support@tutorialsexperts.com
+1 315 765 7646
Need Consultation? Contact us
  • Tutorials
  • About us
  • Services
    • Essay Writing
    • Research Paper
    • Thesis Writing
  • My Account
    • Cart
    • Checkout

No products in the cart.

Order 100% Original
  • Tutorials
  • About us
  • Services
    • Essay Writing
    • Research Paper
    • Thesis Writing
  • My Account
    • Cart
    • Checkout

No products in the cart.

Order 100% Original
  • Tutorials
  • About us
  • Services
    • Essay Writing
    • Research Paper
    • Thesis Writing
  • My Account
    • Cart
    • Checkout

No products in the cart.

  • Tutorials
  • About us
  • Services
    • Essay Writing
    • Research Paper
    • Thesis Writing
  • My Account
    • Cart
    • Checkout
Shop
Home ECN 360 ECN 360 Grand Canyon Midterm Exam
Awaiting product image

ECN 360 Grand Canyon Midterm Exam

$28

Category: ECN 360 Tags: ECN 360 GCU Midterm Exam, ECN 360 Grand Canyon Midterm Exam, ECN 360 Midterm Exam, ECN360GCUMidtermExam, ECN360GrandCanyonMidtermExam
  • Description
  • Reviews (0)

ECN 360 Grand Canyon Midterm Exam

ECN360

  1. An inferior good has an income elasticity of demand that is

 

zero.

negative.

positive.

positive but less than 1.

 

  1. In the above figure, when this monopolistically competitive firm produces its profit-maximizing output, it sets a per-unit price of

 

$10.

$13.

$8.

$11.

 

  1. Refer to the above figure. The profit maximizing quantity for this firm is

 

Q2.

Q3.

Q1.

zero.

 

  1. Refer to the above figure. Ajax and Greenco are oligopolists. Above you are given the payoff matrix for the two firms giving the payoff associated with different pricing strategies. What is the best strategy for Greenco if Ajax decides on charging a high price?

 

There is no best strategy.

High price

Low price

Not enough information is given to determine the best strategy.

 

  1. In the above figure, the long-run cost curve between points A and B illustrates

 

diminishing marginal product.

diseconomies of scale.

economies of scale.

constant returns to scale.

 

  1. The perfectly competitive firm cannot influence the market price because

 

its production is too small to affect the market.

it has market power.

its costs are too high.

it is a price maker.

 

  1. In the above figure, what is the profit-maximizing output and price?

 

10, $8

12, $10

10, $10

8, $7

 

  1. The demand curve faced by a monopolistically competitive firms is

 

horizontal.

vertical.

downward sloping.

unitary elastic.

 

  1. In the above figure, the monopolistically competitive firm’s profit-maximizing output is

 

1,000 units.

300 units.

700 units.

900 units.

 

  1. Which of the following will cause a shift in the demand curve of labor?

 

An increase or decrease in the productivity of labor.

An increase or decrease in the demand for the product labor produces.

A decline in the price of a complementary input .

all of the above

 

  1. If the social costs of refining oil are greater than the private costs of oil refining, then

 

there is too much oil refining.

users of products that use refined oil are paying too much for the products.

the amount of oil refining needs to increase in order to bring social costs and private costs in line with each other.

the external costs of oil refining are greater than the social costs of oil refining.

 

  1. Refer to the above figure. Which panel represents what happens in the U.S. job market in the short-run when U.S. firms substitute labor outside of the U.S. for labor inside the U.S.?

 

Panel A

Panel B

Panel C

Panel D

 

  1. Refer to the above table. This firm operates in a perfectly competitive market in which the market price is $10 per unit. What is its profit-maximizing rate of production?

 

108 units

110 units

104 units

106 units

 

  1. In the above table, the average physical product of the 3rd worker is

 

12.

3.

5.

4.

 

  1. Industry X has four firms. The largest firm in Industry X has more than 90 percent of the market share. Industry Y also has four firms, but each of those four firms in Industry Y has 25 percent of the market share. The Herfindahl-Hirschman index will be

 

larger for Industry X than Industry Y, but the four-firm concentration will be the same.

larger for Industry Y than Industry X, but the four-firm concentration will be the same.

the same for both industries, but the four-firm concentration will be larger for Industry Y than Industry X.

the same for both industries, but the four-firm concentration will be larger for Industry X than Industry Y.

