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1
Multiple Choice (Questions 1
32, 3 points for each question:4 points for question 33)
The long-run average cost curve slopes upward if there are
A. some factors without diminishing marginal retums,
B. diseconomies of scope in the management of multiplant operations.
C. economies of seale.
D. diseconomies of seale.
E. no factors without diminishing marginal returns,
Whenever average profit is less than marginal profit,
A. average profit declines with increases in output.
B. marginal profit decreases with increases in output.
C. marginal profit increases with increases in output.
D. average profit is maximized.
E. average profit increases with increases in output
For a producer of joint products X and ¥ with total costs C, and C;, an isocost eurve
A. isolates Cx and Cy separately.
B. shows points where C. = Cy.
C. shows points where cost curves are tangent.
D. shows points where C / Cy is constant.
E. shows points where C+ C, is constant.
IfY = 3X/(3X + X?), then dY/dX is
A. [G + 2X)3X +3GX + XYJGX +X’
B. (3 + 2X)3N/(GX +3
C38 +X)
D. [(3 + 2X) - 3X + XJGX +P
E, (3 +2X)3X/3X+3
If Gulfstream and Bombardier, both producers of upscale jet airplanes, were to collude rather than
compete, consumers could expect
A. higher prices and lower quantites offered for sale.
B. lower prices and lower quantites offered for sale.
C. higher prices and higher quantites offered for sale.
D. each firm to cheat on the cartel agreement.
E. one firm to emerge as the price leader in the oligopoly.
A manufacturer of stylish infant clothes, popularly known as grandma-bait, has found that the
demand for its produet is given by Q= 100P"5A°, where P is price and A is advertising
expenditures. If marginal cost is $5, the profit maximizing price is
A. $10.00.
B. $15.00.
C. $20.00,
D. $25.00.
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7. My Big Banana (MBB) has a monopoly in Middletown, United States, on chocolate-sprinkled
‘monster banana splits. The demand for this delicacy is given by Q = 80 - P. MB's costs are given
by TC =40 + 2Q + 2Q’. Its maximum monopoly profits are
A. $267.
B. $467.
©. $627.
D. $672
E. $674.
8. Capland and Touqueville are the only countries that produce and purchase hats. The Touqueville
flenr exchanges for three Capland droles. The demand for and supply of hats (expressed in local
currencies) are as given in the table below.
Demand Suppl
Capland Qc=600-6P — Qc=-20 + P (Pexpressed in droles)
Touqueville Qr=130-2P — Qr=-50 + 2P (P expressed in fleurs)
Which country exports hats and how many does it export?
A. Touqueville exports 24 hats.
B. Capland exports 32 hats.
C. Touqueville exports 52 hats
D. Capland exports 52 hats.
E, Touqueville exports 66 hats.
9. Given the following payoff matrix, what will A's profits be?
B's Strategies
A's Strategies Enter Don't Enter
Raise price (Agets 1B gets 10) (A gets 4. B gets 5)
Lower price (Agets2.B gets6) (A gets 3. B gets 4)
Al
B.2
C3
D.4
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10. Pungent Pig Farm wants to minimize the cost of feeding its stock. It has determined that to raise a
Piglet to be an adult pig requires 100,000 calories and 2,000 units of dietary fiber. Pigs are fed comm
and cats. Each unit of corn contains 200 calories and 1 unit of dietary fiber and costs 2¢. Each unit
of oats contains 100 calories and 3 units of dietary fiber and costs 1.5¢, What is the minimum cost of
raising a piglet to full pighood?
A. $40.00
B. $18.00
C. $13.67
D. $13.00
E. $15.00
11. Ifa firm uses optimal transfer pricing between production division A and marketing division B, and
competitive external market for the output of division A exists, then production division A will
surely
A. make positive economic profits
B. make normal economie profits.
C. sell at marginal costs.
D, sell at the extemal price.
E, sell at less than the external price.
12. The law of diminishing marginal returns states that
A. the marginal product of labor declines as all inputs are increased.
B. production functions exhibit decreasing retums to scale.
C. the marginal product of labor retums as more capital is used.
D. the marginal product of a factor eventually diminishes as more of the input is used, holding other
inputs fixed.
E. the marginal product of a factor always diminishes as more of the input is used, holding other
inputs fixed.
13. If Harry Doubleday's price elasticity of demand is 2 and its profit maximizing price is $6, then
A. average cost is $3.00.
B. average cost is $0.33.
C. marginal cost is $3.00.
D. marginal cost is $0.33.
E. average cost is $5.67
14, Harold is indifferent between $2,500 for sure and a bet with a 60 percent chance of $2,400 and a 40
percent chance of $2,600. Harold is
A. tisk averse.
B. risk loving
C. risk neutral,
D. a profit maximizer:
E. irrational,

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