Econ test #2
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| a consumer is maximizing her utility with a particular money income when | show 🗑
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| show | total utility is being maximized
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| show | move him to a new equilibrium on a higher indifference curve
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| show | where the budget line is tangent to an indifference curve
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| utility | show 🗑
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| show | marginal utility can be
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| a product has utility if it | show 🗑
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| the law of diminishing marginal utility states that | show 🗑
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| show | 8 units of utility
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| show | increase the marginal utility of this good
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| show | summing the marginal utilities of each unit consumed
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| where total utility is at a maximum, marginal utility is | show 🗑
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| show | diminishes as more of a product is consumed
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| which of the following is correct | show 🗑
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| show | consumers behave rationally, maximizing their satisfactions
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| show | marginal utility obtained from the last dollar spent on each product is the same.
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| show | more of x and less of y
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| refer to the above data. if the consumer has a money income of $52 and the prices of j and k are $8 and $4 respectively, the consumer will maximize her utility by purchasing | show 🗑
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| refer to the above data. what level of total utility is realized from the equilibrium combination of j and k, if the consumer has a money income of $52 and the prices of j and k are $8 and $4 respectively | show 🗑
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| show | $6 and $4
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| show | their marginal utilities are the same
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| diminishing marginal utility explains why | show 🗑
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| what do the income effect, the substitution effect, and diminishing marginal utility have in common? | show 🗑
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| the diamond-water paradox arises because | show 🗑
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| which of the following statements is correct | show 🗑
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| show | all possible combinations of two goods that can be purchased, given money income and the prices of the goods
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| show | is unobtainable, given the consumer's income
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| show | not be affected.
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| at each point on an indifference curve | show 🗑
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| show | is downsloping and convex to the origin
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| marginal product is | show 🗑
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| the law of diminishing returns indicates that | show 🗑
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| show | ap continues to rise so long as tp is rising
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| show | as successive amounts of one resource (labor) are added to fixed amounts of other resources (property), beyond some point the resulting extra output will decline.
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| refer to the above data. the marginal product of the sixth worker is | show 🗑
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| show | two workers are hired
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| marginal product: | show 🗑
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| show | marginal product of the third worker is 9.
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| if a variable input is added to some fixed input, beyond some point the resulting extra output will decline. this statement describes: | show 🗑
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| if in the short run a firm's total product is increasing, then its | show 🗑
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| the law of diminishing returns results in | show 🗑
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| the law of diminishing returns describes the | show 🗑
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| which of the following is correct? | show 🗑
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| show | where total product is at a maximum, average product is also at a maximum
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| in the above diagram curves 1, 2, and 3 represent the | show 🗑
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| the above diagram suggests that | show 🗑
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| the total output of a firm will be at a maximum where | show 🗑
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| show | any cost which does not change when the firm changes its output
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| which of the following is most likely to be a fixed cost? | show 🗑
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| if you operated a small bakery, which of the following would be a variable cost in the short run? | show 🗑
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| marginal cost is the | show 🗑
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| for most producing firms | show 🗑
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| average fixed cost | show 🗑
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| which of the following is correct as it relates to cost curves | show 🗑
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| refer to the above diagram. at output level q total variable cost is | show 🗑
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| marginal cost: | show 🗑
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| if a firm decides to produce no output in the short run, its costs will be: | show 🗑
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| the short run is characterized by | show 🗑
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| show | the ability of the firm to change its plant size
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| show | agriculture
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| show | pure monopoly
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| a one-firm industry is known as | show 🗑
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| show | pure monopoly
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| an industry comprised of a very large number of sellers producing a standardized product is known as | show 🗑
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| which of the following statements applies to a purely competitive producer? | show 🗑
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| show | a "price taker."
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| show | perfectly elastic
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| show | price and marginal revenue are equal at all levels of output.
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| assume a graph in which dollars are measured on the vertical axis and output on the horizontal axis. for a purely competitive firm, total revenue | show 🗑
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| show | is a straight line, parallel to the horizontal axis.
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| show | will also be $5
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| show | each seller supplies a negligible fraction of total supply
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| show | all of these.
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| show | is horizontal at the market price.
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| show | downsloping, perfectly elastic
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| a perfectly elastic demand curve implies that the firm | show 🗑
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| show | change in total revenue associated with the sale of one more unit of output.
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| show | total profit.
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| a competitive firm in the short run can determine the profit-maximizing (or loss-minimizing) output by equating | show 🗑
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| show | where total revenue exceeds total cost by the maximum amount
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| refer to the above short-run data, total fixed cost for this firm is: | show 🗑
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| show | 200
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| show | 320 units
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| firm reaches a break-even point (normal profit position) where | show 🗑
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| show | its marginal cost curve above average variable cost
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| long-run competitive equilibrium | show 🗑
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| which of the following statements is correct | show 🗑
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| allocative efficiency is achieved when the production of a good occurs where: | show 🗑
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| the term productive efficiency refers to | show 🗑
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| under pure competition in the long run: | show 🗑
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| show | all of the above
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Created by:
Kelsie_Collins5