Exam (elaborations)
UNT ECON 1100 EXAM 2 DADRES Questions & answers with Complete solutions | Latest edition
UNT ECON 1100 EXAM 2 DADRES Questions & answers with Complete solutions | Latest edition
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UNT ECON 1100 EXAM 2: DADRESA perfectly competitive firm producing where P = MR = MC = ATC in the short run is: -
correct answer-making an economic profit equal to zero.
Costs that must be paid in the short run even when no output is produced are called - correct
answer-total fixed costs.
When output sells for a price that is higher than its marginal cost to the seller (the minimum
price the seller is willing to accept), the seller: - correct answer-enjoys a producer surplus.
In a perfectly competitive market, an individual firm sells output: - correct answer-at the price
determined by the market forces of supply and demand.
Which of the following statements best illustrates the existence of consumer surplus? -
correct answer-Stan saved $50 to buy a cowboy hat he had been wanting. When he got to
the store, the hat was on sale and he bought the hat for only $39 instead of $50.
A demand curve can be interpreted as: - correct answer-a marginal benefit curve.
Consumer surplus is the difference between ________ and product price and producer
surplus is the difference between ________ and product price. - correct answer-marginal
benefit; marginal cost
Ceteris paribus, when supply shifts to the left, there is: - correct answer-an increase in price
and a decrease in consumer surplus.
Based on the information in the graph below, in free market equilibrium, total consumer and
producer surplus is equal to _______. - correct answer-$400
An efficient level of an output exists when: - correct answer-marginal benefit is equal to
marginal cost.
After a price floor is established above the equilibrium price in the market for strawberries: -
correct answer-the quantity of strawberries actually bought and sold decreases.
The purpose of setting a price ceiling below the equilibrium price is to: - correct
answer-maintain a low price for buyers in the market.
Based on the information in the graph below, if there is a price ceiling of $5, then consumer
surplus is equal to _______ and producer surplus is equal to ______. - correct answer-$250;
$50
The economic burden of a tax: - correct answer-is partially shifted to consumers through
higher prices in most cases.
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