Econ 545 Week 3 Imperfect Competition – Quiz

In: Business and Management

Submitted By Laynebaril
Words 376
Pages 2
ECON 545 Week 3 Imperfect Competition – Quiz

Click Link Below To Buy:

http://hwcampus.com/shop/econ-545-week-3-imperfect-competition-quiz/

1. (TCO A) There is a decrease in the cost of labor for producing bicycles.
(4 pts.) What happens to bicycle supply?
(6 pts.) What happens to bicycle demand? (Points : 10)

2. (TCO A) Peanut butter and jelly are complements in consumption. The price of jelly falls.
(4 pts.) What happens to the demand for peanut butter?
(6 pts.) What happens to the demand for jelly? (Points : 10)

3. (TCO A) The number of new home sellers in a given market decreases.
(4 pts.) What happens to the supply of new homes?
(6 pts.) What happens to the demand for new homes? (Points : 10)

4. (TCO A) A market is in equilibrium with equilibrium quantity Q* and equilibrium price P*.
(2 pts.) What happens to P* if there is an increase in supply?
(4 pts.) What happens to Q* if there is a decrease in supply and a decrease in demand?
(4 pts.) What happens to P* if there is an increase in demand followed by a decrease in supply followed by another increase in demand?(Points : 10)

c. Total Revenue at $15 is $15*40= $600 and at $10 total revenue is $10*100=$1000. Therefore, total revenue increases.

8. (TCO C) Answer the next question on the basis of the following cost data for a purely competitive seller:

9. (TCO C) Answer the next question on the basis of the following cost data for a purely competitive seller:Total Product TFC TVC 0 $50 $0 1 50 70 2 50 120 3 50 150 4 50 220 5 50 300 6 50 390
10. (TCO C) A firm has Total Costs (TC) of $10,000 over the next three months (TOTAL for the 3…...

Similar Documents

Econ 545

...ECON 545 (Business Economics) Entire Course - DeVry IF You Want To Purchase A+ Work Then Click The Link Below , Instant Download http://acehomework.com/ECON-545-Business-Economics-Entire-Course-DeVry-179999.htm?categoryId=-1 If You Face Any Problem E- Mail Us At JOHNMATE1122@GMAIL.COM ECON 545 Week 1 Discussion Question 1 Supply and Demand ECON 545 Week 1 Discussion Question 2 Elasticity and the Minimum Wage ECON 545 Week 2 Discussion Question 1 Marginal Analysis ECON 545 Week 2 Discussion Question 2 Controlling Costs ECON 545 Week 2 Project Part 1 ECON 545 Week 3 Discussion Question 1 Mergers Acquisitions ECON 545 Week 3 Discussion Question 2 Anti-Trust Policy and Microsoft ECON 545 Week 3 Imperfect Competition Quiz Answers Set 1 ECON 545 Week 3 Imperfect Competition Quiz Answers Set 2 ECON 545 Week 4 Discussion Question 1 Macroeconomic News ECON 545 Week 4 Discussion Question 2 Healthcare ECON 545 Week 5 Discussion Question 1 Trade Deficits ECON 545 Week 5 Discussion Question 2 Exchange Rates ECON 545 Week 5 Project Part 2 ECON 545 Week 6 Discussion Question 1 Fiscal Policy ECON 545 Week 6 Discussion Question 2 Monetary Policy ECON 545 Week 6 Monetary and Fiscal Policy You Decide ECON 545 Week 6 Quiz Answers Set 1 ECON 545 Week 6 Quiz Answers Set 2 ECON 545 Week 7 Discussion Question 1 The Public Sector. ECON 545 Week 7 Discussion Question 2 Forecasting ECON 545 Week 8 Final Exam Answers Set......

