Froggy Jumps
Food and Resources
1
Price elasticity of demand is the
2
In general, the greater the elasticity the
3
If quantity demanded falls by 25 percent when price rises by 50 percent, demand is said to be
4
College students tend to eat more ramen noodles than do recent college graduates. A primary reason this is true is that
5
Economic theory assumes that the objective of a firm is to
6
Implicit and explicit revenue minus implicit and explicit cost equals
7
The increase in output obtained by hiring an additional worker is known as
8
Which of the following costs is independent of output?
9
The difference between the short run and the long run is that
10
In a short-run decision
11
The U shape of the average total cost curve reflects the fact that, in the short run
12
At the level of output at which marginal product begins to fall, marginal costs will
13
If the average cost of producing 9 sweaters is $6.50 and the marginal cost of producing the 10th sweater is $6.75, then average cost of producing 10 sweaters will
14
Which of the following is an example of a short-run decision?
15
The law of diminishing marginal productivity
16
At market equilibrium, total surplus equals the sum of consumer and producer surplus areas.
17
With an effective price ceiling at Pc, the quantity supplied
18
An effective price ceiling at Pc imposes a dead weight loss shown by
19
With an effective price ceiling at Pc, the effect is an implicit tax on
20
The effect of the tax is to raise equilibrium price from
21
The amount of revenue government will collect from this tax is equal to the
22
The dead-weight loss from this tax is represented by the triangle
23
What’s the total cost for output 0,1,2
24
What’s the AFC of 1 and 2
25
What’s the AVC of 1 and 2
26
What’s the ATC of 1 and 2
27
What’s the MC of 1 and 2
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