Joan Robinson

1.
Joan Robinson, in the Preface for Student, argued in favor of learning
economics not to acquire a set of ready-made answers to economic
questions, but to learn how to avoid being deceived by economists.
C:-A) True
3 B) False

2. Remember the three problems that must be solved by any economic
system?

CIA) How much to produce and when to produce.
El B) Market economy or directed economy.

DC) How to produce, and by whom.

El D) How to distribute production.

El E) Efficiency or equity?

3. When considering Production, Cost, and Market Models, the two major
issues in economics are very important. Remember, the two major issues
in economics are the issues of and

4. In economics, the period during which most factor inputs are fixed is
termed the . The period during which all inputs are
variable is termed the

5.

Given the following production table, this firm will maximize profit at a
quantity output of units. (the nearest whole unit)
Quantity
Price = MR Produced MC

RR

RR

Sections III & IV

1.
Joan Robinson, in the Preface for Student, argued in favor of learning
economics not to acquire a set of ready-made answers to economic
questions, but to learn how to avoid being deceived by economists.

A) True
B) False
2. Remember the three problems that must be solved by any economic
system?
A) How much to produce and when to produce.
B) Market economy or directed economy.
C) How to produce, and by whom.
D) How to distribute production.
E) Efficiency or equity?

3. When considering Production, Cost, and Market Models, the two major
issues in economics are very important. Remember, the two major issues
in economics are the issues of and
.

4. In economics, the period during which most factor inputs are fixed is
termed the . The period during which all inputs are
variable is termed the .

5.
Given the following production table, this firm will maximize profit at a
quantity output of units. (the nearest whole unit)

Quantity
Price = MR Produced MC
600 0
600 1 240
600 2 190
600 3 240
600 4 290
600 5 390
600 6 490
600 7 590
600 8 690
600 9 790
600 10 890
6. The firm in a perfectly competitive market will maximize profit at Q
where

A) TC is least.
B) ATC = S.
C) MR = MC.
D) MC intersects the AVC curve.
E) MR is greatest.

7. A perfectly competitive market has
A) many suppliers,
B) suppliers are profit maximizing entrepreneural firms,
C) the product bought and sold in the market is homogeneous,
D) information is complete and readily available at no cost,
E) there are no barriers to entry,
F) buyers and sellers are price takers.
8. The equilibrium for the firm in a perfectly compeititve market is the Q at
which
A) LATC = maximum profit.
B) ATC = MR = MC
C) ATV = C
D) P > C
9. What is the primary cause (reason for the existence) of a monopoly?
10. A natural monopoly occurs because of the following barriers to entry:
A) A market in which a single firm can produce at a cost lower than
two or more firms because economies of scale,
B) a single firm has natural ability,
C) a single firm has sole access to a critical factor,
D) patents and copyrights,
11. What does it mean to say that a monopolist is price discriminating?
A) A monopolist can charge different prices to individuals because of
religion, race, gender, ethnicity, and language barriers.
B) A monopolist is able to identify groups of consumers with differing
elasticities along the demand curve.
C) A monopolist is able to separate buyers with different elasticities.
D) A monopolist can prevent consumers from resale among the
differing groups.

12. For the monopolist producing the quantity at which ATC = P, there are no
economic (monopoly) profits. The monopoly will earn only normal profit.
This monopolit is called an monopolist.

13. The four distinguishing characteristics of monopolistic competition:
A) Many sellers.
B) Differentiated but similar products.
C) Multiple dimensions of competition(non-price competition).
D) Ease of entry in the long run.
E) Strategic interdependence among firms.

14. The long-run equilibrium for a monopolistically competitive is Q at which
LATC = .

15. An oligopoly market is one in which
A) there are few sellers
B) there is overt collusion
C) sellers are mutually interdependent
D) significant barriers to entry exist
E) products are homogeneous or similar but differentiated
16. The “kinked” demand curve is used to explain how strategic
interdendence creates ” ” in oligopoly markets.

17. A is an oligopoly market in which the market firms act in
unison, implicitly or explicitly, to create a monopoly market.

18.
The economic principle which states that as more and more of a variable
input is added to an existing fixed input, after some point the additional
output from the added input will decline:

A) The law of diminishing marginal utility.
B) The law of increasing marginal cost.
C) The law of total utility.
D) The law of diminishing marginal productivity.
E) Okun’s Law.
19. The firm which can produce at the lowest long-run Average Total Cost
has achieved .

20. Real world cost analysis for the firm includes not just economies of scale,
but
A) Economies of time,
B) economies opf scope,
C) learning by doing and technological change,
D) multiple dimensions analysis, taking into account all relevant
margins,
E) unmeasured costs,
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