Words: 257 - Pages: 2

Econ 545

...ECON 545 (Business Economics) Entire Course - DeVry IF You Want To Purchase A+ Work Then Click The Link Below , Instant Download http://acehomework.com/ECON-545-Business-Economics-Entire-Course-DeVry-179999.htm?categoryId=-1 If You Face Any Problem E- Mail Us At JOHNMATE1122@GMAIL.COM ECON 545 Week 1 Discussion Question 1 Supply and Demand ECON 545 Week 1 Discussion Question 2 Elasticity and the Minimum Wage ECON 545 Week 2 Discussion Question 1 Marginal Analysis ECON 545 Week 2 Discussion Question 2 Controlling Costs ECON 545 Week 2 Project Part 1 ECON 545 Week 3 Discussion Question 1 Mergers Acquisitions ECON 545 Week 3 Discussion Question 2 Anti-Trust Policy and Microsoft ECON 545 Week 3 Imperfect Competition Quiz Answers Set 1 ECON 545 Week 3 Imperfect Competition Quiz Answers Set 2 ECON 545 Week 4 Discussion Question 1 Macroeconomic News ECON 545 Week 4 Discussion Question 2 Healthcare ECON 545 Week 5 Discussion Question 1 Trade Deficits ECON 545 Week 5 Discussion Question 2 Exchange Rates ECON 545 Week 5 Project Part 2 ECON 545 Week 6 Discussion Question 1 Fiscal Policy ECON 545 Week 6 Discussion Question 2 Monetary Policy ECON 545 Week 6 Monetary and Fiscal Policy You Decide ECON 545 Week 6 Quiz Answers Set 1 ECON 545 Week 6 Quiz Answers Set 2 ECON 545 Week 7 Discussion Question 1 The Public Sector. ECON 545 Week 7 Discussion Question 2 Forecasting ECON 545 Week 8 Final Exam Answers Set......

Words: 257 - Pages: 2

Econ 545 Week 6 Quiz

...ECON 545 Week 6 Quiz Purchase here http://chosecourses.com/ECON%20545/econ-545-week-6-quiz Product Description Question: (TCO F) The size of the labor force in a community is 800, and 720 of these folks are gainfully employed. In this community, 200 people over the age of 16 do not have a job, and are not looking for work. In addition, 100 people in the community are under the age of 16. The unemployment rate is: 2. Question: (TCO F) Suppose nominal GDP in 2005 was $14 trillion and in 2006 it was $15 trillion. The general price index in 2005 was 100 and in 2006 it was 103. Between 2005 and 2006 real GDP rose by what percent? 3. Question: (TCO F) The consumer price index was 185.2 in January of 2004, and it was 190.7 in January of 2005. Therefore, the rate of inflation in 2004 was about: 4. (TCO E) (10 points) As the Euro appreciates in value relative to the U.S. dollar, what happens to the price of U.S. goods in Europe? What happens to the price of European goods in the U.S.? (10 points) Why would a country (for example, China) choose to keep their currency relatively pegged to the U.S. dollar? If the U.S. dollar were to appreciate considerably against most currencies, what would be the effect on Chinese exports to countries other than the United States? (Points : 20) 4. Question: (TCO E) (5 points) As the Mexican Peso depreciates in value relative to the U.S. dollar, what happens to the price of U.S. goods in Mexico? What happens to the price of......

Words: 652 - Pages: 3

Econ 545 Week 3 Quiz Imperfect Competition

...ECON 545 Week 3 Quiz Imperfect Competition Purchase here http://chosecourses.com/ECON%20545/econ-545-week-3-quiz-imperfect-competition Product Description 1. Question : (TCO A) There is a decrease in the cost of labor for producing bicycles. (4 pts.) What happens to bicycle supply? (6 pts.) What happens to bicycle demand? 2. Question : ( 2. (TCO A) Ceteris paribus, Diet Cola Brand X and Diet Cola Brand Y are substitutes in consumption. The price of Diet Cola Brand Y falls. (4 pts.) a. What happens to the demand for Diet Cola Brand X? (6 pts.) b. What happens to the demand for Diet Cola Brand Y? (Points : 10) 3. Question : (TCO A) The number of new home sellers in a given market decreases. (4 pts.) What happens to the supply of new homes? (6 pts.) What happens to the demand for new homes? 4. Question : (TCO A) A market is in equilibrium with equilibrium Quantity of MEQ and equilibrium Price of MEP. (2 pts.) a. What happens to market equilibrium Price (MEP) if there is an increase in Demand? (4 pts.) b. What happens to market equilibrium Quantity (MEQ) if Supply decreases as Demand increase? (4 pts.) c. What happens to market equilibrium Price if there is an increase in Supply followed by a decrease in Demand which if followed by another increase in Supply? 5. Question : 5. The following table shows part of the demand function for tickets to an outdoor summer concert by a popular singing group: Price (P)...Quantity (Q) 50.............

