one more good

of the following scenarios, which would cause a movement along a demand curve

ford increases the price of the explore

under monopolistic competition, entry typically causes price to __ & profits to __

decrease; decrease

___ is the goods & services people want & can afford

demand

for a monopolistically competitive firm, the firm's demand curve is

downward sloping

which of the following characteristics does not describe an oligopoly

economic profits are zero in the long run

paying $5 on amazon to stream a movie is an example of a service that is:

excludable and non-rival in consumption

an increase in the labor supply causes equilibrium wages to __ and employment to __

fall;rise

if the price of stamps increases 20% & the quantity demanded decreases by 10%, what type of demand are stamps

inelastic

compared with a competitive market, a cartel as a whole will produce:

less output in order to increase prices

if an unregulated industry generates pollution, the market price is __ than the socially optimal price, & the market quantity is ___ than the socially optimal quantity

less; greater

if there are many firms in an industry producing goods that are similar but slightly different, this is an example of:

monopolistic competition

when all the players within a game maximize their expected outcome given the information they have, this is called a:

nash equilibrium

passing gas in crowded classroom would certainly cause a ___

negative externality

why does the demand curve slope downward

people prefer paying less to paying more

gail wishes to sell onions she grew in her garden at the farmer's market. what type of market would she be competing in?

perfect competition

building a pedestrian tunnel under w. university drive for seniors entering and exiting the Lifelong Learning building would create a ___ for all drivers who would no longer need to wait at the very long light each time the crosswalk button is pushed

positive externality

If consumers believe that an extremely hot summer is approaching and more purchase fans, what will happen to the fan market?

price and quantity increase

in order to make automakers more competitive, the government decides to stop taxing automakers. what changes take place to the equilibrium price & quantity of vehicles

price decreases, quantity increases

which of the following is not a characteristic of a monopoly?

price taker

the lowest wage rate at which you would be willing to work is your:

reservation wage

what type of government policy is used when a positive externality is present

subsidies

with the flu season approaching, the gov't wants tissue produce more tissues, & decreases the taxes on the producers. what will happen to the tissue market?

supply will increase, causing price to decrease & quantity to increase

when an individual labor supply curves bends backward:

the income effect is stronger than the substitution effect

what is similar between a monopolist & a producer in a perfectly competitive market in regards to their production strategy

the quantity they produce is where MR = MC

as his wage increases, peter parker decides he will work more hours. this is an example of:

the substitution effect

a strategy in which a firm takes the same action that the other firm did in the last period is a:

tit-for-tat strategy

which of the following is considered leisure in terms of labor economics

you put hurricane shutters on your neighbor's house for nothing in return


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