answer 45

1. A) Should companies pay for emplo yees ʹ health insurance? 2. B) 4 3. C) $24 4. B) $!"### . C) less than dou%le. !. A) lo&er consumer prices on those products or ser'ices. (. A) ia has an a%solute ad'a nta*e in pro ducin* hair pins %ut not %andanas. . C) April has a comp arati'e ad'a nta*e in paint in* %oth *ood s. +. C) D2 to D1. 1#. ,) there &ill %e an e-cess supply of the product. 11. A) he price of apple /uice mi*ht rise or fall and the 0uantity of apple /uice falls. 12. B) he e0uili%rium price of apple /uice rises and the e0uili%rium 0uantity of apple /uice mi*ht rise or fall. 13. B) point a to point b. 14. B) inelastic. 1. A) mo'ie 1!. B) ood is a normal *ood. 1(. B) 1. C) $1.2 #. 1+. B) the price a producer recei'es for a product minus the mar *inal cost of production. 2#. C) is less than 21. B) B. 22. B) rian*le A 5 6ectan*le B 5 rian*le C. 23. C) e7cient8 &illin*ness to pay 9 mar*inal cost 24. C) !8 2 2. ,) 2# utils. 2!. B) sun: cost. 2(. C) not e-ist %ecause no input is held const ant. 2. A) constant at each output. 2+. C) economies of scale. 3#. C) A'era *e total cost &ill fall. 31. B) AVC is less than $3#. 32. B) increase its current output le'el. 33. ,) decrease8 increase 34. B) ;$! ##. 3. ,) $4# 3!. C) $4# 3(. C) $33.33. 3. A) economic pro<t is =ero in the lon* run. 3+. B) are many <rms that ha'e sli*ht contr ol o'er the price they char*e for their product. 4#. B) no %arriers to entry 41. B) $1#"###. 42. B) the company &ill char*e more per customer as its a'era*e cost increases. 43. A) #. 44. B) up8 incr ease 4. A) >e&er steel&or: ers &ill %e employed" at a hi*her &a*e.

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Transcript of answer 45

1. A) Should companies pay for employees health insurance?2. B) 43. C) $244. B) $86,0005. C) less than double.6. A) lower consumer prices on those products or services.7. A) Mia has an absolute advantage in producing hair pins but not bandanas.8. C) April has a comparative advantage in painting both goods.9. C) D2 to D1.10. D) there will be an excess supply of the product.11. A) The price of apple juice might rise or fall and the quantity of apple juice falls.12. B) The equilibrium price of apple juice rises and the equilibrium quantity of apple juice might rise or fall.13. B) point a to point b.14. B) inelastic.15. A) movie16. B) Good X is a normal good.17. B) 5% ****18. C) $1.20.19. B) the price a producer receives for a product minus the marginal cost of production.20. C) is less than ***21. B) B.***22. B) Triangle A + Rectangle B + Triangle C.23. *** C) efficient; willingness to pay = marginal cost24. **** C) 6; 225. D) 20 utils.26. **** B) sunk cost.27. C) not exist because no input is held constant.28. ***** A) constant at each output.29. C) economies of scale.30. C) Average total cost will fall.31. B) AVC is less than $30.32. ***** B) increase its current output level.33. ***** D) decrease; increase34. ****B) $600.35. ***** D) $54036. **** C) $45037. **** C) $33.33.38. A) economic profit is zero in the long run.39. B) are many firms that have slight control over the price they charge for their product.40. B) no barriers to entry41. B) $10,000.42. B) the company will charge more per customer as its average cost increases.43. A) 50.44. B) up; increase45. A) Fewer steelworkers will be employed, at a higher wage.