For Greg:11) According to economist Colin Camerer of the California Institute of Technology, many New York taxi drivers decide when to finish work by setting an income goal for themselves. If this is true, then on busy days when the effective hourly wage is higher, taxi drivers willA. work the same number of hours as they will on slower daysB. work fewer hours than they will on slower daysC. work more hours than they will on slower daysD. not work any hours12) A firm's demand for labor is derived from theA. opportunity costs associated with labor and leisureB. desires and needs of the entrepreneurC. cost of labor inputsD. demand for its output13) Owen runs a delivery business and currently employs three drivers. He owns three vans that employees use to make deliveries, but he is considering hiring a fourth driver. If he hires a fourth driver, he can schedule breaks and lunch hours so all three vans are in constant use, allowing him to increase deliveries per day from 60 to 75. This will cost an additional $75 per day to hire the fourth driver. The marginal cost per delivery of increasing output beyond 60 deliveries per dayA. is $0 because Owen does not have to purchase another vanB. is $5C. is $75D. cannot be calculated without knowing Owen's total fixed costs14) Expected economic profit per unit is equal toA. expected priceB. expected average total costC. the difference between expected average price and expected average total costD. the difference between expected total revenue and expected total cost15) If a firm in a perfectly competitive market experiences a technological breakthrough,A. other firms would find out about it eventuallyB. other firms would find out about it immediatelyC. other firms would not find out about itD. some firms would find out about it, but others would not16) A significant difference between monopoly and perfect competition is thatA. free entry and exit is possible in a monopolized industry, but impossible in a competitive industryB. competitive firms control market supply, but monopolies do notC. the monopolist's demand curve is the industry demand curve, while the competitive firm's demand curve is perfectly elasticD. profits are driven to zero in a monopolized industry, but may be positive in a competitive industry.17) A monopoly firm is different from a competitive firm in thatA. there are many substitutes for a monopolist's product while there are no substitutes for a competitive firm's productB. a monopolist's demand curve is perfectly inelastic while a competitive firm's demand curve is perfectly elasticC. a monopolist can influence market price while a competitive firm cannotD. a competitive firm has a U-shaped average cost curve while a monopolist does not18) The difference between a perfectly competitive firm and a monopolistically competitive firm is that a monopolistically competitive firm faces aA. horizontal demand curve and price equals marginal cost in equilibriumB. horizontal demand curve and price exceeds marginal cost in equilibriumC. downward-sloping demand curve and price equals marginal cost in equilibriumD. downward-sloping demand curve and price exceeds marginal cost in equilibrium19) As long as marginal cost is below marginal revenue, a perfectly competitive firm shouldA. increase productionB. hold production constantC. decrease productionD. reconsider past production decisions20) Because a monopolistic competitor has some monopoly power, advertising to increase that monopoly power makes sense as long as the marginalA. benefit of advertising is positiveB. cost of advertising is positiveC. benefit of advertising exceeds the marginal cost of advertisingD. cost of advertising exceeds the marginal benefit of advertising
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