100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
(Micro)Economics 1000 Carleton U 2017 December Final Exam Updated 2024 CA$19.34   Add to cart
Quickly navigate to
Preview
  2.  
  3. Carleton University (CU )
  4.  
  5. Economics 1000

Exam (elaborations)

(Micro)Economics 1000 Carleton U 2017 December Final Exam Updated 2024
 5 views  0 purchase

What is the shape of the demand curve faced by a perfectly competitive firm? - Horizontal A profit-maximizing competitive firm will produce up to the point which...... - marginal revenue equals marginal cost. A competitive firm is said to maximize its profit when....... - the price is equal t...

[Show more]

Preview 2 out of 13  pages

Document information

  • July 2, 2024
  • 13
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

Written for

All documents for this subject (1)

Seller

avatar-seller
PossibleA

Reviews received

Content preview

(Micro)Economics 1000 Carleton U 2017
December Final Exam Updated 2024

What is the shape of the demand curve faced by a perfectly competitive firm? -
Horizontal

A profit-maximizing competitive firm will produce up to the point which...... -
marginal revenue equals marginal cost.

A competitive firm is said to maximize its profit when....... - the price is equal to
marginal cost.

In the presence of technology spillovers, the market tends to ____________ and
_____________ the product relative to societies best interest. - underproduce,
overprice

Suppose that the last unit of output produced at a paper mill has a value to society
of $10 and a social cost of $15, but the private cost to the company is $10, and the
current price is $10.
Which one of the following is true?

A) The market is in equilibrium, but a lower output would make society better off.

B) The market is in equilibrium, but a higher output would make society better off.

C) Output is too low and price is too high for equilibrium

D) Output is too high and price is too low for equilibrium - A

Which of the following describes when a deadweight loss from pollution cleanup
occurs?

A) Whenever pollution cleanup imposes costs on society.

B) Whenever society puts a price tag on pollution, thus providing a "licence to
pollute"

, C) Whenever government gets involved

D) Whenever some units of pollution cleanup cost more than their marginal benefit
to society. - D

True/False
When the government redistributes income by raising income taxes and increasing
welfare payments, the economy becomes less equitable. - False
The economy becomes more equitable.

True/False
Adam Smith's "invisible hand" concept describes how corporate business reaches
into the pockets of consumers like an "invisible hand". - False
The 'invisible hand" refers to how markets guide self-interested people to create
desirable social outcomes.

Which one of the following involves a tradeoff faced by societies?

A) Buying a smartphone

B) Watching television

C) Taking a family vacation

D) Having a clean environment and a high level of income - D

Which one of the following shows where a monopolist produces?

A) MC=MR

B) MC=P

C) P=ATC

D) P > ATC - A

Stan buys a 1966 Mustang, which he plans to restore and sell. He anticipates that
the cost of the car and the repairs will be $10,000 and that he can sell it for
$13,000. When he has spent $10,000, he discovers he needs to replace the engine,

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller PossibleA. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for CA$19.34. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

78998 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
CA$19.34
  • (0)
  Add to cart