Micro Economics
- Which Of The Following Is NOT A Defining Feature Of Perfect Competition?
- An Individual Competitive Firm's Short-Run Supply Function Is (Over The Relevant Range Of Prices):
- Which Of The Following Best Describes A Technology With Increasing Returns To Scale?
- Which Of The Following Will NOT Entail An Outward Shift Of The Production Possibilities Curve?
- Which Of The Following Is A Necessary Condition For A Monopoly To Arise?
- A Typical Shop In Bavaria Would Offer About A Hundred Brands Of Local Beer. The Local Beer Industry In Bavaria Would Likely Constitute:
- Vasya Is An Accountant. He Receives $200 Per Hour Doing Tax Returns. He Can Type 12,000 Characters Per Hour Into Spreadsheets. He Can Hire An Assistant Who Types 3,000 Characters Per Hour Into Spreadsheets. Which Of The Following Statements Is True?
- Creation Of A Trade Union Will Typically Lead To:
- Consider A Small Town Build Around A Coal Mine Which Is Perfectly Competitive In Its Product Market And Is The Sole Employer In The Town. Suppose That Employment Is Controlled By A Trade Union Seeking To Maximize The Total Wage Bill Of Its Members. Then Wages Will Be Determined By:
- Cournot Oligopoly Is Characterized By:
- The Net Result Of The Prisoner's Dilemma, When Applied To A Situation Involving Two Oligopolists, Is That
- A Profit-Maximizing Monopolist Practicing Price Discrimination Will Charge The Lowest Price In The Market Where Demand
- A Monopolist's Marginal Revenue Curve Lies Below Average Revenue, Because:
- Which Of The Following Could Constitute A Case Of Strategic Entry Deterrence?
- Which Of The Following Is A Necessary Condition For A Monopoly To Arise?
Perfect information
No barriers to entry
Heterogeneous product
Its MC schedule
Its AVC schedule
Its AFC schedule
Q(2L, K) = Q(L, 2K)
Q(2L, 2K) = Q(L, K)
Q(2L, 2K) = 4Q(L, K)
An upgrading of the quality of a nation's human resources
The reduction of unemployment
An increase in the quantity of a society's labour force
Superior technology or scale economies
Production-specific patents
None
An oligopoly
A monopolistic competition
A natural monopoly
Vasya should hire the assistant as long as he pays the assistant less than $50 per hour.
Vasya should hire the assistant as long as he pays the assistant less than $100 per hour.
Vasya should hire the assistant as long as he pays the assistant less than $200 per hour.
A loss of jobs by insiders
An increase in labour market efficiency
A rise in economic rent of insiders
MRPL = MCL
MVPL = MCL
None
Easy adjustment of prices, thus strategic choice of output
Easy adjustment of output, thus strategic choice of prices
Sequential decision-making
Prices will be above the level implied by joint profit maximization
Neither firm makes a profit and both leave the industry
Prices will be below the level implied by joint profit maximization
Is least price-elastic
Is most price-elastic
has unit price-elasticity
Marginal magnitudes consider smaller increments than average ones
A monopolist has to decrease price of all goods sold if it wants to expand output
A monopolist typically has to pay high taxes
The incumbent forgoes some of the current profit in favour of better opportunities in case of possible a price war
The incumbent invests into production to make more profit before its market share is contested by an entrant
The incumbent accounts for the expected moves of the entrant and uses that information to maximize own profits
Superior technology or scale economies
Production-specific patents
None
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