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ECON-1010-A-Introduction to Microeconomics

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In which of the following situations would the firm be a natural monopoly?
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Table 12.4.1

The two columns of the table are titled Price in dollars per unit and Quantity demanded in units per hour. The rows display the data as follows:8; 07; 16; 25; 34; 43; 52; 61; 7

Refer to Table 12.4.1, which shows the demand schedule for the good produced by a monopoly. If this monopoly perfectly price discriminates and its marginal cost is constant at $3 per unit, how many units does the monopoly produce?
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A graph plots price versus Quantity. The graph is as follows. In the graph, the points plotted on the y axis are I, F, H, G, and K. The graph plots two slopes from top left to mid-bottom and bottom-right respectively, a rising slope from mid-left to top right. There are four closed points labeled A, B, C, and D. The first slope falls from K to mid of x-axis labeled M R, and the second slope falls from K to the bottom right of x-axis labeled D. The rising slope passes through (0, I), C, and D are labeled M C.

Figure 12.3.3

Consider Figure 12.3.3, which shows the market outcome. Which area highlights the difference in producer surplus between a single-price monopoly and a perfectly competitive market?
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A graph plots price and cost (dollars per unit) versus Quantity (units per week). In the graph, the horizontal axis ranges from 0 to 100 with an increment of 10 units. The vertical axis ranges from 0 to 80 with an increment of 10 units. The graph plots two slopes, two convex curves, and four closed points (40, 16), (40, 36), (60, 24), and (70, 30). The first slopes fall through (0, 60) to (50, 05) is labeled M R, and the second slope falls through (0, 60) to (88, 5) is labeled D. The first curve falls through (02, 19) to (20, 14) then rises through (60, 24) to (98, 80) is labeled M C and the second curve falls through (20, 65) to (60, 30) then rises through (70, 30) to (100, 16) is labeled A T C.

Figure 13.2.4

Refer to Figure 13.2.4, which shows a firm in monopolistic competition. Which of the following statements about the firm is correct?
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A graph plots price and cost (dollars per unit) versus Quantity (units per week).The graph points plotted on the x-axis are 100, 140, 200, 220, and 250. The vertical axis ranges from 0 to 100 with an increment of 10 units. The graph plots two convex curves, four falling curves, and six closed points (100, 70), (140, 55), (200, 80), (200, 100), (220, 90), and (250, 85). The first curve falls through (10, 35) to (40, 30) then rises through (100, 40) to (250, 100) is labeled M C, and the second curve falls through (95, 50) to (150, 55) then rises through (200, 65) to (250, 85) is labeled A T C. The first curve falls through (30, 78) to (160, 25) is labeled M R sub 2. The second curve that falls through (50, 95) to (190, 40) is labeled D sub 2. The third curve that falls through (150, 100) to (250, 70) is labeled M R sub 1. The fourth curve falls through (200, 100) to (250, 85) is labeled D sub 1.

Figure 13.2.5

Refer to Figure 13.2.5, which shows a firm in monopolistic competition. Which demand curve does this monopolistically competitive firm face in the long run?
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A graph plots price versus Quantity. The graph is as follows. In the graph, the points plotted on the y axis are I, F, H, G, and K. The graph plots two slopes from top left to mid-bottom and bottom-right respectively, a rising slope from mid-left to top right. There are four closed points labeled A, B, C, and D. The first slope falls from K to mid of x-axis labeled M R, and the second slope falls from K to the bottom right of x-axis labeled D. The rising slope passes through (0, I), C, and D are labeled M C.

Figure 12.3.3

Consider Figure 12.3.3, which shows the market outcome. If the market is a single-price monopoly, which area indicates producer surplus?
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A graph plots price (dollar per ticket) versus Quantity (tickets per week). The horizontal axis ranges from 0 to 100 with an increment of 10 units. The vertical axis ranges from 0.00 to 5.00 with an increment of 1.0 units. The graph plots two slopes from top left to mid-right and bottom left respectively, a convex curve from mid-left to top right, and four closed points (30, 2.00), (30, 3.50), (50, 2.50), and (60, 2.00). The first slope falls through (0, 5.00) to (50, 0.00) is labeled M R and the second slope falls through (0, 5.00) to (100, 0.00) is labeled D. The convex curve rises through (10, 1.50), (30, 2.00), (50, 2.50) to (80, 4.00) is labeled M C.

Figure 12.2.3

Refer to Figure 12.2.3, which shows the market with a single-price monopoly. What is the profit-maximizing price to charge for a ticket?
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An image of four graphs plots price versus Quantity. The graphs are as follows. In the graphs, the points plotted on the y-axis are P sub 0. The graphs plot two slopes from top left to mid-bottom and bottom-right respectively and a rising slope from mid-left to top right. In the first, second, third, and fourth graph, the first slope falls from top left to mid of x-axis labeled M R. The second slope falls from top left to the bottom right of x-axis labeled D. The rising slope passes through the mid of the second slope is labeled M C. The area covered by the rising curve and the slope is shaded.

Figure 12.3.2

Consider Figure 12.3.2, which shows four different market outcomes. The light grey area shows consumer surplus, and the dark grey area shows producer surplus. Which graph illustrates a single-price monopoly?
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The horizontal axis represents quantity in millions of cubic metres of natural gas per month and ranges from 0 to 10 with interval 2. The vertical axis represents price in cents per cubic metre and ranges from 0 to 60 with interval 10. A straight downward-sloping curve is labelled D. A downward-sloping curve that is initially steep and becomes less steep is labeled LRAC. There is a point on the LRAC curve at (4,20) and a point at the intersection of the LRAC curve and the D curve at (8,10).

Figure 12.1.1

Refer to Figure 12.1.1, which shows the market for monopoly. In what type of market does this natural gas producer operate?

This market is
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A graph plots price (dollar per ticket) versus Quantity (tickets per week). In the graph, the horizontal axis ranges from 0 to 100 with an increment of 10 units. The vertical axis ranges from 0.00 to 5.00 with an increment of 1.0 units. The graph plots two slopes from top left to mid-right and bottom left respectively, a horizontal line from (0, 2.00) to (100, 2.00) is labeled M C, and four closed points (30, 2.00), (30, 3.50), (50, 2.50), and (60, 2.00). The first slope that falls through (0, 5.00) to (50, 0.00) is labeled M R, and the second slope that falls through (0, 5.00) to (100, 0.00) is labeled D.

Figure 12.4.1

Refer to Figure 12.4.1, which shows the market for monopoly. If this monopoly practises perfect price discrimination, which of the following events occur?
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