The Federal Reserve and economists concerned about inflation monitor changes in
ID: 1151061 • Letter: T
Question
The Federal Reserve and economists concerned about inflation monitor changes in technology, knowing improvements in technology tend to
Question 6 options:
decrease demand for technology.
increase the quantity supplied as prices decrease.
increase supply and lower prices.
reduce offshoring and increase gainsharing.
Marginal cost is calculated by dividing
Question 7 options:
the change in total cost by the change in the quantity of output produced.
total output by the number of people employed.
the change in total output by the change in the number of people employed.
the change in total cost by the change in change in variable cost.
The law of diminishing returns causes the shape of the average-total-cost curve to be
Question 8 options:
hump-shaped.
U-shaped.
c.
bell-shaped.
a circle.
The results of competition will be different depending on
Question 9 options:
the type of product being produced.
the size of the largest firm.
whether rivals can enter the business.
how consumers utilize a product.
Monopoly is a market structure characterized by
Question 10 options:
one producer with ease of entry.
few producers vying to become the sole supplier to the market.
many producers but one dominant firm.
one producer and entry by other firms is not possible.
decrease demand for technology.
increase the quantity supplied as prices decrease.
increase supply and lower prices.
reduce offshoring and increase gainsharing.
Marginal cost is calculated by dividing
Question 7 options:
the change in total cost by the change in the quantity of output produced.
total output by the number of people employed.
the change in total output by the change in the number of people employed.
the change in total cost by the change in change in variable cost.
The law of diminishing returns causes the shape of the average-total-cost curve to be
Question 8 options:
hump-shaped.
U-shaped.
c.
bell-shaped.
a circle.
The results of competition will be different depending on
Question 9 options:
the type of product being produced.
the size of the largest firm.
whether rivals can enter the business.
how consumers utilize a product.
Monopoly is a market structure characterized by
Question 10 options:
one producer with ease of entry.
few producers vying to become the sole supplier to the market.
many producers but one dominant firm.
one producer and entry by other firms is not possible.
Explanation / Answer
(Question 6) Option (3)
A technological improvement typically lowers production costs, encouraging firms to increase production and output, which increases market supply, shifts market supply curve rightward and decrease price.
(Question 7) Option (1)
Marginal cost = Change in Total cost / Change in quantity
(Question 8) Option (2)
The typical average total cost curve is U-shaped.
(Question 9) Option (3)
Barriers to entry determine the results of competitive forces in a market.
(Question 10) Option (4)
In monopoly, there is only one firm in market and barriers to entry are so high that new entry is not possible.
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