AP (Advanced Placement) Microeconomics: Questions 22 - 24 of 398

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Question 22

Appeared in Year: 2017 (NET)

Question

MCQ▾

Under discriminating monopoly, if the elasticity of demand in market I is 2 and in market II, it is 1, (elasticity՚s being in absolute terms) then the price behavior of the monopolist will be:

Choices

Choice (5)Response

a.

To charge a price in market I

b.

In market I, charge double the price of that is charged in market II

c.

To charge a higher price in market II

d.

To charge the same price in both the markets

e.

None of the above

Question 23

Appeared in Year: 2017 (NET)

Question

MCQ▾

Which of the following pairs is not correctly matched?

Choices

Choice (5)Response

a.

Walras: Dumping conditions

b.

Taussig: Barter terms of trade

c.

Perbisch: Deteriorating terms of trade

d.

Marshal: Offer curves

e.

Question does not provide sufficient data or is vague

Question 24

Appeared in Year: 2017 (NET)

Question

MCQ▾

The First Fundamental Theorem of Welfare Economics requires

Choices

Choice (5)Response

a.

That there be an efficient market for every commodity

b.

That the economy operate at some point on the utility possibility curve

c.

Producers and consumers to be price takers

d.

All a., b. and c. are correct

e.

Question does not provide sufficient data or is vague

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