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#14 Long-Run Equilibrium - Competitive markets
in a competitive market with a downward sloping demand curve, a tax that increases the fixed cost of every firm will:
a) reduce the number of firms supporting long run equilibrium
b) increase the long-run equilibrium price.
c) not cause the number of firms supporting long-run equilibrium to change
d) answers a and b
e) answers b and c
By OTA: Suraj Joshi, PhD (IP)
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#73 Profit-maximizing Equilibrium - Under profit-maximizing equilibrium, which of the following will not be equal to the other three?
a) the marginal revenue product of input X.
b) The price of input X.
c) the marginal cost of input X.
d) the marginal product of input X.
e) all will be equal.
Product Curve - 66. Suppose that you have drawn a total product curve for labor given a specific technology. Now let some sort of technological change increase the productivity of labor. A new total product curve would have to be drawn:
A) above the old with a steeper slope for any level of employment greater than zero.
B) above the old with a flatter slope for any level of employment grea...
31- Monopolist behavior - If a viable monopolist must pay a new franchise tax ( a flat sum to operate), he will unless profits fall below zero:
a) increase output.
b) decrease output.
c) lower price.
d) make no change in price or quantity, but earn less profits
e) raise price to keep profits at the same level.
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