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ECON-1010-A-Introduction to Microeconomics

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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 consumer surplus?
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A graph plots price versus Quantity. In the graph, the points plotted on the y axis are I, F, H, G, and K. The graph two slopes from top left to mid-bottom and bottom-right respectively, a rising slope from mid-left to top right, and 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 12.4.3

Refer to Figure 12.4.3, which shows a monopoly market. Which of the following areas indicates the consumer surplus from a perfect price-discriminating monopoly?
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Table 11.2.3

The two columns of the table are titled Output in balloons per hour and Total cost in dollars per hour.The rows display the data as follows:0; 4.001; 7.002; 8.003; 12.504; 17.205; 22.006; 29.00

Refer to Table 11.2.3, which gives the total cost schedule for Brenda's Balloon Shop, a perfectly competitive firm. What is Brenda's average fixed cost of producing the 4th balloon?
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If a perfectly competitive firm is producing an output in the short run in which the market price is less than the firm's average total cost, which of the following events will occur?
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Table 11.2.1

The three columns of the table are titled Output in units per day, Total revenue in dollars, and Total colst in dollars.The rows display the data as follows:0; 0; 141; 30; 402; 60; 603; 90; 734; 120; 965; 150; 1336; 180; 1807; 210; 230

Refer to Table 11.2.1, which gives the total revenue and total cost schedules of a perfectly competitive firm. What is the market price of the good?
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A graph titled, price and cost (dollars per unit) versus quantity (units).A graph plots two convex curves and a horizontal line. The first convex curve falls from top left to mid-bottom passes through (10, 12). The curve rises through mid-bottom to top right is labeled, A T C. The second convex curve rises from bottom left to mid-top passes through (10, 12). The curve rises through mid-top to the top right is labeled M C. Both the curves intersect each other at point (10, 12). A horizontal line that starts from (0, 10) to (10, 10) is labeled M R.

Figure 11.4.3

Refer to Figure 11.4.3, which shows the cost curves and marginal revenue curve of a firm in a perfectly competitive market. How will this market change in the long run?

In the long run,
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Table 11.1.1

The two columns of the table are titled Quantity in units per week and Price in dollars per unit. The rows display the data as follows:5; 156; 157; 15

Refer to Table 11.1.1 which gives the demand schedule for a perfectly competitive firm. If the firm sells 5 units per week, what is the firm's total revenue?
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If the market for leather is a perfectly competitive market, which of the following situations arises?

The market demand curve for leather is ________ and each individual leather producer's demand curve is ________.
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If a perfectly competitive firm's marginal revenue is greater than its marginal cost, which of the following events will occur?
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In which of the following situations is a profit-maximizing firm in a perfectly competitive market incurring an economic loss?

The firm must be producing the output at which
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