AP (Advanced Placement) Microeconomics: Questions 212 - 215 of 398

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Question 212

Appeared in Year: 2019 (NET)

Question

MCQ▾

Which of the following statements are true regarding Cobb-Douglas production function? (June)

1) It is long period production function

2) It is short period production function

3) It is based on increasing returns to scale

4) Output elasticities with respect to factors are constant

Select the correct option:

Choices

Choice (5)Response

a.

(1) & (4)

b.

(3) & (4)

c.

(2) & (3)

d.

(1) & (3)

e.

All of the above

Question 213

Appeared in Year: 2019 (NET)

Question

MCQ▾

The firms are competitive and profit maximizing the demand curve for labour is determined by (June)

Choices

Choice (5)Response

a.

The value of marginal product of labour

b.

The value of marginal product of capital

c.

The opportunity cost of workers՚ time

d.

Offsetting income and substitution effect

e.

None of the above

Question 214

Appeared in Year: 2019 (NET)

Question

MCQ▾

The cost function of a monopolist is . Write the demand function as . What is his profit maximizing output level? (June Paper-II)

Choices

Choice (5)Response

a.

11

b.

8

c.

9

d.

12

e.

None of the above

Passage

Go through the following paragraph and diagram and answer the questions given below:

Monopoly charges a price above marginal cost not all consumers who value the good at more than its cost buy it. Thus the quantity produced and sold by a monopoly is blow the socially efficient level. The deadweight loss represented by the area of the triangle between the demand curve and the marginal cost curve.

The Monopoly Charge

Question 215 (1 of 3 Based on Passage)

Appeared in Year: 2019 (NET)

Question

MCQ▾

What price will be charged under monopoly? (June)

Choices

Choice (5)Response

a.

OF

b.

OG

c.

d.

OE

e.

All of the above

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