Words: 814 - Pages: 4

Econ 545 Week 3 Quiz Imperfect Competition

...ECON 545 Week 3 Quiz Imperfect Competition Purchase here http://devrycourse.com/econ-545-week-3-quiz-imperfect-competition Product Description 1. Question : (TCO A) There is a decrease in the cost of labor for producing bicycles. (4 pts.) What happens to bicycle supply? (6 pts.) What happens to bicycle demand? 2. Question : ( 2. (TCO A) Ceteris paribus, Diet Cola Brand X and Diet Cola Brand Y are substitutes in consumption. The price of Diet Cola Brand Y falls. (4 pts.) a. What happens to the demand for Diet Cola Brand X? (6 pts.) b. What happens to the demand for Diet Cola Brand Y? (Points : 10) 3. Question : (TCO A) The number of new home sellers in a given market decreases. (4 pts.) What happens to the supply of new homes? (6 pts.) What happens to the demand for new homes? 4. Question : (TCO A) A market is in equilibrium with equilibrium Quantity of MEQ and equilibrium Price of MEP. (2 pts.) a. What happens to market equilibrium Price (MEP) if there is an increase in Demand? (4 pts.) b. What happens to market equilibrium Quantity (MEQ) if Supply decreases as Demand increase? (4 pts.) c. What happens to market equilibrium Price if there is an increase in Supply followed by a decrease in Demand which if followed by another increase in Supply? 5. Question : 5. The following table shows part of the demand function for tickets to an outdoor summer concert by a popular singing group: Price (P)...Quantity (Q) 50........... 100 35......

Words: 812 - Pages: 4

Econ 545 Week 6 Quiz

...ECON 545 Week 6 Quiz Purchase here http://devrycourse.com/econ-545-week-6-quiz Product Description Question: (TCO F) The size of the labor force in a community is 800, and 720 of these folks are gainfully employed. In this community, 200 people over the age of 16 do not have a job, and are not looking for work. In addition, 100 people in the community are under the age of 16. The unemployment rate is: 2. Question: (TCO F) Suppose nominal GDP in 2005 was $14 trillion and in 2006 it was $15 trillion. The general price index in 2005 was 100 and in 2006 it was 103. Between 2005 and 2006 real GDP rose by what percent? 3. Question: (TCO F) The consumer price index was 185.2 in January of 2004, and it was 190.7 in January of 2005. Therefore, the rate of inflation in 2004 was about: 4. (TCO E) (10 points) As the Euro appreciates in value relative to the U.S. dollar, what happens to the price of U.S. goods in Europe? What happens to the price of European goods in the U.S.? (10 points) Why would a country (for example, China) choose to keep their currency relatively pegged to the U.S. dollar? If the U.S. dollar were to appreciate considerably against most currencies, what would be the effect on Chinese exports to countries other than the United States? (Points : 20) 4. Question: (TCO E) (5 points) As the Mexican Peso depreciates in value relative to the U.S. dollar, what happens to the price of U.S. goods in Mexico? What happens to the price of Mexican goods in......

Words: 650 - Pages: 3

Econ 545 Week 6 Quiz

...ECON 545 WEEK 6 QUIZ To purchase this visit following link: http://www.activitymode.com/product/econ-545-week-6-quiz/ Contact us at: SUPPORT@ACTIVITYMODE.COM ECON 545 WEEK 6 QUIZ ECON 545 Week 6 Quiz Question: (TCO F) The size of the labor force in a community is 800, and 720 of these folks are gainfully employed. In this community, 200 people over the age of 16 do not have a job, and are not looking for work. In addition, 100 people in the community are under the age of 16. The unemployment rate is: 2. Question: (TCO F) Suppose nominal GDP in 2005 was $14 trillion and in 2006 it was $15 trillion. The general price index in 2005 was 100 and in 2006 it was 103. Between 2005 and 2006 real GDP rose by what percent? 3. Question: (TCO F) The consumer price index was 185.2 in January of 2004, and it was 190.7 in January of 2005. Therefore, the rate of inflation in 2004 was about: 4. (TCO E) (10 points) As the Euro appreciates in value relative to the U.S. dollar, what happens to the price of U.S. goods in Europe? What happens to the price of European goods in the U.S.? (10 points) Why would a country (for example, China) choose to keep their currency relatively pegged to the U.S. dollar? If the U.S. dollar were to appreciate considerably against most currencies, what would be the effect on Chinese exports to countries other than the United States? (Points : 20) 4. Question: (TCO E) (5 points) As the Mexican Peso depreciates in value relative to the U.S. dollar,...

