Comprehensive Final Examination-Version A Microeconomics C13 Select the single b

Question

Comprehensive Final Examination-Version A Microeconomics C13 Select the single best answer for each question or statement, then transfer your answers to the appropriate scan sheet provided Which of the following is NOT demonstrated by a production possibility curve? a Scarcity b Opportunity cost Necoessly for choice due to scarcty d Price The market price , the equilibrium price a can be higher than, but never lower than can be lower than, but never higher than b C can be higher than, or lower than d is always equal to

Explanation / Answer

1. In Production Possibility Curve does not demonstrate Price.

2. The market price is always equal to the equilibrium price.

3. The poverty line is set by the U.S. bureau of census (based on family food budget).

4. Marginal revenue curve will fall twice as quickly as the demand curve.

5. As long as utility is increasing we can say marginal utility is positive.

6. Tight global suppliers and high prices.

7. Along with real wages productivity must grow.

8. The substitution effect and output effect work in opposite direction.

9. The law of demand holds for both individuals and market.

10. A firm can maximize its profit at the output where the Marginal revenue equal to marginal cost.

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