best economics revision exams

1. Suppose that MU of an additional apple is 20 and its price is $1, while MU for an additional orange is 7and its price is $ 0.5. To maximize utility what should you do? 2. When average total cost is falling, marginal cost must be d. below variable cost. 3. In the short run, a monopolist wi...

Exam (elaborations) ECON 2302 Comparing a pure monopoly and a purely competitive firm with identical costs, we would find in long-run equilibrium that the pure monopolist's: Which of the following is a characteristic of pure monopoly? If a pure monopolist is operating in a range of output wher...

Generally, opportunity costs increase and the production possibilities frontier bows outward. Why? Production efficiency is achieved when An expansion of the production possibilities frontier is

1) Which of the following is a macroeconomic issue? A) the effect of increasing the money supply on inflation B) the hiring decisions that a business makes C) the purchasing decisions that an individual consumer makes D) the effect of an increase in the tax on cigarettes on cigarette sales 2) Joy is...