Words: 1379 - Pages: 6

Econ 545 Week 3 Quiz Imperfect Competition

...ECON 545 WEEK 3 QUIZ IMPERFECT COMPETITION To purchase this visit following link: http://www.activitymode.com/product/econ-545-week-3-quiz-imperfect-competition/ Contact us at: SUPPORT@ACTIVITYMODE.COM ECON 545 WEEK 3 QUIZ IMPERFECT COMPETITION ECON 545 Week 3 Quiz Imperfect Competition 1. Question : (TCO A) There is a decrease in the cost of labor for producing bicycles. (4 pts.) What happens to bicycle supply? (6 pts.) What happens to bicycle demand? 2. Question : ( 2. (TCO A) Ceteris paribus, Diet Cola Brand X and Diet Cola Brand Y are substitutes in consumption. The price of Diet Cola Brand Y falls. (4 pts.) a. What happens to the demand for Diet Cola Brand X? (6 pts.) b. What happens to the demand for Diet Cola Brand Y? (Points : 10) 3. Question : (TCO A) The number of new home sellers in a given market decreases. (4 pts.) What happens to the supply of new homes? (6 pts.) What happens to the demand for new homes? 4. Question : (TCO A) A market is in equilibrium with equilibrium Quantity of MEQ and equilibrium Price of MEP. (2 pts.) a. What happens to market equilibrium Price (MEP) if there is an increase in Demand? (4 pts.) b. What happens to market equilibrium Quantity (MEQ) if Supply decreases as Demand increase? (4 pts.) c. What happens to market equilibrium Price if there is an increase in Supply followed by a decrease in Demand which if followed by another increase in Supply? 5. Question : 5. The following table shows part of the......

Words: 863 - Pages: 4

Econ 545 Week 3 Imperfect Competition – Quiz

...ECON 545 Week 3 Imperfect Competition – Quiz Click Link Below To Buy: http://hwcampus.com/shop/econ-545-week-3-imperfect-competition-quiz/ 1. (TCO A) There is a decrease in the cost of labor for producing bicycles. (4 pts.) What happens to bicycle supply? (6 pts.) What happens to bicycle demand? (Points : 10) 2. (TCO A) Peanut butter and jelly are complements in consumption. The price of jelly falls. (4 pts.) What happens to the demand for peanut butter? (6 pts.) What happens to the demand for jelly? (Points : 10) 3. (TCO A) The number of new home sellers in a given market decreases. (4 pts.) What happens to the supply of new homes? (6 pts.) What happens to the demand for new homes? (Points : 10) 4. (TCO A) A market is in equilibrium with equilibrium quantity Q* and equilibrium price P*. (2 pts.) What happens to P* if there is an increase in supply? (4 pts.) What happens to Q* if there is a decrease in supply and a decrease in demand? (4 pts.) What happens to P* if there is an increase in demand followed by a decrease in supply followed by another increase in demand?(Points : 10) c. Total Revenue at $15 is $15*40= $600 and at $10 total revenue is $10*100=$1000. Therefore, total revenue increases. 8. (TCO C) Answer the next question on the basis of the following cost data for a purely competitive seller: 9. (TCO C) Answer the next question on the basis of the following cost data for a purely......