 

  1. The perfectly competitive firm faces

 

a downward sloping demand curve.

constant marginal costs.

perfectly elastic demand.

a horizontal supply function.

 

  1. If five firms of similar sizes join to form a cartel, then it is most likely that

 

all five firms will earn the same profits as before.

they will collectively produce less than before.

they will charge a common, lower market price.

all five firms as a group will have falling profits, but increased output.

 

  1. If we add successive laborers to work a given amount of land on a wheat farm, eventually

 

the increases in wheat harvested will get larger and larger.

the increases in wheat harvested will get smaller and smaller.

the increases in wheat harvested will rise at a constant rate.

average total cost will fall to zero.

 

  1. All of the following are characteristics of monopolistic competition EXCEPT

product differentiation.

many firms in the industry.

advertising.

a few firms dominate the industry.

 

  1. For years, your neighbor insisted she had no desire to own a computer. Recently, however, she purchased one and says she did so because all her relatives have computers and she wants to exchange e-mail with them. Your neighbor’s behavior is an example of

 

a switching cost.

limited-pricing behavior.

the impact of negative market feedback.

a network effect.

 

  1. In the above figure, the profit-maximizing output and price for this monopolistically competitive firm are

 

10,000 units at a price of $10 per unit.

12,000 units at a price of $8 per unit.

13,000 units at a price of $7 per unit.

10,000 units at a price of $5 per unit.

 

  1. A monopolist engages in price discrimination

 

by charging a higher price to consumers whose demand is more inelastic.

by charging a lower price when marginal cost is higher.

by charging the same price to all consumers.

by charging a lower price to consumers whose demand is more inelastic.

 

  1. Which of the following is a characteristic of a monopoly market?

 

easy entry

one firm

firm is a price taker

many firms

 

  1. In the above table, the marginal physical product of the 3rd worker is

 

4.

12.

5.

3.

 

  1. Suppose at the current level of labor used, MRP = $100 and MFC = $150. To maximize profits, the firm should

 

hire more labor.

reduce the level of labor.

expand production.

maintain the current level of labor.

 

  1. Suppose that the demand for pizza is inelastic. If a pizzeria decided to lower the price of pizza, total revenue would

 

be maximized.

increase.

stay the same.

decrease.

 

  1. When the costs of an action are not fully borne by the two parties engaged in a transaction, this is called a(n)

 

externality.

equilibrium.

internal cost.

property right.

 

 

  1. Other things held constant, after some point hiring additional units of labor will cause the marginal physical product of labor to decline because

 

the wage rate increases when additional workers are hired.

the supply of labor is perfectly elastic.

of the law of diminishing marginal product.

the firm is a price taker.

 

  1. Which of the following statements best defines private costs?

 

They are internal in the sense that the firm or household must explicitly take them into account.

They are synonymous with social costs.

They represent explicit costs incurred by business firms in the private sector.

They are costs borne by people other than those who commit the action.

 

  1. In a market for emission permits, firms that emit below their allowed limits

 

will buy even more allowances through a TRADING SYSTEM.

receive a subsidy for the amount of emissions.

will sell their excess allowances through a TRADING SYSTEM.

are taxed by the government for the amount of emissions.

 

  1. Suppose a monopolist’s costs and revenues are as follows: ATC = $45.00; MC = $35.00; MR = $35.00; P = $45.00. The firm should

 

increase output and decrease price.

shut down.

decrease output and increase price.

not change output or price.

 

  1. Economists generally define the short run as being

 

that period of time in which at least one of the firm’s inputs, usually plant size, is fixed.

any period of time less than one year.

any period of time less than six months.

that period of time in which all inputs are variable.

 

  1. The additional revenue earned from hiring one more worker is known as the

 

marginal factor cost of labor.

marginal revenue product of labor.

marginal physical product of labor.

marginal utility of labor.

 

  1. Which of the following is NOT a barrier to entry that would allow a monopolist to keep potential competitors out of its market?

 

The market price of the product is too high.

The firm has government authorization to be a monopoly.

The firm has a patent on the good or control over some resource required for the production of the good.

Significant economies of scale exist

 

  1. Which of the following methods could be used to correct for external costs?

 

Impose a tax or an effluent fee on the offenders.

Have the offender clean up the pollution it caused.

Require firms in the industry to install pollution control devices.

All of the above would be appropriate.

