【題目】 A profit-maximizing firm in a competitive market is able to sell its product for $7. At its current level of output, the firm’s average total cost is $10. The firm’s marginal cost curve crosses its marginal revenue curve at an output level of 9 units. The firm experiences a loss of more than $2. loss of exactly $27. profit of exactly $27. profit of more than $27.
【題目】 Suppose the demand for gourmet coffee can be represented by a linear demand curve. When income rises cause the demand curve for gourmet coffee shift to the right parallelly: becomes more elastic at the price that prevailed before the change in income becomes less elastic at the price that prevailed before the change in income becomes more elastic at every price becomes less elastic at every price
【題目】 The supply curve for a good or service shows the sellers’ maximum acceptable price. target price. average acceptable price. minimum acceptable price.
【題目】 Which of the following factors would not cause the demand curve for a given product to shift? Changes in income. Changes in price.---答案 Changes in the distribution of income. Changes in the price of a related good.
【題目】 Assume that we have a demand curve of the form.log(Q)=a-b×log(P)+c×log(I), where Q=quantity, P=price, I=income, and a, b, and c are positive constants. The income and price elasticities for the demand curve represented above are always constant. ------答案 equal to zero. equal(i.e., income elasticity always equals price elasticity). equal to one.
標籤: curve