Words: 376 - Pages: 2

Econ 545 Week 6 Quiz

...ECON 545 Week 6 Quiz Click Link Below To Buy: http://hwcampus.com/shop/econ-545-week-6-quiz/ 1) (TCO F) The size of the labor force in a community is 800, and 720 of these folks are gainfully employed. In this community, 200 people over the age of 16 do not have a job and are not looking for work. In addition, 100 people in the community are under the age of 16. The unemployment rate is ______. 2) (TCO F) Suppose nominal GDP in 2005 was $12 trillion, and in 2006 it was $15 trillion. The general price index in 2005 was 100, and in 2006 it was 102. Between 2005 and 2006, real GDP rose by what percent? 3) (TCO F) The consumer price index was 190.7 in January of 2005, and it was 198.3 in January of 2006. Therefore, the rate of inflation in 2005 was about ______. 4) (TCO E) (10 points) As the U.S. dollar appreciates in value relative to the Japanese Yen, what happens to the price of U.S. goods in Japan? What happens to the price of Japanese goods in the U.S.? (10 points) Why would a country (for example China) choose to keep their currency relatively pegged to the U.S. dollar? If the U.S. dollar were to appreciate considerably against most currencies, what would be the effect on Chinese exports to countries other than the U.S.? 5) TCO E) Suppose the Canadian dollar (C$) price of one British pound is C$2.12. A hotel room in London costs 120 pounds, while a similar hotel room in Toronto costs C$250. In which city is the hotel room cheaper, and by how much? 6) ......

Words: 502 - Pages: 3

Econ 545 Week 6 Quiz

...ECON 545 Week 6 Quiz Purchase here http://devrycourse.com/econ-545-week-6-quiz Product Description Question: (TCO F) The size of the labor force in a community is 800, and 720 of these folks are gainfully employed. In this community, 200 people over the age of 16 do not have a job, and are not looking for work. In addition, 100 people in the community are under the age of 16. The unemployment rate is: 2. Question: (TCO F) Suppose nominal GDP in 2005 was $14 trillion and in 2006 it was $15 trillion. The general price index in 2005 was 100 and in 2006 it was 103. Between 2005 and 2006 real GDP rose by what percent? 3. Question: (TCO F) The consumer price index was 185.2 in January of 2004, and it was 190.7 in January of 2005. Therefore, the rate of inflation in 2004 was about: 4. (TCO E) (10 points) As the Euro appreciates in value relative to the U.S. dollar, what happens to the price of U.S. goods in Europe? What happens to the price of European goods in the U.S.? (10 points) Why would a country (for example, China) choose to keep their currency relatively pegged to the U.S. dollar? If the U.S. dollar were to appreciate considerably against most currencies, what would be the effect on Chinese exports to countries other than the United States? (Points : 20) 4. Question: (TCO E) (5 points) As the Mexican Peso depreciates in value relative to the U.S. dollar, what happens to the price of U.S. goods in Mexico? What happens to the price of Mexican goods in......

Words: 2600 - Pages: 11

Econ 545 Week 3 Quiz Imperfect Competition

...ECON 545 Week 3 Quiz Imperfect Competition Purchase here http://devrycourse.com/econ-545-week-3-quiz-imperfect-competition Product Description 1.ECON 545 Week 3 Quiz Imperfect Competition Purchase here http://devrycourse.com/econ-545-week-3-quiz-imperfect-competition Product Description 1. Question : (TCO A) There is a decrease in the cost of labor for producing bicycles. (4 pts.) What happens to bicycle supply? (6 pts.) What happens to bicycle demand? 2. Question : ( 2. (TCO A) Ceteris paribus, Diet Cola Brand X and Diet Cola Brand Y are substitutes in consumption. The price of Diet Cola Brand Y falls. (4 pts.) a. What happens to the demand for Diet Cola Brand X? (6 pts.) b. What happens to the demand for Diet Cola Brand Y? (Points : 10) 3. Question : (TCO A) The number of new home sellers in a given market decreases. (4 pts.) What happens to the supply of new homes? (6 pts.) What happens to the demand for new homes? 4. Question : (TCO A) A market is in equilibrium with equilibrium Quantity of MEQ and equilibrium Price of MEP. (2 pts.) a. What happens to market equilibrium Price (MEP) if there is an increase in Demand? (4 pts.) b. What happens to market equilibrium Quantity (MEQ) if Supply decreases as Demand increase? (4 pts.) c. What happens to market equilibrium Price if there is an increase in Supply followed by a decrease in Demand which if followed by another increase in Supply? 5. Question : 5. The following......

