21. The highest price consumers would be willing and able to pay for 50 units of

Question

21. The highest price consumers would be willing and able to pay for 50 units of this product is A. $2 B. $10 C. Nothing, they wouldn't pay any positive price for 50 units D. $8 E. $6
23. If the change in demand occurred before the change in supply, then starting from the initial equilibrium, A. Firms would experience a fall in profits and then a gradual increase in profits after the change in supply occurred. B. Price would change from P1 to P2 after the change in demand and would change again from P3 to P4 after the change in supply. C. There would be a surplus until the price reached P4 D. There would be an immediate shortage until the price reached P4 E. None of these would occur
24. The inital labor supply is S1 and the labor demand is D1. If the wage is $6, which of the following is correct? A. The market is in equilibrium B. There is a shortage of 30 workers C. There is a shortage of 10 workers D. There is a shortage of 20 workers E. The actual wage is above the equilibrium wage
38. For what unit of output is the marginal cost double the total fixed cost? A. 6 B. 4 C. 5 D. 1 E. 8
49. Given MR2, what is total cost at the profit maximizing quantity if the lowest point of the average total cost curve is $4? A. The amount cannot be determined from the information given. B. $120 C. $50 D. $200 E. $60
54. In figure 7.2, consumer surplus in the case where there is just one firm is the area A. 0FQ1 B. ACFP3 C. P1P2 CE D. AP2C E. BCF 10 6 2 50 100 150 Quantity

Explanation / Answer

21. $10

23. None of these would occur

24. There is a shortage of 20 workers (Explanation: At wage rate of $6, labor demand is 30 and labor supply is 10. so, there is a shortage of 10)

38. 8

Explanation:

49. $200 (Explanation: $4 * 50 = $200)

54. ACFP3

Q TFC TVC TC MC 1 40 30 70 - 2 40 44 84 14 3 40 60 100 16 4 40 80 120 20 5 40 110 150 30 6 40 150 190 40 7 40 200 240 50 8 40 280 320 80

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