More on Externalities, Competition and Monopoly, Labor Markets, and Public Goods

Question 11 pts
A pigouvian tax is
Group of answer choices

a tax on a positive externality

a tax on a negative externality

a tax on investment

a tax on consumption

Flag question: Question 2

Question 21 pts
Moral hazard is when
Group of answer choices

The costs are socialized and the benefits privatized

The costs are privatized and the benefits privatized

The costs are privatized and the benefits socialized

The costs are socialized and the benefits socialized

Flag question: Question 3

Question 31 pts
In Perfect Competition the
Group of answer choices

Demand curve is perfectly elastic

The Demand curve is perfectly inelastic

Demand curve is downward sloping

Demand curve is vertical

Flag question: Question 4

Question 41 pts
Under monopoly
Group of answer choices

The demand curve is horizontal

The demand curve is perfectly elastic

The demand curve slopes upward

The demand curve slopes downward

Flag question: Question 5

Question 51 pts
Under monopolistic (normal) competition
Group of answer choices

The demand curve is perfectly elastic

The demand curve is horizontal

The supply curve is downward sloping

The demand curve is downward sloping

Flag question: Question 6

Question 61 pts
Economic profit and accounting profit are always equal to each other.
Group of answer choices

True

False

Flag question: Question 7

Question 71 pts
In the long-run fixed costs
Group of answer choices

become smaller

become variable costs

become larger

make up the Total Cost

Flag question: Question 8

Question 81 pts
Which equation is equal Total Cost?
Group of answer choices

FC+VC

TC/Q

Change in TR/Change in Q

TR-TC

(P-AC)*Q

Flag question: Question 9

Question 91 pts
In Perfect Competition
Group of answer choices

MRP

MR>P

MR<P

MR=P

Flag question: Question 10

Question 101 pts
When P>AC then
Group of answer choices

The firm is making a profit

The firm should cease production, but not exit

The firm is taking a loss

The firm should cease production and exit

The firm is breakeven (normal or “zero” profits)

Flag question: Question 11

Question 111 pts
When AC=MC=P
Group of answer choices

The firm should cease production, but not exit

The firm is making a profit

The firm should cease production and exit

The firm is taking a loss

The firm is breakeven (normal or “zero” profits)

Flag question: Question 12

Question 121 pts
When P<AVC
Group of answer choices

The firm is breakeven (normal or “zero” profits)

The firm should cease production, but not exit

The firm is making a profit

The firm should cease production and exit

The firm is taking a loss

Flag question: Question 13

Question 131 pts
An increasing cost industry has a(n)
Group of answer choices

downward sloping supply curve

upward sloping supply curve

horizontal sloping supply curve

Flag question: Question 14

Question 141 pts
A Constant cost industry has a(n)
Group of answer choices

upward sloping supply curve

downward sloping supply curve

horizontal sloping supply curve

Flag question: Question 15

Question 151 pts
A decreasing cost industry has a(n)
Group of answer choices

downward sloping supply curve

upward sloping supply curve

horizontal sloping supply curve

Flag question: Question 16

Question 161 pts
A monopolist faces an inelastic demand for his product.  Entrepreneurs produce substitutes for the good. The demand for the good is now elastic, therefore
Group of answer choices

the monopolist will make less of a profit

the monopolist will make more of a profit

the monopolist will make the same profit

the monopolist will make zero profit

Flag question: Question 17

Question 171 pts
Which is an example of government granted monopoly.
Group of answer choices

WD-40 is a trade secret no one else can replicate

A company invents a new product no one else is producing

A patent

An individual owns the only fresh water spring in 1000 miles

Flag question: Question 18

Question 181 pts
Which industry has a government protected monopoly?
Group of answer choices

Walmart

The post office

Ford, GM, and Chrysler

WD-40 manufacturer

Flag question: Question 19

Question 191 pts
Under monopolistic (normal) competition what can create monopoly power? Multiple answers possible.
Group of answer choices

Advertising

homogeneity of products

Product variety

Geographic location

Flag question: Question 20

Question 201 pts
When the MPL<W, then
Group of answer choices

less unemployment will be the result

more unemployment will be the result

the MPL will increase to equal the wage

The Wage will decrease

W will increase further

Flag question: Question 21

Question 211 pts
When MPL>W, then
Group of answer choices

No answer text provided.

Unemployment will increase and/or wages will decline

Unemployment and the wage will stay the same.

Unemployment will decrease and/or the wage will increase

Flag question: Question 22

Question 221 pts
When labor is paid a higher wage due to the riskiness of a job, we call that
Group of answer choices

Marginal Productivity of Labor

Human Capital

Discrimination

Compensating Differential

Flag question: Question 23

Question 231 pts
Public goods are (possible multiple answers)
Group of answer choices

Non excludable

a tragedy of the commons

Nonrival

rival

excludable

Flag question: Question 24

Question 241 pts
Private goods are (multiple answers possible)
Group of answer choices

a tragedy of the commons

rival

Nonrival

excludable

Non excludable

Flag question: Question 25

Question 251 pts
A tragedy of the commons is when everyone owns something or no one owns it, thus it is
Group of answer choices

excludable

a private good

nonrival

non excludable

rival

Flag question: Question 26

Question 261 pts
A nonexcludable good is when there exists
Group of answer choices

free riders

a private good

forced riders

a club good

Flag question: Question 27

Question 271 pts
Radio is an example of a
Group of answer choices

public good

common resource

nonrival good

non excludable good

Flag question: Question 28

Question 281 pts
Lighthouses is are supposed to be an example of a
Group of answer choices

public good

club good

nonrival good

non excludable good

Flag question: Question 29

Question 291 pts
What is an example of club good?
Group of answer choices

Food

Fish stocks

Gym membership

National Defense

Flag question: Question 30

Question 301 pts
An example of a common resource is
Group of answer choices

Fish stocks

Food

Gym Membership

National Defense

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