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Managerial Economics
Flag question: Question 1
Question 1 pts
Consumer surplus is
Group of answer choices
the difference between the value a consumer places on a product and its market price.
the difference between the market price of a product and the value a producer places on the good.
the difference between the value a consumer places on a product and the value a producer places on the same product.
the difference between the value a consumer places on a product and zero.
Flag question: Question 2
Question 1 pts
Increasing production is consistent with which of the following conditions?
Group of answer choices
MR > MC
MR < MC
MR = MC
MC = 0
Flag question: Question 3
Question 1 pts
If demand is elastic, then a price increase leads to a decrease in revenue.
Group of answer choices
True
False
Flag question: Question 4
Question 1 pts
Diminishing marginal productivity implies decreasing marginal cost.
Group of answer choices
True
False
Flag question: Question 5
Question 1 pts
Average cost curves rise with production
Group of answer choices
due to declining average fixed costs.
due to rising average fixed costs.
due to marginal costs being less than average costs.
due to rising marginal costs.
Flag question: Question 6
Question 1 pts
Once marginal costs rise above the average cost,
Group of answer choices
average cost increases.
average cost decreases.
average costs will stay the same.
average costs will approach zero.
Flag question: Question 7
Question 1 pts
An increase in the price of a complement shifts the demand curve to the
Group of answer choices
right.
left.
it does not change the demand curve.
left but also downward.
Flag question: Question 8
Question 1 pts
An increase in income causes the demand for inferior goods to _______ and the price of inferior goods to _______.
Group of answer choices
increase; increase
increase; decrease
decrease; increase
decrease, decrease
Flag question: Question 9
Question 1 pts
A supply curve slopes upwards because
Group of answer choices
the higher the price the lower the quantity that the sellers are willing to supply.
the higher the price the higher the quantity that the sellers are willing to supply.
the quantity supplied in insensitive to price.
an increase in price brings the quantity sold down to zero.
Flag question: Question 10
Question 1 pts
When the demand of a good or service increases, the maximum price per unit consumers are willing and able to pay
decreases for every quantity.
Group of answer choices
True
False
Flag question: Question 11
Question 1 pts
A decrease in the price of a complement shifts the demand curve to the
Group of answer choices
right.
left.
it does not change the demand curve.
left and down.
Flag question: Question 12
Question 1 pts
The change in quantity demanded derived from a change in price is
Group of answer choices
the movement along a demand curve.
the movement along a supply curve.
a shift in the demand curve.
a shift in the supply curve.
Flag question: Question 13
Question 1 pts
In the long run, some competitive industries earn more than an average rate of return.
Group of answer choices
True
False
Flag question: Question 14
Question 1 pts
In a perfectly competitive market industry, firm’s prices are equal to
Group of answer choices
average revenue but not marginal revenue.
marginal revenue but not average revenue.
average revenue and marginal revenue.
total revenue.
Flag question: Question 15
Question 1 pts
A sudden rise in the market demand in a competitive industry leads to
Group of answer choices
a short run market equilibrium price lower than the original equilibrium.
a market equilibrium lower than the short run price.
some firms exiting the market.
a market equilibrium higher than the short run price.
Flag question: Question 16
Question 1 pts
In a competitive industry, the competitive firm’s profits are
Group of answer choices
independent of the industry in which they compete.
closely linked to the industry in which they compete.
determined only by their own differentiated product.
determined solely by the inelastic demand for their product.
Flag question: Question 17
Question 1 pts
Supplier power tends to be high when
Group of answer choices
your firm purchases widely attainable inputs from the supplier.
your input choices are homogeneous goods.
your firm purchases critical inputs from the supplier and the firm's input choices are highly differentiated.
your firm has roughly identical cost-savings technology to that of competitive firms.
Flag question: Question 18
Question 1 pts
Porter’s five forces portray
Group of answer choices
a non-zero-sum game.
a game where your profitability does not come at the expense of someone else’s.
the ability of market participants to create a larger total pie.
a zero-sum game where one firm's profitability comes at the expense of some other firm's.
Flag question: Question 19
Question 1 pts
The demand for dollars is downward sloping because when the dollar appreciates,
Group of answer choices
foreigners demand more US goods and services.
foreigners demand fewer US goods and services.
foreigners demand more dollars.
foreigners do not change their demand for US goods and services.
Flag question: Question 20
Question 1 pts
For foreigners, the intersection of the demand for US dollars and the supply of US dollars is known as the
Group of answer choices
inflation rate.
exchange rate.
price.
quantity.
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