ECONOMICS 201 - Monopolistic competition,A recession can be illustrated

QUESTION 31

1. Monopolistic competition has three characteristics: differentiated output, no significant barriers to entry or exit, and few buyers and sellers.
2. True
3. False
4. 
   

QUESTION 32

1. A recession can be illustrated by the movement from one combination on the PPF to another point on the frontier.
2. True
3. False
4. 
   

QUESTION 33

1. Which of the following is true regarding the combinations of goods outside the production possibilities frontier?
2. A.They are unattainable without additional resources.B.They are combinations which have already been consumed.C.They go beyond basic necessities.D.They will meet society's needs but not wants.E.They are the result of economic recessions.
3. 
   

QUESTION 34

1. In the short run as output rises, the distance between TC and TVC will _____.
2. A.increaseB.decreaseC.remain unchangedD.increase then decreaseE.decrease then increase
3. 
   

QUESTION 35

1. For a single-price monopoly, the marginal revenue curve _____.
2. A.is horizontal
3. B.is vertical
4. C.is same as demand curve
5. D.lies above demand curve
6. E.lies below demand curve

QUESTION 36

1. A physician's knowledge and skills is referred to by economists as _____.
2. A.entrepreneurshipB.laborC.physical capitalD.human capitalE.intellectual input
3. 
   

QUESTION 37

1. An individual has comparative advantage if he or she can produce at a lower opportunity cost than some other individual.
2. True
3. False
4. 
   

QUESTION 38

1. If a dairy can produce whole or skim milk at the same cost, a decrease in the profitability of whole milk will _____.
2. A.cause Qs of whole milk to decreaseB.cause supply of whole milk to increaseC.cause a decrease in supply of whole milkD.cause a decrease in supply of skim milkE.cause decrease in Qs of skim milk
3. 
   

QUESTION 39

1. A firm has total cost of $1000 at 0 output and $2600 at 4 units of output. The total fixed cost is _____.
2. A.0B.1600C.1000D.650
3. 
   

QUESTION 40

1. A price floor on corn would have the effect of which of the following?
2. A.Creating an excess supply regardless of the price.B.Creating an excess supply when the price floor is above the equilibrium price.C.Creating an excess demand when the price floor is below the equilibrium price.D.Creating an excess demand regardless of the price floor.