Question 1

Suppose the government imposes a price ceiling at $8 in the market shown in the first image. Which areas represent the deadweight loss due to forgone trade from the price ceiling?

Accepted Answer

F and G

Question 2

Refer to the first image. With the price ceiling at $8, which areas represent consumer surplus?

Accepted Answer

A and C

Question 3

Refer to the first image. With the price ceiling at $8, which areas represent producer surplus?

Accepted Answer

B and D

Question 4

Refer to the first image. If a price floor is set at $8, what price would producers and consumers exchange in the market?

Accepted Answer

$8

Question 5

Using the second image (LRAC curve), when does the average cost curve exhibit economies of scale?

Accepted Answer

From 0 to $$Q_2$$

Question 6

Based on the second image, which of the following is a reason to maintain a monopoly in this market?

Accepted Answer

If breaking up the monopoly puts the market to the right of $$Q_2$$

Question 7

Refer to the third image (cost table). What is the marginal cost of producing the 30th unit?

Accepted Answer

$8

Question 8

Refer to the fourth image (corn flour market). If a price ceiling of $2 is imposed, what is the deadweight loss?

Accepted Answer

The deadweight loss is $1,500

Question 9

Refer to the fifth image (PPF curve). What is the opportunity cost of increasing production from 7 to 9 trucks?

Accepted Answer

2 boats

Question 10

Refer to the fifth image (PPF curve). If the economy moves from point B (7 trucks, 7 boats) to point A (5 trucks, 9 boats), what is the opportunity cost of producing 2 more boats?

Accepted Answer

2 trucks

Question 11

Suppose the firm in the third image increases output from 20 to 30 units. What is the marginal cost for this range?

Accepted Answer

$8

Question 12

Based on the fourth image, what happens to the quantity supplied when a price ceiling is imposed below the equilibrium price?

Accepted Answer

Quantity supplied decreases

Question 13

Using the second image, what does the downward-sloping portion of the LRAC curve represent?

Accepted Answer

Economies of scale

Question 14

Refer to the third image. If fixed costs are $100, what is the average variable cost when output is 40 units?

Accepted Answer

$10

Question 15

Based on the fifth image, if the economy moves from point D (4 trucks, 4 boats) to point C (9 trucks, 2 boats), what is the opportunity cost of producing 5 more trucks?

Accepted Answer

2 boats

Microeconomics Practice Exam Guidance

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