## Solution Library

#### What Relates To Total Product Curve And Gordon Tullock On Monopolists

Question1. Assuming fixed quantities of other inputs, the total product curve relates:A) output to variable cost.B) fixed cost to variable cost.C) output to a variable input.D) output to total cost.2. Economist Gordon Tullock suggests that monopolists may use up their ______________ to engage in ren ... Read More

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#### Calculation Of Economic Profit

Question1. Suppose that Bob leaves a job that pays \$50,000 per year in order to open a new sponge business. His insurance cost is \$5,000, his material cost is \$25,000, his lease payments are \$10,000 and his sales revenue is \$90,000. Bob's economic profit is:A) \$0.B) \$40,000.C) \$50,000.D) \$90,000.2. ... Read More

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#### Views Of Herbert Simon And Monopoly Firm Marginal Revenue And Marginal Cost

Question1. Assume that at a given level of output a monopoly firm has marginal revenue of \$10, its product price is \$15, and its marginal cost is \$12. All of the following are true except:A) the firm should increase price.B) the firm is earning an economic profit.C) the firm is earning losses.D) the ... Read More

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#### Difference Between Monopoly And Monopoly Power

Question1. The difference between monopoly and monopoly power is that:A.    monopoly produces a product for which there are no close substitutes, and in monopoly power, firms produce goods which are perfect substitutes.B.    monopoly has one firm with substantial contro ... Read More

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#### Marginal Cost And Marginal Revenue Difference

Question1. For a competitive industry in the long run, if MR = MC = SRATCmin = LRATCmin, then all of the following are true except:A) the industry has achieved allocative efficiency.B) consumer surplus is maximized.C) firms are earning an economic profit.D) the industry has achieved productive effic ... Read More

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#### Calculate Marginal Cost And Diminishing Marginal Returns

Question1. When the quantity of unicycles is 40, the price is \$16 and the marginal cost is \$16. Which of the following statements is true?A) The firm is making economic losses.B) The firm is making a normal rate of profit.C) The firm will become a monopoly.D) The firm is making economic profits.2. I ... Read More

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#### Calculate The Profit Of A Firm In The Short Run

Question1. Costs for Toy-Making Firm  Q   ATC        AVC       AFC       MC  0    —            —     &n ... Read More

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#### Calculate Equilibrium Output And Profiit

Question 1. Economic profits in a competitive market lead to _________ firms in the industry, causing a(n) ______________ in the industry supply and a(n) ____________ in the market price.A) more; increase; increaseB) fewer; decrease; increaseC) more; decrease; decreaseD) more; increase; decrease2. ... Read More

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#### Marginal Product Calculation

Question 1. Suppose the marginal product of the 23rd worker is eight boxes of output. Average product when 23 workers are employed is five boxes per worker. We can conclude that:A) average product is neither rising nor falling.B) marginal product is neither rising nor falling.C) marginal product is ... Read More

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#### Legal Responsibility In Partnership

Question 1. In a partnership, legal responsibility for all debts of the partnership:A) are shared by the stockholders.B) are shared by the founding owners.C) are limited to the investment in the partnership.D) are shared by all the partners.2. Suppose a combination of population growth and rising i ... Read More

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#### Increase In Total Output By Additional Worker And Total Product Curve Stages

Question1. A typical total product curve goes through four stages. What is the correct order for these stages?A) increases at a decreasing rate, increases at an increasing rate, reaches a maximum, decreasesB) increases at an increasing rate, increases at a decreasing rate, decreases, reaches a maxim ... Read More