 

  1. Which of the following is NOT a characteristic of oligopoly firms?

 

Perfectly elastic demand curves

Non-price competition, such as advertising and promotions

Product differentiation

Strategic dependence

 

  1. Julie always purchases the soda with the lowest price. For Julie, the cross price elasticity of demand for brand X and brand Y will be

 

impossible to determine without more information.

equal to 0.

positive.

negative.

Reviews

There are no reviews yet.

Only logged in customers who have purchased this product may leave a review.

Related products

  • Placeholder

    ECN 360 Grand Canyon Final Exam

    $40 Add to cart
  • Placeholder

    ECN 360 Grand Canyon Week 3 Assignment Chapters 25 and 26 Problems

    $35 Add to cart
  • Placeholder

    ECN 360 Grand Canyon Week 3 Discussion

    $10 Add to cart
  • Placeholder

    ECN 360 Grand Canyon Entire Course

    $240 Add to cart
  • Placeholder

    ECN 360 Grand Canyon Week 2 Assignment Chapters 23 and 24 Problems

    $35 Add to cart
  • Placeholder

    ECN 360 Grand Canyon All Week Chapter Problems

    $175 Add to cart
  • Placeholder

    ECN 360 Grand Canyon Week 6 Assignment Chapters 12 Problems (Benchmark Assignment)