Words: 2456 - Pages: 10

Econ 545 Week 6 Quiz

...ECON 545 Week 6 Quiz Click Link Below To Buy: http://hwcampus.com/shop/econ-545-week-6-quiz/ 1) (TCO F) The size of the labor force in a community is 800, and 720 of these folks are gainfully employed. In this community, 200 people over the age of 16 do not have a job and are not looking for work. In addition, 100 people in the community are under the age of 16. The unemployment rate is ______. 2) (TCO F) Suppose nominal GDP in 2005 was $12 trillion, and in 2006 it was $15 trillion. The general price index in 2005 was 100, and in 2006 it was 102. Between 2005 and 2006, real GDP rose by what percent? 3) (TCO F) The consumer price index was 190.7 in January of 2005, and it was 198.3 in January of 2006. Therefore, the rate of inflation in 2005 was about ______. 4) (TCO E) (10 points) As the U.S. dollar appreciates in value relative to the Japanese Yen, what happens to the price of U.S. goods in Japan? What happens to the price of Japanese goods in the U.S.? (10 points) Why would a country (for example China) choose to keep their currency relatively pegged to the U.S. dollar? If the U.S. dollar were to appreciate considerably against most currencies, what would be the effect on Chinese exports to countries other than the U.S.? 5) TCO E) Suppose the Canadian dollar (C$) price of one British pound is C$2.12. A hotel room in London costs 120 pounds, while a similar hotel room in Toronto costs C$250. In which city is the hotel room cheaper, and by how much? 6) ......

Words: 502 - Pages: 3

Econ 545 Week 3 Imperfect Competition – Quiz

...ECON 545 Week 3 Imperfect Competition – Quiz Click Link Below To Buy: http://hwcampus.com/shop/econ-545-week-3-imperfect-competition-quiz/ 1. (TCO A) There is a decrease in the cost of labor for producing bicycles. (4 pts.) What happens to bicycle supply? (6 pts.) What happens to bicycle demand? (Points : 10) 2. (TCO A) Peanut butter and jelly are complements in consumption. The price of jelly falls. (4 pts.) What happens to the demand for peanut butter? (6 pts.) What happens to the demand for jelly? (Points : 10) 3. (TCO A) The number of new home sellers in a given market decreases. (4 pts.) What happens to the supply of new homes? (6 pts.) What happens to the demand for new homes? (Points : 10) 4. (TCO A) A market is in equilibrium with equilibrium quantity Q* and equilibrium price P*. (2 pts.) What happens to P* if there is an increase in supply? (4 pts.) What happens to Q* if there is a decrease in supply and a decrease in demand? (4 pts.) What happens to P* if there is an increase in demand followed by a decrease in supply followed by another increase in demand?(Points : 10) c. Total Revenue at $15 is $15*40= $600 and at $10 total revenue is $10*100=$1000. Therefore, total revenue increases. 8. (TCO C) Answer the next question on the basis of the following cost data for a purely competitive seller: 9. (TCO C) Answer the next question on the basis of the following cost data for a purely......

Words: 376 - Pages: 2

Econ 545 Week 6 Quiz

...ECON 545 Week 6 Quiz Click Link Below To Buy: http://hwcampus.com/shop/econ-545-week-6-quiz/ 1) (TCO F) The size of the labor force in a community is 800, and 720 of these folks are gainfully employed. In this community, 200 people over the age of 16 do not have a job and are not looking for work. In addition, 100 people in the community are under the age of 16. The unemployment rate is ______. 2) (TCO F) Suppose nominal GDP in 2005 was $12 trillion, and in 2006 it was $15 trillion. The general price index in 2005 was 100, and in 2006 it was 102. Between 2005 and 2006, real GDP rose by what percent? 3) (TCO F) The consumer price index was 190.7 in January of 2005, and it was 198.3 in January of 2006. Therefore, the rate of inflation in 2005 was about ______. 4) (TCO E) (10 points) As the U.S. dollar appreciates in value relative to the Japanese Yen, what happens to the price of U.S. goods in Japan? What happens to the price of Japanese goods in the U.S.? (10 points) Why would a country (for example China) choose to keep their currency relatively pegged to the U.S. dollar? If the U.S. dollar were to appreciate considerably against most currencies, what would be the effect on Chinese exports to countries other than the U.S.? 5) TCO E) Suppose the Canadian dollar (C$) price of one British pound is C$2.12. A hotel room in London costs 120 pounds, while a similar hotel room in Toronto costs C$250. In which city is the hotel room cheaper, and by how much? 6) ......

Words: 502 - Pages: 3