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Question: On an inelastic demand, Total Revenue increase as price  A) Increase  B) Decrease  C) Stays the s...

Show transcribed image text On an inelastic demand, Total Revenue increase as price A) Increase B) Decrease C) Stays the same D) changes proportionally At a price of $8 A) the equilibrium quantity is 400 units B) there is a surplus of 200 units C) the quantity demanded is 200 units D) there is a shortage of 200 units Economies of scale means A) increasing output lowers ATC B) increasing output raises ATC C) Variable cost is falling D) Profits are positive Zero economic profit implies A) you're doing poorly B) you're doing the best you can C) you could be doing better D) you're doing worse than usual If a perfectly competitive firm is earning positive profits then: A) They are anti competitive B) The market supply will likely decrease C) The market supply remain unaffected D) The market supply will likely increase If the price of gasoline increase the income effect would suggest we would bury _____ bicycles. A) Fewer B) The same amount of C) More D) Gasoline and Bicycles are unrelated Law of diminishing marginal utility states that at some point: A) your will not like the item B) you will like the item less than before C) you will utilize the item D) you will seek to find more of the item As demand decreases A) Supply increases B) Supply decreases C) Quantity increases D) Quantity falls Monopolies produce where A) MRK = MC C) TR > = TC D) TR > = VC An operating firm's supply is directly related to its A) total cost curve B) variable cost curve C) marginal cost curve D) total revenue curve An increase in production possibilities can be caused by A) working harder B) working more hours C) new technology D) decreasing unemployment Voluntary reasons why one worker will not pursue another job, despite it having higher wages are A) Compensating wage differentials B) Performance based pay C) Discrimination D) Compensation management systems. As the price of steel rises A) the supply of cars decreases B) the Demand for cars decreases C) the demand for steel decreases D) the supply of steel decreases Essay Explain how the market works to determine the price of a good.

On an inelastic demand, Total Revenue increase as price A) Increase B) Decrease C) Stays the same D) changes proportionally At a price of $8 A) the equilibrium quantity is 400 units B) there is a surplus of 200 units C) the quantity demanded is 200 units D) there is a shortage of 200 units Economies of scale means A) increasing output lowers ATC B) increasing output raises ATC C) Variable cost is falling D) Profits are positive Zero economic profit implies A) you're doing poorly B) you're doing the best you can C) you could be doing better D) you're doing worse than usual If a perfectly competitive firm is earning positive profits then: A) They are anti competitive B) The market supply will likely decrease C) The market supply remain unaffected D) The market supply will likely increase If the price of gasoline increase the income effect would suggest we would bury _____ bicycles. A) Fewer B) The same amount of C) More D) Gasoline and Bicycles are unrelated Law of diminishing marginal utility states that at some point: A) your will not like the item B) you will like the item less than before C) you will utilize the item D) you will seek to find more of the item As demand decreases A) Supply increases B) Supply decreases C) Quantity increases D) Quantity falls Monopolies produce where A) MRK = MC C) TR > = TC D) TR > = VC An operating firm's supply is directly related to its A) total cost curve B) variable cost curve C) marginal cost curve D) total revenue curve An increase in production possibilities can be caused by A) working harder B) working more hours C) new technology D) decreasing unemployment Voluntary reasons why one worker will not pursue another job, despite it having higher wages are A) Compensating wage differentials B) Performance based pay C) Discrimination D) Compensation management systems. As the price of steel rises A) the supply of cars decreases B) the Demand for cars decreases C) the demand for steel decreases D) the supply of steel decreases Essay Explain how the market works to determine the price of a good.