    $22 Add to cart
  • Placeholder

    ECN 360 Grand Canyon Week 1 Assignment Chapters 19 and 22 Problems

    $26 Add to cart
  • Placeholder

    ECN 360 Grand Canyon Week 5 Discussion

    $10 Add to cart
  • Placeholder

    ECN 360 Grand Canyon Week 4 Discussion

    $10 Add to cart
  • Placeholder

    ECN 360 Grand Canyon Week 1 Discussion

    $10 Add to cart
  • Placeholder

    ECN 360 Grand Canyon Week 2 Discussion

    $10 Add to cart
  • Placeholder

    ECN 360 Grand Canyon Week 8 Assignment Chapters 18 Problems

    $22 Add to cart
  • Placeholder

    ECN 360 Grand Canyon Week 7 Assignment Chapters 15 and 16 Problems

    $26 Add to cart
  • Placeholder

    ECN 360 Grand Canyon Week 7 Discussion

    $10 Add to cart
  • Placeholder

    ECN 360 Grand Canyon Week 5 Assignment Chapters 10 and 11 Problems

    $35 Add to cart
  • Placeholder

    ECN 360 Grand Canyon Week 6 Assignment Anti-Trust Case

    $32 Add to cart
  • Placeholder

    ECN 360 Grand Canyon Week 4 Assignment Chapters 28 and 31 Problems

    $27 Add to cart
  • Placeholder

    ECN 360 Grand Canyon Week 6 Discussion

    $10 Add to cart
  • Placeholder

    ECN 360 Grand Canyon All Week Discussions

    $52 Add to cart
Categories
  • ACC 2409
  • ACC 25017
  • ACC 35012
  • ACC 37012
  • ACC 37111
  • ACC 46016
  • ACC 48519
  • ACC 48611
  • ACC 4913
  • ACC 61311
  • ACC 61624
  • ACC 62219
  • ACC 65011
  • ACC 65111
  • ACC 66018
  • ACC 66211
  • ACC 66411
  • ACC 66511
  • ACC 66719
  • ACC 66819
  • ACC 6901
  • ACC 6919
  • ADM 6141
  • ADM 6241
  • ADM 6261
  • ADM 6321
  • ADM 6341
  • ADM 6361
  • AMP 41511
  • AMP 42511
  • AMP 4341
  • AMP 450V6
  • AMP 49211
  • BIO 22010
  • BIO 31610
  • BIO 50017
  • BIO 5509
  • BUS 34011
  • BUS 35223
  • BUS 37219
  • BUS 48511
  • BUS 62312
  • BUS 66019
  • COM 23110
  • COM 26325
  • COM 31511
  • COM 36221
  • CWV 1018
  • DNP 81028
  • DNP 81515
  • DNP 83025
  • DNP 83518
  • DNP 84021
  • DNP 95511
  • DNP 9609
  • ECH 5201
  • ECN 22025
  • ECN 35119
  • ECN 36021
  • ECN 45019
  • ECN 60122
  • ECS 50118
  • ECS 55513
  • ECS 56016
  • ECS 57015
  • ECS 59020
  • EDU 33019
  • EED 4751
  • ELM 20018
  • ELM 30522
  • ELM 35012
  • ELM 35123
  • ELM 54018
  • EMM 4155
  • EMM 44211
  • EMM 64111
  • ENG 10639
  • ENT 43520
  • FIN 35019
  • FIN 45011
  • FIN 45111
  • FIN 65030
  • Finance53
  • HCA 61017
  • HCA 62016
  • HCA 67511
  • HCA 80715
  • HCA 81216
  • HCA 82215
  • HCI 60017
  • HLT 205V10
  • HLT 30213
  • HLT 306V14
  • HLT 307V3
  • HLT 308V7
  • HLT 310V12
  • HLT 312V7
  • HLT 313V8
  • HLT 314V6
  • HLT 317V10
  • HLT 324V12
  • HLT 362V16
  • HLT 418V8
  • HLT 51517
  • HLT 52020
  • HLT 54011
  • HLT 60017
  • HLT 60517
  • INT 24417
  • JUS 1109
  • JUS 50524
  • JUS 51037
  • JUS 5153
  • JUS 52011
  • JUS 52111
  • JUS 52416
  • JUS 53134
  • JUS 6102
  • JUS 6209
  • LDR 46215
  • LDR 60026
  • LDR 61515
  • LDR 62012
  • LDR 63023
  • LDR 6401
  • LDR 80416
  • MAT 1348
  • MAT 15012
  • MGT 24010
  • MGT 42011
  • MGT 43411
  • MGT 45511
  • MGT 60511
  • MGT 65512
  • MGT 66019
  • MGT 8109
  • MGT 8154
  • MIN 82214
  • MIS 60018
  • MIS 61019
  • MIS 66019
  • MIS 66520
  • MIS 69021
  • MKT 24510
  • MKT 31515
  • MKT 45029
  • MKT 60738
  • NRS 410V8
  • NRS 427V6
  • NRS 429V8
  • NRS 430V8
  • NRS 433V9
  • NRS 434V8
  • NRS 437V7
  • NRS 4408
  • NRS 4418
  • NRS 451V13
  • NRS 49015
  • NRS 493 GCU47
  • NUR 50211
  • NUR 50419
  • NUR 50811
  • NUR 647E14
  • NUR 67046
  • NUR 69926
  • PCN 50011
  • PCN 50111
  • PCN 52011
  • PCN 6051
  • PHI 10510
  • PHI 413V18
  • POS 50014
  • PSC 4109
  • PSC 4957
  • PSY 1009
  • PSY 10228
  • PSY 52023
  • PSY 53019
  • PSY 55015
  • PSY 62211
  • PSY 65510
  • PSY 6621
  • PSY 66314
  • PSY 8603
  • RES 8618
  • RES 866 GCU2
  • RES 88519
  • RSD 8511
  • SMM7
  • SOC 10055
  • SOC 2201
  • SOC 38617
  • SOC 4129
  • SOC 44518
  • SOC 44917
  • SPD 31021
  • SPD 32014
  • SYM 50611
  • TCH 5171
  • TCH 5241
  • TCH 53910
  • TSL 53215
  • TSL 55012
  • TSL 55214
  • TSL 55813
  • TSL 56715
  • Uncategorized11
  • UNV 10315
  • UNV 10411
  • UNV 5027
  • UNV 503V6
  • UNV 5047

Tutorials Experts is a US based tutorials company head quartered into Delaware. We aim to provide study help with load of knowledge for every program being studied into Grand Canyon University.
Services
Custom Essay Writing
Research Paper Writing
Dissertation Writing Service
Social Media
Coursework Writing
Term Paper Writing
Contacts
Adress: 2803 Philadelphia Pike, Suite B #1121, Claymont, DE 19703.
Website: https://tutorialsexperts.com/
Email: support@tutorialsexperts.com
Phone: +1 315 765 7646
Fax: +1 315 765 7646
Newsletter

Signup for our newsletter and stay connected with our recent discounts and promotions.

Terms of use | Privacy Environmental Policy
  • Shop
  • About us
  • Blog
  • Contact Us
  • My Account

Copyright © 2022 Tutorials Services LLC. All Rights Reserved.

Disclaimer: The products and services provided by Tutorials Experts are for research and guidance purposes only. Students are solely responsible for doing their own work and using the materials provided as a reference.

WhatsApp us