In the short run for a particular market, there are 500 firms. Each fi

1.Pizza and beer are complementary goods for consumers in a local market. The beer industry, which has constant marginal cost, is perfectly competitive and is now in long run equilibrium. If the market price of pizza permanently decreases, which of the following statements is correct about the beer market in the short run?选项： A:The market price of beer falls and each firm produces less beer. B:The market price of beer does not change, but the quantity increases because new firms enter the beer industry. C:The market price of beer does not change, but the quantity decreases because some firms exit the industry D:The market price of beer rises and each firm produces more beer

2.A supply curve reveals: 选项： A、the quantity of output consumers are willing to purchase at each possible market price. B、 the difference between quantity demanded and quantity supplied at each price. C、 the maximum level of output an industry can produce, regardless of price. D、 the quantity of output that producers are willing to produce and sell at each possible market price

3.【Single-Choice questions】A supply curve reveals: 选项： A:the quantity of output consumers are willing to purchase at each possible market price. B:the difference between quantity demanded and quantity supplied at each price. C:the maximum level of output an industry can produce, regardless of price. D:the quantity of output that producers are willing to produce and sell at each possible market price.

4.A firm that is producing the quantity at which marginal cost exceeds both average total cost and the market price will increase its economic profit by _______. 选项： A、producing a larger quantity B、B. raising the price to equal marginal cost C、producing a smaller quantity D、producing the quantity that minimizes average total cost

5.If, in a competitive market, a price ceiling is imposed establishing a maximum price below the market equilibrium price, this price ceiling would result in: 选项： A: Shortages because the quantity demanded would exceed the quantity supplied . B: No effect on the quantity supplied or demanded . C: Surpluses because the quantity supplied would exceed the quantity demanded . D: Surpluses because the supply curve would shift to the right .

6.Which of the following statements is invalid when the market supply curve is vertical?选项： A:Market quantity supplied does not change when the price changes.; B:Supply is perfectly elastic.; C:An increase in market demand will increase the equilibrium quantity.; D:An increase in market demand will not increase the equilibrium price.

7.In ________ market structure, a firm's output depends ________. 选项： A:an oligopoly; only on its own marginal revenue and marginal cost curves B:a monopolistically competitive; in part on its competitors' price and quantity decisions C:an oligopoly; in part on its competitors' price and quantity decisions D:a monopolistically competitive; only on its marginal revenue curve

8.Which of the following statements is not valid when the market supply curve is vertical?选项： A:Market quantity supplied does not change when the price changes.; B:Supply is perfectly inelastic.; C:An increase in market demand will increase the equilibrium quantity.; D:An increase in market demand will increase the equilibrium price.

9.In a market economy, supply and demand determine选项： A:both the quantity of each good produced and the price at which it is sold.; B:tthe quantity of each good produced but not the price at which it is sold.; C:the price at which each good is sold but not the quantity of each good produced.; D:neither the quantity of each good produced nor the price at which it is sold.

10.Idaho farmers can sell as large a quantity of their potato crop as they wish, 选项： A: if they set their own price in the short run, but in the long run, the market sets the price. B: provided each is willing to accept the prevailing market price. C: if they set their own price in the long run, but in the short run, the market sets the price. D: provided quality is perceptible and determines the market price.

11.The market for apples is in equilibrium at a price of $0.50 per pound. If the government imposes a price floor in the market at a price of $0.40 per pound, then: 选项： A、quantity demanded will decrease. B、quantity supplied will increase. C、there will be a shortage of the good. D、the price floor will not affect the market price or output.

12.What is the price at which the quantity of goods demanded and the quantity of goods supplied are equal? 选项： A: the going rate B: the margin rate C: the market price D: the optimum price E: the cost price

13.Beer and pizza are complements because they are often enjoyed together. When the price of beer rises, what happens to the supply, demand, quantity supplied, quantity demanded, and price in the market for pizza?

14.When P > MC in a monopolistically competitive market, that industry will most likely produceThan would be found in a perfectly competitive industry.Benefits to society of providing additional quantity as measured by the price that people are Willing to pay exceeds the marginal costs to society of producing those units. 选项： A: a higher quantity of a good and charge a lower price B: the price that people are willing to pay is lower C: a lower quantity of a good and charge a higher price D: the price people are willing to pay is not more

15.The market for pizza has the following demand and supply schedules: a. Graph the demand and supply curves. What is the equilibrium price and quantity in this market? b. If the actual price in this market were above the equilibrium price, what would drive the market toward the equilibrium?

16.Given the individual demands for video downloads in the above table, and assuming that these three people are the only ones in the market, which of the following statements is NOT true about market demand for video downloads? 选项： A、The market quantity demanded at a price of $5 is 10. B、 The height of the market demand curve at a quantity demanded of 22 is $3. C、 The height of the market demand curve at a quantity demanded of 16 is $5. D、 The market quantity demanded at a price of $2 is 28.

17.The price elasticity of supply at a point is:选项： A:the percentage change in quantity supplied divided by the percentage change in price.; B:the percentage change in price divided by the percentage change in quantity supplied. ; C: the change in quantity supplied divided by the change in price. ; D:the change in price supplied divided by the change in quantity supplied.

18.A monopolistic firm _________________.选项： A:can sell as much as it wants for any price it determines in the market.; B:cannot sell additional quantity unless it raises the price on each unit.; C:chooses an output at which marginal revenue equals marginal cost.; D:cannot determine the price, which is determined by consumer demand.

19.A monopolistic firm _________________. 选项： A、can sell as much as it wants for any price it determines in the market. B、cannot sell additional quantity unless it raises the price on each unit. C、chooses an output at which marginal revenue equals marginal cost. D、cannot determine the price, which is determined by consumer demand.

20.131)At a price of $4 in the above figure,A) the equilibrium quantity is 400 unitsB) there is a surplus of 200 unitsC)the quantity supplied is 400 units.D) there is a shortage of 200 units.

21.The supply curve illustrates that firms:选项： A:increase the quantity supplied of a good when its price rises.; B:decrease the quantity supplied to earn higher profits.; C:increase the supply of a good when its price rises.; D:decrease the quantity supplied of a good when input prices fall.

22.【单选题】Suppose that the current price in a market for Pizza is $9. At that price, the quantity demanded is 519 and the quantity supplied is 400. In this market, we would expect that: