(Micro)Economics 1000 Carleton U 2017 December Final Exam Updated 2024
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Economics 1000
Instelling
Carleton University (CU
)
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...
(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,
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