Ultimate Micro Mock — Exam Focus

Country A gives up 3X to make 1Y; Country B gives up 1X to make 1Y. Which statement is correct?

Demand is Qd = 100 - 2P and supply is Qs = 3P. A $5 per-unit tax on sellers changes equilibrium quantity from 60 to:

A firm has TFC = $500, and at Q = 50, TVC =$1,500. If the marginal cost of the 51st unit is $25, ATC at Q = 51 is approximately:

A perfectly competitive firm faces P = $20 with ATC =$25 and AVC = $15 at its MR = MC output. It should:

A single-price monopolist sells 10 units at $20 with MC =$8. To sell 11 units it must cut price to $19. Its MR of the 11th unit is:

With positive externalities, a per-unit subsidy equal to marginal external benefit will:

In long-run monopolistic competition, the firm's demand curve is tangent to ATC at a point where:

A monopsonist finds that the value of the marginal product of its last hired worker is $15 while the marginal factor cost is$22. To maximize profit it should:

If the income elasticity of a good is -1.2 and incomes fall 5%, quantity demanded will:

A cartel member considering cheating weighs: