microeconomic-Chap5-Price and quantity under perfect competition market--完全竞争下的价格和产量

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mwg microeconomic theory 英文原版

mwg microeconomic theory 英文原版The book "Microeconomic Theory" by Michael W. Goldberg is a renowned textbook in the field of microeconomics. It provides a comprehensive coverage of the core concepts and principles of microeconomic theory.The book starts with an introduction to the basic tools of microeconomics, including supply and demand analysis, consumer behavior, and production theory. It then delves into more advanced topics such as market structure, game theory, and information economics.Throughout the book, the author emphasizes the application of economic theory to real-world issues and policy debates. The examples and case studies presented offer a practical understanding of how microeconomic theory can be utilized to analyze and solve economic problems.The book is written in a clear and accessible language, making it suitable for undergraduate and graduate students studying economics. It also serves as a valuable reference for professionals and researchers in the field.Overall, "Microeconomic Theory" by Michael W. Goldberg is an essential resource for anyone seeking a strong foundation in microeconomic theory. Its comprehensive coverage, practical examples, and clear explanations make it a highly recommended read in the field of economics.。

microeconomics Test-midterm-2009-11

Microeconomics T est ( Mid-T erm —Nov. 2009)SECTION A : Multiple choice questions. Students should attempt to find the best answer foreach question. Each question is worth two mark (2).1.The basic economic problem of scarcity and the need to make choices arise becausea. when prices rise it is more difficult for consumers to satisfy all their wants.b. human wants are practically unlimited while economic resources are limited.c. all resources are limited irrespective of the pattern of human wants.d. it is not always obvious what the opportunity cost is in making a particular economicdecision.Figure 1 2.Consider Figure 1 above. If the Production Possibilities Frontier pivots out from position A to position B as shown, then the economy hasa. increased the efficiency with which it produced wheat.b. increased the efficiency with which it produced tractors.c. has put previously unemployed resources to work.d.gone from full employment to less than full employment.Figure 23. Consider Figure 2 above. If a change in supply occurs, shifting the supply curve from S 1 toS 2 in the diagram, which of the following events could not have caused the change in supply?a. an improvement in the state of technology in the industry.Priceb. a fall in the price of capital equipment employed in the industry.c. a rise in the price per unit of the good supplied by the firms in the industry.d. a significant increase in the number of firms operating in the industry.4. Which of the following impacts on the demand curve for wool does not cause a change in demand for wool?a. An increase in the disposable income of consumers purchasing woolen products.b. A fall in the price of cotton fabrics due to a surplus in supply of cotton.c. A fall in the price of wool per unit.d. A successful marketing campaign for woolen products by the Wool Marketing Board.5. If when the price of good Y is observed to fall by 20% the demand for good X is observedto increase by 10%, then, we can say that the two goods area. substitutes and exhibit a relatively inelastic cross price elasticity of demand.b. complements and exhibit a relatively inelastic cross price elasticity of demand.c. substitutes and exhibit a relatively elastic cross price elasticity of demand.d. complements and exhibit a relatively elastic cross price elasticity of demand.6. Which one is considered as a microeconomic problem?a. inflationb. unemploymentc. economic growthd. consumer’s decisions7. Which one belongs to the “normative economic statement”?a. The GDP growth rate of China last year is 10%b. The unemployment rate of Australian last year is 5%c. Higher federal budget deficits will cause interest rates to increase.d. Federal budget deficits should be reduced.8.The slope of the production possibility frontier (PPF) best represents thea. path along which the economy will move as it growsb. path along which the economy moves as it moves to full employment.c. the opportunity cost of an additional unit of one good in terms of units of another good forgone.d. the resource ratio of capital to labour in the economy given the state of technology.9. In an agricultural market, if the government fixed floor price drifts over timeabove the current competitive market price, it follows that other things constant, a. a shortage (or excess demand) for the good will result forcing the market pricehigher.b. a surplus (or excess supply) will result forcing the government to stock pile thegood at the expense of taxpayers.c. more producers will enter the market because the market is in disequilibrium.d. the government will reduce its stockpile as long as this disequilibrium situationremains.10. The opportunity cost of a new stadium is thea. money cost of hiring guards and staff for the new stadium.b. cost of constructing the new stadium in a future year.c. changes in the tax rates to pay off the new stadium.d. other goods and services that must be sacrificed to construct the new stadium.11.If in a certain market, P d = 100 - 5Q and P s = 30 + 5Q then the marketequilibrium price and quantity area. P = $65; Q = 6 units.b. P = $75; Q = 5 units.c. P = $65; Q = 7 units.d. P = $70; Q = 7 units.12. Which of the following is not a market characteristic of perfect competition?a. Free entry for potential rival firms.b. Highly differentiated products.c. Price-taking behavior by firms.d. the products are the same.13. The price elasticity of demand for pizza is greater than 1.0. Consequently, to increase totalrevenue you shoulda. increase the price of the pizza.b. hold the pizza price constant.c. decrease the price of pizza.d.decrease demand for your pizza.14. Assume that when the price of crude oil is $30 a barrel, 40 million barrels are demanded per day, but when the price rises to $40 a barrel, only 35 million barrels are demanded. Then the demand for oil is said to bea. elastic.b. inelastic. c. unit elastic.d. perfectly elastic.15. Consumer surplus at any point along the demand curve may best be defined asa. the height of the demand curve plus the price of the good.b. the height of the demand curve minus the actual market price paid by consumers.c. the maximum price consumers are willing to pay plus the price they actually pay.d. the height of the demand curve - independent of the market price.Section B: Short answers. Students should attempt to answer any three (3)from the following five (5) short answer questions. Each short answer question is worth fifteen (15) marks.1. Using the apple market to illustrate your discussion, explain carefully the differencebetween the expressions: (i) a change in demand for apples and (ii) a change in the quantity demanded of apples.2. Explain the difference between normal and inferior goods. How does a good’s i ncomeelasticity of demand help in classifying the good as normal or inferior? Give an example of each.3. What do economists mean by the concept of economic efficiency in a market economy?Explain with an appropriate diagram.4.Often it is claimed by consumer groups that a tax on luxury goods like cigarettes and alcoholis “unfair”, as the entire tax will simply be passed on to consumers. Under what special conditions would this actually happen? In what cases might very little of the tax be passed on to consumers? Explain using appropriate market diagrams.5.Discuss the types & the effects of price control.SECTION C: Problem Set questions. Students should attempt to finish One (1) from two (2) questions. Each question is worth twenty-five (25) marks.1. Consider the apple market.(1) Construct an apple market equilibrium diagram with demand curve and supply curve.(2) Indicate the effect on market equilibrium price and quantity when the followinghappens:i) a fall in the price of orangesii) an increase in consumer incomeiii) promotion of apple eating endorsed nationally by dentistsiv) an increase in wages for apple industry workers.v) an advance in technology of apple planting.2. With proper example, discuss the principle of comparative advantage. What are the differences between the absolute advantage & comparative advantage?。

微观经济学microeconomics专题培训

微观经济学旳本质：市场有效，市场万能
宏观经济学旳基本假设是市场失灵，市场不完善，政府有能力。
当代西方经济学旳由来和演变
一、西方经济学说简史
1、重商主义。代表：英国托马斯•孟（曼，T.）、法国柯尔贝尔，J.-B.。把金银看作是财富旳唯一形式，以为对外贸易是取得货币财
富旳真正源泉，只有在对外贸易中多卖少买，才干给国家带来货币财富。
用数字表格旳形式来表达商品旳价格和需求量之间旳函数关系。
四、需求曲线和需求定理
需求定理:
The Law of Demand：价格
需求量与价格呈反方向 P 元
变动。
D
P，Q； P，Q。
。a
向右下方倾斜
例如，应对能源危机，
降低汽油消费量旳方法
是
提升汽油旳价格
0
。b 量
Q斤
注：在某些特殊旳市场，需求曲线会呈现出其他形态，此时旳斜率可能为非负数。
市场经济制度计划经济制度
原子弹
15 A B
12
CH
9
D
6
E
3 F
0 1 2 3 4 5 粮食
宏观经济学旳特点Macroeconomics
宏观经济学：研究一种国家整体经济旳运营及政府利用经济政策来影响整体经济等宏观经济问题。
处理旳问题是资源利用。研究对象是整个经济。（政府旳行为）中心理论是国民收入决定理论。（一只有形旳手--- 凯恩斯主义）
另外，还有生产多少？（数量）何时生产？（时间）
how many when
2.资源稀缺（有限）性
稀缺：指相对于人们无穷旳欲望而言，资源是稀少短缺旳。
相对性绝对性
稀缺规律 law of Scarcity：商品一般是稀缺旳，大部分人所需要旳东西只能得到有限旳供给，必须经过价格或者其他形式进行分配。

lecture notes in microeconomic theory

lecture notes in microeconomic theoryLecture notes in microeconomic theory typically cover the fundamental concepts and principles of microeconomics. These notes aim to provide a comprehensive understanding of how individuals, households, and firms make economic decisions and interact in markets.Some common topics covered in lecture notes on microeconomic theory may include:1. Introduction to Microeconomics: This section provides an overview of microeconomic principles, the economic problem, and the role of markets in allocating resources.2. Supply and Demand: These notes explain the demand and supply curves, elasticity, market equilibrium, and the factors that influence market outcomes.3. Consumer Behavior: This section delves into the theory of consumer behavior, including utility, preferences, budget constraints, and how consumers make decisions about purchasing goods and services.4. Theory of the Firm: Lecture notes in this area discuss the objectives of a firm, production theory, costs, and different market structures, such as perfect competition, monopolistic competition, oligopoly, and monopoly.5. Market Failures: This section addresses situations where markets may not lead to efficient outcomes, such as market power,externalities, public goods, and asymmetric information.6. Welfare Economics: These notes cover the measurement of economic welfare, including concepts like consumer and producer surplus, efficiency, and equity.7. Game Theory: Lecture notes in this area focus on strategic decision-making and how individuals or firms interact strategically in different situations.8. Topics in Managerial Economics: This section may include additional topics on decision making, pricing strategies, market analysis, and applications of microeconomic theory in business settings.It's important to note that the specific content and organization of lecture notes in microeconomic theory can vary depending on the instructor and the curriculum. The above list provides a general outline of the topics commonly covered in microeconomic theory courses.。

microeconomics Test-midterm-2009-11

Microeconomics Test ( Mid-Term —Nov. 2009)SECTION A: Multiple choice questions. Students should attempt to find thebest answer for each question. Each question is worth two mark(2).1. The basic economic problem of scarcity and the need to make choices arisebecausea. when prices rise it is more difficult for consumers to satisfy all their wants.b. human wants are practically unlimited while economic resources are limited.c. all resources are limited irrespective of the pattern of human wants.d. it is not always obvious what the opportunity cost is in making a particulareconomic decision.Figure 1 2.Consider Figure 1 above. If the Production Possibilities Frontier pivots out from position A to position B as shown, then the economy hasa.increased the efficiency with which it produced wheat. b.increased the efficiency with which it produced tractors. c.has put previously unemployed resources to work. d.gone from full employment to less than full employment.Figure 23. Consider Figure 2 above. If a change in supply occurs, shifting the supplycurve from S 1 to S 2 in the diagram, which of the following events could not have caused the change in supply?Pricea. an improvement in the state of technology in the industry.b. a fall in the price of capital equipment employed in the industry.c. a rise in the price per unit of the good supplied by the firms in the industry.d. a significant increase in the number of firms operating in the industry.4. Which of the following impacts on the demand curve for wool does not causea change in demand for wool?a. An increase in the disposable income of consumers purchasing woolenproducts.b. A fall in the price of cotton fabrics due to a surplus in supply of cotton.c. A fall in the price of wool per unit.d. A successful marketing campaign for woolen products by the WoolMarketing Board.5. If when the price of good Y is observed to fall by 20% the demand for goodX is observed to increase by 10%, then, we can say that the two goods area. substitutes and exhibit a relatively inelastic cross price elasticity of demand.b. complements and exhibit a relatively inelastic cross price elasticity ofdemand.c. substitutes and exhibit a relatively elastic cross price elasticity of demand.d. complements and exhibit a relatively elastic cross price elasticity ofdemand.6. Which one is considered as a microeconomic problem?a. inflationb. unemploymentc. economic growthd. consumer’s decisions7. Which one belongs to the “normative economic statement”?a. The GDP growth rate of China last year is 10%b. The unemployment rate of Australian last year is 5%c. Higher federal budget deficits will cause interest rates to increase.d. Federal budget deficits should be reduced.8.The slope of the production possibility frontier (PPF) best represents thea. path along which the economy will move as it growsb. path along which the economy moves as it moves to full employment.c. the opportunity cost of an additional unit of one good in terms of units of another good forgone.d. the resource ratio of capital to labour in the economy given the state of technology.9. In an agricultural market, if the government fixed floor price drifts over timeabove the current competitive market price, it follows that other things constant,a. a shortage (or excess demand) for the good will result forcing the marketprice higher.b. a surplus (or excess supply) will result forcing the government to stock pilethe good at the expense of taxpayers.c. more producers will enter the market because the market is indisequilibrium.d. the government will reduce its stockpile as long as this disequilibriumsituation remains.10. The opportunity cost of a new stadium is thea. money cost of hiring guards and staff for the new stadium.b. cost of constructing the new stadium in a future year.c. changes in the tax rates to pay off the new stadium.d. other goods and services that must be sacrificed to construct the newstadium.11.If in a certain market, P d = 100 - 5Q and P s = 30 + 5Q then the marketequilibrium price and quantity area. P = $65; Q = 6 units.b. P = $75; Q = 5 units.c. P = $65; Q = 7 units.d. P = $70; Q = 7 units.12. Which of the following is not a market characteristic of perfectcompetition?a. Free entry for potential rival firms.b. Highly differentiated products.c. Price-taking behavior by firms.d. the products are the same.13. The price elasticity of demand for pizza is greater than 1.0. Consequently,to increase total revenue you shoulda. increase the price of the pizza.b. hold the pizza price constant.c. decrease the price of pizza.d.decrease demand for your pizza.14. Assume that when the price of crude oil is $30 a barrel, 40 million barrels are demanded per day, but when the price rises to $40 a barrel, only 35 million barrels are demanded. Then the demand for oil is said to bea. elastic.b. inelastic. c. unit elastic.d. perfectly elastic.15. Consumer surplus at any point along the demand curve may best bedefined asa. the height of the demand curve plus the price of the good.b. the height of the demand curve minus the actual market price paid byconsumers.c. the maximum price consumers are willing to pay plus the price theyactually pay.d. the height of the demand curve - independent of the market price.Section B: Short answers. Students should attempt to answer any three (3) from the following five (4) short answer questions. Each short answer question is worth fifteen (15) marks.1. Using the apple market to illustrate your discussion, explain carefully thedifference between the expressions: (i) a change in demand for apples and (ii) a change in the quantity demanded of apples.2. Explain the difference between normal and inferior goods. How does agood’s i ncome elasticity of demand help in classifying the good as normal or inferior? Give an example of each.3. What do economists mean by the concept of economic efficiency in amarket economy? Explain with an appropriate diagram.4.Often it is claimed by consumer groups that a tax on luxury goods likecigarettes and alcohol is “unfair”, as the entire tax will simply be passed on to consumers. Under what special conditions would this actually happen? In what cases might very little of the tax be passed on to consumers? Explain using appropriate market diagrams.5.Discuss the types & the effects of price control.SECTION C: Problem Set questions. Students should attempt to finish One(1) from two (2) questions. Each question is worth twenty-five (25)marks.1. Consider the apple market.(1) Construct an apple market equilibrium diagram with demand curveand supply curve.(2) Indicate the effect on market equilibrium price and quantity when thefollowing happens:i) a fall in the price of orangesii) an increase in consumer incomeiii) promotion of apple eating endorsed nationally by dentistsiv) an increase in wages for apple industry workers.v) an advance in technology of apple planting.2. With proper example, discuss the principle of comparative advantage. What are the differences between the absolute advantage & comparative advantage?。

Microeconomics(8th edition)[Pindyck Rubinfeld]目录

ixCONTENTS• PART ONEIntroduction: Markets and Prices 11 Preliminaries 31.1 The Themes of Microeconomics 4Trade-Offs 4Prices and Markets 5Theories and Models 5Positive versus Normative Analysis 61.2 What Is a Market? 7Competitive versus Noncompetitive Markets 8Market Price 8Market Definition—The Extent of a Market 91.3 Real versus Nominal Prices 12 1.4 Why Study Microeconomics? 16Corporate Decision Making: The Toyota Prius 16Public Policy Design: Fuel Efficiency Standards for the Twenty-First Century 17Summary 18Questions for Review 19Exerc i ses 192 The Basics of Supply andDemand 212.1 Supply and Demand 22The Supply Curve 22The Demand Curve 232.2 The Market Mechanism 25 2.3 Changes in Market Equilibrium 26 2.4 Elasticities of Supply and Demand 33Point versus Arc Elasticities 362.5 Short-Run versus Long-Run Elasticities 39Demand 40Supply 45*2.6 Understanding and Predicting the Effects ofChanging Market Conditions 482.7 Effects of Government Intervention—PriceControls 58Summary 60Questions for Review 61Exerc i ses 62• PART TWOProducers, Consumers, and Competitive Markets 653 Consumer Behavior 67Consumer Behavior 67 3.1 Consumer Preferences 69Market Baskets 69Some Basic Assumptions about Preferences 70Indifference Curves 71Indifference Maps 72The Shape of Indifference Curves 73The Marginal Rate of Substitution 74Perfect Substitutes and Perfect Complements 753.2 Budget Constraints 82The Budget Line 82The Effects of Changes in Income and Prices 843.3 Consumer Choice 86Corner Solutions 893.4 Revealed Preference 92 3.5 Marginal Utility and Consumer Choice 95Rationing 98*3.6 Cost-of-Living Indexes 100Ideal Cost-of-Living Index 101Laspeyres Index 102Paasche Index 103Price Indexes in the United Statics: Chain Weighting 104Summary 105Questions for Review 106Exerc i ses 107Preface xviix • CONTENTS5 Uncertainty and ConsumerBehavior 1595.1 Describing Risk 160Probability 160Expected Value 161Variability 161Decision Making 1635.2 Preferences Toward Risk 165Different Preferences Toward Risk 1665.3 Reducing Risk 170Diversification 170Insurance 171The Value of Information 174*5.4 The Demand for Risky Assets 176Assets 176Risky and Riskless Assets 177Asset Returns 177The Trade-Off Between Risk and Return 179The Investor’s Choice Problem 1805.5 Bubbles 185Informational Cascades 1875.6 Behavioral Economics 189Reference Points and Consumer Preferences 190Fairness 192Rules of Thumb and Biases in Decision Making 194Summing Up 196Summary 197Questions for Review 197Exerc i ses 1986 Production 201The Production Decisions of a Firm 201 6.1 Firms and Their Production Decisions 202Why Do Firms Exist? 203The Technology of Production 204The Production Function 204The Short Run versus the Long Run 2056.2 Production with One Variable Input (Labor) 206Average and Marginal Products 206The Slopes of the Product Curve 207The Average Product of Labor Curve 209The Marginal Product of Labor Curve 209The Law of Diminishing Marginal Returns 209Labor Productivity 2146.3 Production with Two Variable Inputs 216Isoquants 2164 Individual and MarketDemand 1114.1 Individual Demand 112Price Changes 112The Individual Demand Curve 112Income Changes 114Normal versus Inferior Goods 115Engel Curves 116Substitutes and Complements 1184.2 Income and Substitution Effects 119Substitution Effect 120Income Effect 121A Special Case: The Giffen Good 1224.3 Market Demand 124From Individual to Market Demand 124Elasticity of Demand 126Speculative Demand 1294.4 Consumer Surplus 132Consumer Surplus and Demand 1324.5 Network Externalities 135Positive Network Externalities 135Negative Network Externalities 137*4.6 Empirical Estimation ofDemand 139The Statistical Approach to Demand Estimation 139The Form of the Demand Relationship 140Interview and Experimental Approaches to Demand Determination 143Summary 143Questions for Review 144Exerc i ses 145APPENDIX TO CHAPTER 4:Demand Theory—A Mathematical Treatment 149Utility Maximization 149The Method of Lagrange Multipliers 150The Equal Marginal Principle 151Marginal Rate of Substitution 151Marginal Utility of Income 152An Example 153Duality in Consumer Theory 154Income and Substitution Effects 155Exerc i ses 157CONTENTS • xiAPPENDIX TO CHAPTER 7:Production and Cost Theory—A Mathematical Treatment 273Cost Minimization 273Marginal Rate of Technical Substitution 274Duality in Production and Cost Theory 275The Cobb-Douglas Cost and Production Functions 276Exerc i ses 2788 Profit Maximization andCompetitive Supply 2798.1 Perfectly Competitive Markets 279When Is a Market Highly Competitive? 2818.2 Profit Maximization 282Do Firms Maximize Profit? 282Alternative Forms of Organization 2838.3 Marginal Revenue, Marginal Cost, and ProfitMaximization 284Demand and Marginal Revenue for a Competitive Firm 285Profit Maximization by a Competitive Firm 2878.4 Choosing Output in the Short Run 287Short-Run Profit Maximization by a Competitive Firm 287When Should the Firm Shut Down? 2898.5 The Competitive Firm’s Short-Run SupplyCurve 292The Firm’s Response to an Input Price Change 2938.6 The Short-Run Market Supply Curve 295Elasticity of Market Supply 296Producer Surplus in the Short Run 2988.7 Choosing Output in the Long Run 300Long-Run Profit Maximization 300Long-Run Competitive Equilibrium 301Economic Rent 304Producer Surplus in the Long Run 3058.8 The Industry’s Long-Run SupplyCurve 306Constant-Cost Industry 307Increasing-Cost Industry 308Decreasing-Cost Industry 309The Effects of a Tax 310Long-Run Elasticity of Supply 311Summary 314Questions for Review 314Exerc i ses 315Input Flexibility 217Diminishing Marginal Returns 217Substitution Among Inputs 218Production Functions—Two Special Cases 2196.4 Returns to Scale 223Describing Returns to Scale 224Summary 226Questions for Review 226Exerc i ses 2277 The Cost of Production 2297.1 Measuring Cost: Which Costs Matter? 229Economic Cost versus Accounting Cost 230Opportunity Cost 230Sunk Costs 231Fixed Costs and Variable Costs 233Fixed versus Sunk Costs 234Marginal and Average Cost 2367.2 Cost in the Short Run 237The Determinants of Short-Run Cost 237The Shapes of the Cost Curves 2387.3 Cost in the Long Run 243The User Cost of Capital 243The Cost-Minimizing Input Choice 244The Isocost Line 245Choosing Inputs 245Cost Minimization with Varying Output Levels 249The Expansion Path and Long-Run Costs 2507.4 Long-Run versus Short-Run Cost Curves 253The Inflexibility of Short-Run Production 253Long-Run Average Cost 254Economies and Diseconomies of Scale 255The Relationship between Short-Run and Long-Run Cost 2577.5 Production with Two Outputs—Economies ofScope 258Product Transformation Curves 258Economies and Diseconomies of Scope 259The Degree of Economies of Scope 259*7.6 Dynamic Changes in Costs—The LearningCurve 261Graphing the Learning Curve 261Learning versus Economies of Scale 262*7.7 Estimating and Predicting Cost 265Cost Functions and the Measurement of Scale Economies 267Summary 269Questions for Review 270Exerc i ses 271xii • CONTENTS10.5 Monopsony 382Monopsony and Monopoly Compared 38510.6 Monopsony Power 385Sources of Monopsony Power 386The Social Costs of Monopsony Power 387Bilateral Monopoly 38810.7 Limiting Market Power: The AntitrustL aws 389Restricting What Firms Can Do 390Enforcement of the Antitrust Laws 391Antitrust in Europe 392Summary 395Questions for Review 395Exerc i ses 39611 Pricing with Market Power 39911.1 Capturing Consumer Surplus 400 11.2 Price Discrimination 401First-Degree Price Discrimination 401Second-Degree Price Discrimination 404Third-Degree Price Discrimination 40411.3 Intertemporal Price Discrimination andPeak-Load Pricing 410Intertemporal Price Discrimination 411Peak-Load Pricing 41211.4 The Two-Part Tariff 414 *11.5 Bundling 419Relative Valuations 420Mixed Bundling 423Bundling in Practice 426Tying 428*11.6 Advertising 429A Rule of Thumb for Advertising 431Summary 434Questions for Review 434Exerc i ses 435APPENDIX TO CHAPTER 11:The Vertically Integrated Firm 439Why Vertically Integrate? 439Market Power and Double M arginalization 439Transfer Pricing in the Integrated Firm 443Transfer Pricing When There Is No Outside Market 443Transfer Pricing with a Competitive Outside Market 4469 The Analysis of CompetitiveMarkets 3179.1 Evaluating the Gains and Losses fromGovernment Policies—Consumer and Producer Surplus 317Review of Consumer and Producer Surplus 318Application of Consumer and Producer Surplus 3199.2 The Efficiency of a Competitive Market 323 9.3 Minimum Prices 328 9.4 Price Supports and Production Quotas 332Price Supports 332Production Quotas 3339.5 Import Quotas and Tariffs 340 9.6 The Impact of a Tax or Subsidy 345The Effects of a Subsidy 348Summary 351Questions for Review 352Exerc i ses 352• PART THREEMarket Structure and CompetitiveStrategy 35510 Market Power: Monopolyand Monopsony 35710.1 Monopoly 358Average Revenue and Marginal Revenue 358The Monopolist’s Output Decision 359An Example 361A Rule of Thumb for Pricing 363Shifts in Demand 365The Effect of a Tax 366*The Multiplant Firm 36710.2 Monopoly Power 368Production, Price, and Monopoly Power 371Measuring Monopoly Power 371The Rule of Thumb for Pricing 37210.3 Sources of Monopoly Power 375The Elasticity of Market Demand 376The Number of Firms 376The Interaction Among Firms 37710.4 The Social Costs of Monopoly Power 377Rent Seeking 378Price Regulation 379Natural Monopoly 380Regulation in Practice 381CONTENTS • xiii13.6 Threats, Commitments, and Credibility 505Empty Threats 506Commitment and Credibility 506Bargaining Strategy 50813.7 Entry Deterrence 510Strategic Trade Policy and International Competition 512*13.8 Auctions 516Auction Formats 517Valuation and Information 517Private-Value Auctions 518Common-Value Auctions 519Maximizing Auction Revenue 520Bidding and Collusion 521Summary 524Questions for Review 525Exerc i ses 52514 Markets for Factor Inputs 52914.1 Competitive Factor Markets 529Demand for a Factor Input When Only One Input Is Variable 530Demand for a Factor Input When Several Inputs Are Variable 533The Market Demand Curve 534The Supply of Inputs to a Firm 537The Market Supply of Inputs 53914.2 Equilibrium in a Competitive FactorMarket 542Economic Rent 54214.3 Factor Markets with Monopsony Power 546Monopsony Power: Marginal and Average Expenditure 546Purchasing Decisions with Monopsony Power 547Bargaining Power 54814.4 Factor Markets with Monopoly Power 550Monopoly Power over the Wage Rate 551Unionized and Nonunionized Workers 552Summary 555Questions for Review 556Exerc i ses 55615 Investment, Time, and CapitalMarkets 55915.1 Stocks versus Flows 560 15.2 Present Discounted Value 561Valuing Payment Streams 562Transfer Pricing with a Noncompetitive Outside M arket 448Taxes and Transfer Pricing 448A Numerical Example 449Exerc i ses 45012 Monopolistic Competition andOligopoly 45112.1 Monopolistic Competition 452The Makings of Monopolistic Competition 452Equilibrium in the Short Run and the Long Run 453Monopolistic Competition and Economic Efficiency 45412.2 Oligopoly 456Equilibrium in an Oligopolistic Market 457The Cournot Model 458The Linear Demand Curve—An Example 461First Mover Advantage—The Stackelberg M odel 46312.3 Price Competition 464Price Competition with Homogeneous Products— The Bertrand Model 464Price Competition with Differentiated Products 46512.4 Competition versus Collusion: The Prisoners’Dilemma 46912.5 Implications of the Prisoners’ Dilemma forOligopolistic Pricing 472Price Rigidity 473Price Signaling and Price Leadership 474The Dominant Firm Model 47612.6 Cartels 477Analysis of Cartel Pricing 478Summary 482Questions for Review 482Exerc i ses 48313 Game Theory and CompetitiveStrategy 48713.1 Gaming and Strategic Decisions 487Noncooperative versus Cooperative Games 48813.2 Dominant Strategies 490 13.3 The Nash Equilibrium Revisited 492Maximin Strategies 494*Mixed Strategies 49613.4 Repeated Games 498 13.5 Sequential Games 502The Extensive Form of a Game 503The Advantage of Moving First 504xiv • CONTENTS16.4 Efficiency in Production 613Input Efficiency 613The Production Possibilities Frontier 614Output Efficiency 615Efficiency in Output Markets 61716.5 The Gains from Free Trade 618Comparative Advantage 618An Expanded Production Possibilities Frontier 61916.6 An Overview—The Efficiency of CompetitiveMarkets 62316.7 Why Markets Fail 625Market Power 625Incomplete Information 625Externalities 626Public Goods 626Summary 627Questions for Review 628Exerc i ses 62817 Markets with AsymmetricInformation 63117.1 Quality Uncertainty and the Market forL emons 632The Market for Used Cars 632Implications of Asymmetric Information 634The Importance of Reputation and Standardization 63617.2 Market Signaling 638A Simple Model of Job Market Signaling 639Guarantees and Warranties 64217.3 Moral Hazard 643 17.4 The Principal–Agent Problem 645The Principal–Agent Problem in Private Enterprises 646The Principal–Agent Problem in Public Enterprises 648Incentives in the Principal–Agent Framework 650*17.5 Managerial Incentives in an IntegratedFirm 651Asymmetric Information and Incentive Design in the Integrated Firm 652Applications 65417.6 Asymmetric Information in Labor Markets:Efficiency Wage Theory 654Summary 656Questions for Review 657Exerc i ses 65715.3 The Value of a Bond 564Perpetuities 565The Effective Yield on a Bond 56615.4 The Net Present Value Criterion for CapitalInvestment Decisions 569The Electric Motor Factory 570Real versus Nominal Discount Rates 571Negative Future Cash Flows 57215.5 Adjustments for Risk 573Diversifiable versus Nondiversifiable Risk 574The Capital Asset Pricing Model 57515.6 Investment Decisions by Consumers 578 15.7 Investments in Human Capital 580 *15.8 Intertemporal Production Decisions—Depletable Resources 584The Production Decision of an Individual Resource Producer 584The Behavior of Market Price 585User Cost 585Resource Production by a Monopolist 58615.9 How Are Interest Rates Determined? 588A Variety of Interest Rates 589Summary 590Questions for Review 591Exerc i ses 591• PART FOURInformation, Market Failure, andthe Role of Government 59316 General Equilibrium and EconomicEfficiency 59516.1 General Equilibrium Analysis 595Two Interdependent Markets—Moving to General Equilibrium 596Reaching General Equilibrium 597Economic Efficiency 60116.2 Efficiency in Exchange 602The Advantages of Trade 602The Edgeworth Box Diagram 603Efficient Allocations 604The Contract Curve 606Consumer Equilibrium in a Competitive Market 607The Economic Efficiency of Competitive M arkets 60916.3 Equity and Efficiency 610The Utility Possibilities Frontier 610Equity and Perfect Competition 612CONTENTS • xv18.7 Private Preferences for Public Goods 694Summary 696Questions for Review 696Exerc i ses 697APPENDIX:The Basics of Regression 700An Example 700Estimation 701Statistical Tests 702Goodness of Fit 704Economic Forecasting 704Summary 707Glossary 708Answers to Selected Exercises 718Photo Credits 731Index 73218 Externalities and PublicGoods 66118.1 Externalities 661Negative Externalities and Inefficiency 662Positive Externalities and Inefficiency 66418.2 Ways of Correcting Market Failure 667An Emissions Standard 668An Emissions Fee 668Standards versus Fees 669Tradeable Emissions Permits 671Recycling 67518.3 Stock Externalities 678Stock Buildup and Its Impact 67918.4 Externalities and Property Rights 684Property Rights 684Bargaining and Economic Efficiency 685Costly Bargaining—The Role of Strategic Behavior 686A Legal Solution—Suing for Damages 68618.5 Common Property Resources 687 18.6 Public Goods 690Efficiency and Public Goods 691Public Goods and Market Failure 692。

MICROECONOMICS1990微观经济试题.docx

B.ⅠandⅡonly
C.ⅠandⅣonly
D.ⅡandⅢonly
E.ⅢandⅣonly
4. Suppose that a family buys all its clothing from a discount store and treats these items as
inferior goods. Under such circumstances, this family’s consumption of discount store clothing will necessarily
B. it uses more of the resource with the highest marginal product
C. each resource has just reached the point of diminishing marginal returns D. the marginal products of each resource are equal
C. remain unchanged when its income rises or falls due to events beyond the family’s contr D. decrease when a family member becomes unemployed
E. decrease when a family member experiences an increase in income
B. the firms in the industry do not operate at the minimum point on their long-run average cost curves

《微观经济学microeconomics》英文版

Proof
Expenditure Minimization Problem
The problem:
Minx0 px
s.t. u(x) u
The first order condition:
u( x* ) / xl u( x* ) / xk
pl pk
u( x) u
The solution: Hicksian demand function h(p,u)
ECON501 Lecture Note 3
Consumer Theory 2 ( Textbook Chapter 3 )
Structure
Utility Maximization Problem Utility maximization Walrasian demand function Indirect utility function
of demand Preference (Chapter 3) The basic properties of preference Existence of utility function
The Budget set
Commodities The physical constraints and the consumption set
Convexity of Walrasian budget set: proof
Consumer’s Choice
The consumer’s problem: to choose a consumption bundle x from the Walrasian budget set.
Walrasian Demand Function x( p, w)
Intuition: Figure 2.F.1

MICROECONOMICS1995(微观经济真题)

MICROECONOMICSSection ITime—70 minutes60 QuestionsDirections: Each of the questions or incomplete statements below is followed by five suggested answers or completions. Select the one that is best in each case and place the letter of your choice in the corresponding box on the student answer sheet.1. The allocation of resources in a market economy is described by which of the following statements?I.The government decides which goods will be produced and which consumers will receivethem.II.Buyers and sellers exchange goods and services on a voluntary basis.III.Prices and costs help producers decide whether they are producing too little or too much of a good.A. ⅠonlyB. Ⅱ onlyC. Ⅲ onlyD. Ⅰ and Ⅲ onlyE. Ⅱand Ⅲ only2. If the government imposes a tax on the production of cars, which of the following will occur in the market for cars?A. There will be a movement to the right along the supply curve.B. There will be a movement to the right along the demand curve.C. The supply curve will shift to the right.D. The supply curve will shift to the left.E. The demand curve will shift to the right.3. Which of the following is true of a price floor?A. The intention of the government in creating the price floor is to assist the producers of the good.B. To have an impact in the market for the good, the price floor should be set below the existing market price of the good.C. An effective price floor will increase the quantity demanded of the good.D. The price floor would tent to create a shortage of the good in the market.E. The creation of the price floor would not change the quantity supplied of the good if the supply curve were upward-sloping to the right.PRICESupplyDemandQUANTITY OF TOMATOES4. On the basis of the graph above, which of the following statements concerning changes in the demand for and supply of tomatoes is correct?A.If both the demand and supply increase, the price of tomatoes will definitely increase.B.If both the demand and supply increase, the quantity of tomatoes sold will definitelydecrease.C.If the demand decreases while the supply increases, the price of tomatoes will definitelyincrease.D.If the demand decreases while the supply increases, the quantity of tomatoes sold willdefinitely decrease.E.If the demand increases while the supply decreases, the price of tomatoes will definitelyincrease.5. Which of the following best illustrates the concept of consumer surplus?A.A thirsty athlete pays $0.85 for a cold drink when she would have gladly paid $1.50 for thedrink.B.An individual who is willing to accept a job at $7.50 per hour is offered $7.00 per hour.C.An individual pays the sale price of $15.00 for the same shirt that the individual refused topurchase earlier at $18.00.D.An individual finds that the price of artichokes, a food she dislikes, has been reduced by 50percent.E. A wood-carver has a marginal cost of $5.00 for a unit of output, but sells that unit at $6.00Questions 6-7 are based on the table below, which gives cost information for a perfectly competitive firm.Quantity Average Fixed Costs Average Variable Costs Marginal Costs 01 $100.00 $55.00 $55.002 50.00 45.00 35.003 33.33 50.00 60.004 25.00 55.00 70.005 20.00 60.00 80.006 16.67 65.00 90.006. The average total cost to the firm of producing 2 units of output is A. $35.00 B. $85.00 C. $95.00 D. $100.00 E. $130.007. If the product price is $85, how many units of output must the firm produce in order to maximize profits? A. 0 B. 3 C. 4 D. 5 E. 68. Which of the following factors can cause a firm’s cost curves shift upward? A. An increase in wagesB. An in crease in the firm’s outputC. An increase in the output priceD. A decrease in the firm’s outputE. A decrease in the price of energy9. The diagram above shows a perfectly competitive firm’s short -run cost curves. If the price of the output increases from $8 to $10, the profit-maximizing firm willA. Continue producing 15 units because average total cost is at a maximumB. Continue producing 15 units because average total cost is equal to marginal costC. Increase output to 20 units because this is the output at which price equals average total costD. Increase output to 18 units because this is the output at which price equals marginal costQuantityPrice Marginal CostAverage Total CostAverage V ariable Cost10 15 18 20 28$10E.Decrease output to 10 units because this is the output at which average variable cost is at aminimum10. Which of the following statements is true about a firm that sells its output in a perfectly competitive market?A.The demand for its product is a downward-sloping function.B.The firm will earn zero economic profits in long-run equilibrium.C.Advertising is an important tool of the firm.D.The firm will increase its total economic profits if it charges a price that is lower than themarket price.E.The marginal revenue the firm receives from selling an additional unit of output will bedifferent from the price at which it sells that unit.11. One justification for government regulation of a monopoly is that the unregulated monopolyA. earn a normal profitB. pays its workers a lower wage than if the market were competitiveC. has a very elastic demand curveD. Charges a price higher than a competitive market priceE. sells too much of the product12. Which of the following is most likely to shift the demand for aircraft mechanics to the right?A.An increase in the demand for air travelB.An increase in the price of a license necessary for aircraft mechanicsC.A decrease in the price of license necessary for aircraft mechanicsD.A decrease in the demand for air travelE. A decrease in the marginal productivity of aircraft mechanicsWage RateSupplyMarginal Revenue ProductNumber of workers13. The graph above shows the marginal revenue product curve and supply curve of labor for a firm. The introduction of new management techniques dramatically increases worker productivity. Which of the following changes is most likely to occur?A.The supply curve will shift to the left, increasing the wage rate.B.The supply curve will shift to the right, increasing employment.C.The marginal revenue product curve will shift to the right, increasing the wage rate.D. The marginal revenue product curve will shift to the left, reducing employment.E. Neither the marginal revenue product curve nor the supply curve will shift, but the wage will increase and employment will fall.14. If the production of a good results in a positive externality, the government might be able to improve economic efficiency in this market by A. eliminating private production of the good B. imposing a tax on private producersC. promoting the export of the surplus outputD. initiating antitrust actionE. granting a subsidy to private producers15. All of the following are sources of inequality in the distribution of personal income EXCEPT A. progressive income taxes B. discrimination in employment C. differences in personal motivationD. differences in educational level attainedE. differences in abilities16. An outward shift in the production possibilities curve of an economy can be cause by an increase inA. unemploymentB. the labor forceC. inflationD. outputE. demand17. The graph above shows an economy’s production possibilitie s frontier for the production of two goods, X and Y. Assume that the economy is currently at point B. The opportunity cost of moving from point B to point C is A. AH units of good YCBA H GOE F DUnits of Good XU n i t s o f G o o d YB.HG units of good YC.OG units of good YD.EF units of good XE.OF units of good X18. If the demand for potatoes increases whenever a person’s income increase, then potatoes are an example ofA. an inferior goodB. a free goodC. a Giffen goodD. a normal goodE. a public good19. The American Heart Association has just issued a report warning consumers about the negative health effects of eating beef. Which of the following changes in the beef market is most likely to occur as a result?A.The supply curve will shift to the left, increasing the price of beef.B.The demand curve will shift to the left, decreasing the price of beef.C.The demand curve will shift to the right, increasing the price of beef.D.Neither the supply nor demand curve will shift; only quantity will increase as price decreases.E.Neither the supply nor demand curve will shift; only quantity will decrease as price increases.20. Which of the following is most likely to increase the supply of soldiers for an all-volunteer army?A.A decrease in the salaries paid to soldiersB.A decrease in the average wage rate in civilian employmentC.A reduction in college tuition benefits provided to soldiersD.The imposition of new restrictions on women in the militaryE.An increase in the required length of service21. If the increase in the price of one good decreases the demand for another, then the two goods areA. inferior goodsB. luxury goodsC. normal goodsD. substitute goodsE. complementary goods22. Which of the following is true about a firm’s average variable cost?A.It will rise if marginal cost is less than average variable cost.B.It wil l never equal the firm’s marginal cost.C.It will decline when the firm’s marginal product declines.D.It will be negative if marginal revenue declines.E.It will equal average total cost when fixed costs are zero.Questions 23-24 refer to the graph below showing cost curves for a perfectly competitive firm.23. At a market price of $6, the profit-maximizing rate of output will result in A. economic profits B. economic losses C. normal profitsD. profits that are less than normalE. profits that are greater than normal24. If the market price of $10, how many widgets should this profit-maximizing firm produce? A. 3,000 B. 6,000 C. 12,000 D. 16,000 E. 21,00025. A competitive firm produces a product using labor and plastic. The firm is initially in equilibrium. If the cost of plastic suddenly increases, which of the following will occur? A. The demand curve for the product will shift to the left. B. The firm’s demand curve for plastic will shift to the left. C. The firm will increase the number of units offered for sale.D. The firm will definitely go out of business, since competitive firms earn zero economic profits in equilibrium.E. The firm’s marginal costs will increase at each level of output.Marginal CostAverage Total Cost61012 16Number of Widgets (in thousands)$326. Given the cost and demand schedules depicted above, if the firm increased output from q1 to q2, it wouldA. earn a normal profitB. experience an increase in profitsC. experience a decline in profitsD. increase revenues but not costsE. increase costs but not revenues27. Which of the following are characteristics of a perfectly competitive industry? I. New firms can enter the industry easily. II. There is no product differentiation.III. The industry’s demand curve is perfectly elastic.IV. The supply curve of an individual firm in the industry is perfectly elastic.A. Ⅰand ⅡonlyB. Ⅰand Ⅲ onlyC. Ⅱand Ⅳ onlyD. Ⅰ, Ⅱ, and Ⅳ onlyE. Ⅰ, Ⅲ, and Ⅳ only28. The profit-maximizing output level produced by an unregulated monopoly isA. the socially optimal output level, since the firm’s marginal revenue equals its marginal costB. greater than the socially optimal level, since the firm’s marginal cost exceeds its marginal revenueC. greater than the socially optimal level, since the firm makes economic profitsD. less than the socially optimal level, since the price paid by cons umers exceeds the firm’s marginal costE. less than the socially optimal level, since the price of the product is less than the firm’s marginal revenue29. The wage rate is $10 per hour and the last worker hired by the firm increased output by 100 units. Computers rent for $100 per hour and the last computer rented by the firm increased output by 2,000 units. To minimize costs the firm shouldDemandMarginal CostOutputPriceq 1 q 2A. hire more workers and rent more computers because the marginal revenue products of both workers and computers are greater than their respective pricesB. hire more workers and reduce the number of computers rented because workers are cheaper than computersC. lay off workers and rent more computers because computers produce more output per dollar of additional expenditureD. lay off workers and rent more computers because computers produce more outputE. keep the same number of workers and computers because the marginal revenue products of both workers and computers are positive30. Imposing taxes that increase as a firm’s pollution increases is often recommended by economists as a means to reduce pollution. The reason for this recommendation is that such taxes would likelyA. eliminate pollution completelyB. encourage firms to use the most efficient method to reduce pollutionC. increase the government’s revenuesD. encourage firms to increase productionE. be paid out of firms’ profits and not paid for by higher consumer prices31. The opportunity cost of owning a business is equal to which of the following?I.The economic profits earned in the businessII.The accounting profits earned in the businessIII.The profits that could be earned in another business using the same amount of resourcesA. ⅠonlyB. Ⅱ onlyC. Ⅲ onlyD. Ⅰ and Ⅲ onlyE. Ⅰ, Ⅱand ⅢPriceSupplyDemandQuantity of computers32. The graph above shows the supply and demand curves for a particular brand of computers. In 1988, 10,000 computers were sold for $1,000 each, but in 1989, 9,000 computers were sold for $1,000 each. Which of the following changes in the supply and demand curves could most likely have caused this change?Demand Curve Supply CurveA. Shift right Shift rightB. Shift right Shift leftC. No change Shift leftD. Shift left Shift leftE. Shift left No change33. If the minimum wage for teen-agers increased to a rate higher than their market equilibrium wage, what would be the effect on their wage and employment?Wage EmploymentA. Increase No effectB. Increase IncreaseC. Increase DecreaseD. Decrease IncreaseE. Decrease Decrease34. If a store raises its prices by 20 percent and its total revenue increases by 10 percent, the demand it faces in this price range must beA. inelasticB. elasticC. unit elasticD. perfectly elasticE. perfectly inelastic35. A farmer produces peppers in a perfectly competitive market. If the price falls, in the short run the farmer shouldA. increase production until the new price equals average revenueB. increase production to offset the fall in priceC. discontinue production if the new price is less than marginal revenueD. continue to produce only if the new price covers average fixed costsE. continue to produce only if the new price covers average variable costs36. Which of the following is true if a perfectly competitive market is in long-run equilibrium?A.Market price will eventually decrease.B.New firms will enter the industry.C.Marginal revenue is equal to average total cost.D.Price is not equal to marginal revenue.E.Average variable costs are decreasing.Units of output Units of Capital12 3 U n i t s o f l a b o r1 100 140 1602 140 200 240 316024030037. The table above shows the various units of output that can be produced with different combinations of capital and labor. Which of the following statements is correct according to the information in the table?A. In the long run, there are constant returns to scale.B. In the long run, there are increasing returns to scale.C. In the short run, the marginal product of capital is constant.D. In the short run, the marginal product of labor is constant.E. In the short run, the law of diminishing marginal returns does not hold.38. The graph above shows a firm’ cost and revenue curves. This profit -maximizing firm will A. produce where demand is inelasticB. charge a higher price than that necessary to maximize revenuesC. have many profit-maximizing price and quantity combinationsD. be unable to increase sales and total revenues by lowering its priceE. never have a region of falling average total cost39. Which of the following is necessarily true of the profit-maximizing equilibrium of a monopolist who sets a single price? A. Price equals average total cost. B. Price is greater than marginal cost.C. Average total cost is at its minimum level.D. Marginal revenue is greater than marginal cost.E. Marginal cost is minimized.PriceQuantityMarginal CostDemand Marginal RevenueNumber of Workers Number of Sandwiches Produced per day1 802 1503 2004 2405 2506 2307 20040. Given the production information in the table above, how many workers would be employed if the wage rate were $20.00 per day and if sandwiches sold for $0.50?A.1B.2C.4D.5E.741. Which of the following is true when the production of a good results in negative externalities?A.The government must produce the good.B.The private market will produce too little of the goodC.The private market price will be too low.D.The government must prevent the production of the good.E.Private firms will not be able to maximize profits.42. In the long run, a monopolistically competitive firm is allocatively inefficient because the firm willA. produce only when marginal cost is greater than marginal revenueB. produce only when marginal revenue is greater than marginal costC. charge a price greater tan the marginal costD. earn positive economic profitsE. experience economic losses43. A change in which of the following will NOT causes a shift in the demand curve for a factor of production?A.Demand for the goods produced by the factorB.Prices of the goods produced by the factorC.Prices of substitute factorsD.Supply of the factorE.Supply of substitute factors44. There are negative externalities associated with the use of a freeway in a major city at rush hour because during this timeA. drivers slow down other drivers because of the high traffic volumeB. drivers value their time moreC. government revenues from toll roads increaseD. revenues of bus companies increaseE. gasoline costs more45. Economic growth can be depicted using a production possibilities curve by which of the following?A. A rightward shift of the curveB. A movement upward on an existing curveC. A movement downward on an existing curveD. A movement from a point outside the curve to a point on the curveE. A movement from a point on the curve to a point inside the curve46. If a one-of-a-kind Etruscan Vase is offered for sale at an auction, which, if any, of the following correctly shows the supply curve for the vase?E. It is impossible to determine the shape of the supply curve from the given information.47. Which of the following will cause an unregulated monopolist to produce a more allocativelyQuantitySupplyPriceD. QuantitySupplyPriceC. QuantitySupplyPriceB. QuantitySupplyPriceA.efficient level of output?A. A tax based on the amount of profitsB. A tax that does not change as output increasesC. A tax that increases as output increasesD. A subsidy that increases as output increasesE. A subsidy that does not change as output increases48. The graph above shows the cost and revenue curves for a natural monopoly. Consider the following two policies for regulating this natural monopoly.Policy Ⅰ: Require the monopoly to set quantity and price where demand equals marginal cost. Policy Ⅱ: Require the monopoly to set quantity and price where demand equals average total cost.Which of the following is true of these policies?A. Both would result in the same level of output and price.B. Both would result in an inefficient allocation of resources relative to the unregulated result.C. Policy Ⅰwould result in a lower level of output than would Policy Ⅱ.D. Policy Ⅰwould result in a higher price than would Policy Ⅱ.E. Policy Ⅰmight require the payment of a subsidy to the firm.49. Which of the following is true in the market for a certain product if producers consistently are willing to sell more at the going price than consumers are willing to buy? A. Demand is highly inelastic. B. Supply is highly elastic. C. The product is inferior.D. There is a price ceiling on the product.E. There is a price floor on the product.50. According to the theory of consumer behavior, which of the following decreases first as additional units of a product are consumed? A. Total utility B. Average utility C. Marginal utilityMarginal Cost AverageTotal CostDemandMarginal RevenueQUANTITYPriceD. Marginal physical productE. Total physical product51. Under which of the following circumstances is firm experiencing economies of scale? A. The firm increases only its labor input, and output decreases. B. The firm doubles its inputs, and output triples.C. The firm builds a new plant, and the average cost of production increases.D. The firm hires a new plant manager, and profits increase.E. The product price increases, and the firm increases its output.52. Which of the following statements about cost is always true for both monopolies and perfectly competitive firms?A. Average total cost equals marginal cost when average total cost is a minimum.B. Marginal cost decreases as production increases.C. Average fixed cost is equal to marginal cost when average fixed cost is a minimum.D. Average variable cost is equal to marginal cost when marginal cost is a minimum.E. Average variable cost decreases as production increases.53. The graph above depicts cost and revenue curves for a typical firm in a monopolistically competitive industry. Suppose that the firm is producing 0M units of output. To maximize profits, it should do which of the following to output and price? Output Price A. Increase Decrease B. Increase Increase C. Decrease Increase D. Not change Increase E. Not change Not changeQuantityDemandMarginal RevenueMarginal CostAverage Total CostPriceK MWU 054. In most cases the supply curve for a perfectly competitive industry can be described as which of the following?A.More elastic in the short run than in the long runB.More elastic in the long run than in the short runC.Downward sloping in the short runD.Perfectly inelastic in the long runE.Perfectly elastic in the short run55. Compared with firms in a perfectly competitive industry, firms in a monopolistically competitive industry are inefficient because theyA. make economic profits in the long runB. do not lower the product price if input prices fallC. restrict their output level to maximize profitsD. charge the highest price that consumers will payE. waste resources by producing an excess amount of output56. Which of the following is NOT a characteristic of monopolistically competitive markets?A.Relatively easy market entryB.Differentiated productsC.Substantial product advertisingD.A large number of both buyers and sellersE.Long-run economic profits57. Which of the following will happen in the labor market if the price of the good produced by the workers decreases?A.The marginal product of labor will increase.B.The marginal product of labor will decrease.C.The marginal revenue product of labor will increase.D.The marginal revenue product of labor will decrease.E.The demand curve for labor will shift to the right.58. Assume that a firm is hiring labor in a perfectly competitive labor market. If the marginal revenue product of labor is greater than the wage rate, which of the following will be true?A.The firm must be losing money.B.The firm should employ more workers.C.The firm should replace workers with capital.D.The firm is maximizing its profits.E.The firm is experiencing diminishing marginal utility.。

MICROECONOMICS1990(微观经济试题)

MICROECONOMICSSection ITime—60 minutes50 QuestionsDirections: Each of the questions or incomplete statements below is followed by five suggested answers or completions. Select the one that is best in each case and place the letter of your choice in the corresponding box on the student answer sheet.1. Problems faced by all economic systems include which of the following?I.How to allocate scarce resources among unlimited wantsII.How to decentralize marketsIII.How to decide what to produce, how to produce, and for whom to produceIV.How to set government production quotasA. ⅠonlyB. Ⅰand Ⅲ onlyC. Ⅱand Ⅲ onlyD. Ⅰ, Ⅱ, and Ⅲ onlyE. Ⅰ, Ⅱ, Ⅲ, and Ⅳ only2. Which of the following would necessarily cause a fall in the price of a product?A. An increase in population and a decrease in the price of an inputB. An increase in population and a decrease in the number of firms producing the productC. An increase in average income and an improvement in production technologyD. A decrease in the price of a substitute product and an improvement in production technologyE. A decrease in the price of a substitute product and an increase in the price of an input3. The market equilibrium price of home heating oil is $1.50 per gallon. If a price ceiling of $1.00 per gallon is imposed, which of the following will occur in the market for home heating oil?I.Quantity supplied will increase.II.Quantity demanded will increase.III.Quantity supplied will decrease.IV.Quantity demanded will decrease.A. ⅡonlyB. Ⅰand Ⅱ onlyC. Ⅰand Ⅳ onlyD. Ⅱ and Ⅲ onlyE. Ⅲ and Ⅳ only4. Suppose that a family buys all its clothing from a discount store and treats these itemsas inferior goods. Under such circumstances, this family’s consumption of discount store clothing will necessarilyA. increase when a family member wins the state lotteryB. increase when a family member gets a raise in pay at workC. remain unchanged when its income rises or falls due to events beyond the family’s controlD. decrease when a family member becomes unemployedE. decrease when a family member experiences an increase in income5. Which of the following describes what will happen to market price and quantity if firms in a perfectly competitive market form a cartel and act as a profit-maximizing monopoly?Price QuantityA. Decrease DecreaseB. Decrease IncreaseC. Increase IncreaseD. Increase DecreaseE. Increase No change6. Quantity Produced Total Cost0 $51 172 283 414 615 91Barney’s Bait Company can sell all the lures it produces at the market price of $14. On the basis of the cost information in the table above, how many lures should the bait company make?A. 1B. 2C. 3D. 4E. 57. A natural monopoly occurs in an industry ifA. economies of scale allow at most one firm of efficient size to exist in that marketB. a single firm has control over a scarce and essential resourceC. a single firm produces inputs for use by other firmsD. a single firm has the technology to produce the product sold in that marketE. above-normal profits persist in the industry8. The typical firm in a monopolistically competitive industry earns zero profit inlong-run equilibrium becauseA. advertising costs make monopolistic competition a high-cost market structure rather than a low-cost market structureB. the firms in the industry do not operate at the minimum point on their long-run average cost curvesC. there are no restrictions on entering or exiting from the industryD. the firms in the industry are unable to engage in product differentiationE. there are close substitutes for each firm’s product9. Which of the following inevitably causes a shift in the market demand for workers with a certain skill?A. An increase in the demand for goods produced by these workersB. A decrease in tax rates on the income of these workersC. An increase in the equilibrium wages received by these workersD. An increase in the supply of these workersE. The creation of a federally subsidized program to train new workers10. If hiring an additional worker would increase a firm’s total cost by less than it would increase its total revenue, the firm shouldA. not hire the workerB. hire the workerC. hire the worker only if another worker leaves or is hiredD. hire the worker only if the worker can raise the firm’s productivityE. reduce the number of workers employed by the firm11. If a firm wants to produce a given amount of output at the lowest possible cost, it should use each resource in such a manner thatA. it uses more of the less expensive resourceB. it uses more of the resource with the highest marginal productC. each resource has just reached the point of diminishing marginal returnsD. the marginal products of each resource are equalE. the marginal products per dollar spent on each resource are equal12. In which of the following ways does the United States government currently intervene in the working of the market economy?I.It produces certain goods and services.II.It regulated the private sector to achieve a more efficient allocation of resources. III.It redistributes income through taxation and public expenditures.A. ⅠonlyB. Ⅱ onlyC. Ⅲ onlyD. Ⅱ and Ⅲ onlyE. Ⅰ, Ⅱ, and Ⅲ13. If it were possible to increase the output of military goods and simultaneously toincrease the output of the private sector of an economy, which of the following statements about the economy and its current position relative to its production possibilities curve would be true?A. The economy is inefficient and inside the curve.B. The economy is inefficient and on the curve.C. The economy is efficient and on the curve.D. The economy is efficient and inside the curve.E. The economy is efficient and outside the curve.14. An effective price floor introduced in the market for rice will result inA. a decrease in the price of rice and an increase in the quantity of rice soldB. a decrease in the price of rice and a decrease in the quantity of rice soldC. a decrease in the price of rice and an excess demand for riceD. an increase in the price of rice and an excess supply of riceE. an increase in the price of rice and an excess demand for rice15. Marginal revenue is the change in revenue that results from a one-unit increase in theA. variable inputB. variable input priceC. output levelD. output priceE. fixed cost16. A leftward shift in the supply curve of corn would result fromA. a decrease in the price of cornB. a decrease in the price of farm machineryC. an increase in the demand for corn breadD. an increase in the labor costs of producing cornE. an increase in consumers’ incomes17. The diagram above d epicts costs and revenue curves for a firm. What are the firm’s profit-maximizing output and price? Output Price A. 0S 0D B. 0R 0E C. 0Q 0F D. 0Q 0B E. 0P 0G18. The government is considering imposing a 3 percent tax on either good A or good B. In order to generate the largest revenue, the tax should be imposed on the good for whichA. demand is perfectly elasticB. demand is perfectly inelasticC. demand is unit elasticD. supply is perfectly elasticE. supply is unit elastic19. Which of the following statements has to be true in a perfectly competitive market? A. A firm’s marginal revenue equals price.B. A firm’s average total cost is above price in the long run.C. A firm’s average fixed cost rises in the short run.D. A firm’s average variable cost is higher than price in the long run.E. Large firms have lower costs than small firms.20. Assume that an electric power company owns two plants and that, on a particular day, 10,000 kilowatts of electricity are demanded by the public. In order to minimize the total cost of providing the 10,000 kilowatts, the company should allocate productionDemandMarginal Revenue Marginal CostAverage Total CostKJI HP Q R SG F E D C BANL Mso thatA. marginal costs are the same for both plantsB. average total costs are the same for both plantsC. total variable costs are the same for both plantsD. the sum of total variable cost and total fixed cost is the same for both plantsE. only the plant with the lower average cost is used to produce the 10,000 kilowatts of electricity21. Suppose that the consumption of a certain product results in benefits to others besides the consumers of the product. Which of the following statements is most likely to be true?A. The demand for the product is price inelastic.B. A perfectly competitive industry will not produce the optimal quantity of the product.C. A perfectly competitive industry will not produce the product.D. Optimality requires that consumers of this product be taxed.E. Producers of this product earn an economic profit.Questions 22-23 are based on the table below, which lists the total output of workers in Greta’s Jacket Shop.22. Which of the following is the marginal product of the fourth worker?A. 4B. 5C. 6D. 28E. 11223. Greta already employs 3 workers. If the price of jackets is $5 and the wage rate is $25, she shouldA. go out of business altogetherB. lay off the third workerC. keep the third worker but not employ more workersD. hire two more workersE. hire one more workers24. A city council is deciding what price to set for a trip on the city’s commuter train line. If the council wants to maximize profits, it will set a price so thatA. price equals marginal costB. price equals average costC. price equals marginal revenueD. marginal revenue equals marginal costE. marginal revenue equals average total cost25. The demand curve for cars is downward sloping because an increase in the price of cars leads toA. the increased use of other modes of transportationB. a fall in the expected future price of carsC. a decrease in the number of cars available for purchaseD. a rise in the prices of gasoline and other oil-based productsE. a change in consumers’ tastes in cars26. Which of the following best explains the shape of the production possibilities curve for the two-commodity economy shown above?A. The opportunity cost of procuring an additional unit of each commodity stays the same as production of the commodity expands.B. The opportunity cost of producing an additional unit of each commodity decreases as production of the commodity expands.C. The opportunity cost of producing an additional unit of each commodity increases as production of the commodity expands.D. The quantity demanded of each commodity decreases as consumption of the commodity increases.E. The quantity demanded of each commodity increases as the production of the commodity expands.27. In the long run, compared with a perfectly competitive firm, a monopolistically competitive firm with the same costs will have A. a higher price and higher output B. a higher price and lower output C. a lower price and higher output D. a lower price and lower output E. the same price and lower output0 QUANTITY OF COMMODITY 2Q U A N T I T Y O F C O M M O D I T Y 128. Assume that products X and Y are substitutes. If the cost of producing X decreases and the price of Y increases, which of the following will occur to the equilibrium price and quantity of X?Price of X Quantity of XA. Increase IncreaseB. Increase DecreaseC. Increase Increase or decreaseD. Increase or decrease IncreaseE. Decrease Decrease29. Suppose that an effective minimum wage is imposed in a certain labor market above the equilibrium wages. If labor supply in that market subsequently increases, which of the following will occur?A. Unemployment in that market will increase.B. Quantity of labor supplied will decrease.C. Quantity of labor demanded will increase.D. Market demand will increase.E. The market wage will increase.30. Imperfectly competitive firms may be allocatively inefficient because they produce at a level of output such thatA. average cost is at a minimumB. price equals marginal revenueC. marginal revenue is greater than marginal costD. price equals marginal costE. price is greater than marginal costQuestions 31-33 are based on the table below, which shows a firm’s total cost for different levels of output.31. Which of the following is the firm’s marginal cost of producing the fourth unit of output?A. $54.00B. $13.00C. $7.50D. $6.00E. $1.5032. Which of the following is the firm’s average total cost of producing 3 units of output?A. $48.00B. $16.00C. $14.00D. $13.00E. $7.0033. Which of the following is the firm’s average fixed cost of producing 2 units of output?A. $24.00B. $20.50C. $12.00D. $8.00E. $7.5034. In the short run, if the product price of a perfectly competitive firm is less than the minimum average variable cost, the firm willA. raise its priceB. increase its outputC. decrease its output slightly but increase its profit marginD. lose money by continuing to produce than by shutting downE. lose less by continuing to produce than by shutting down35. Which of the following statements is true of perfectly competitive firms in long-run equilibrium?A. Firm revenues will decrease if production is increased.B. Total firm revenues are at a maximum.C. Average fixed cost equals marginal cost.D. Average total cost s at a minimum.E. Average variable cost is greater than marginal cost.36. Assume that both input and product markets are competitive. If the product price rises, in the short run firms will increase production by increasingA. the stock of fixed capital until marginal revenue equals the product priceB. the stock of fixed capital until the average product of capital equals the price of capitalC. labor input until the marginal revenue product of labor equals the wage rateD. labor input until the marginal product of labor equals the wage rateE. labor input until the ratio of product price to the marginal product of labor equals the wage rate37. Half of the inhabitants of an island oppose building a new bridge to the mainland, since they say it will destroy the island’s qua int atmosphere. The economic concept thatis most relevant to the decision of whether or not to build the bridge isA. externalitiesB. natural monopolyC. economic rentD. imperfect competitionE. perfect competition38. Which of the following best states the thesis of the law of comparative advantage?A. Differences in relative costs of production are the key to determining patterns of trade.B. Difference in absolute costs of production determine which goods should be traded between nations.C. Tariffs and quotas are beneficial in increasing international competitiveness.D. Nations should not specialize in the production of goods and services.E. Two nations will not trade if one is more efficient than the other in the production of all goods.39. A student who attends college would pay $10,000 annually for tuition, books, and fees. If the student’s next best alternative is to work and earn $15,000 a year, the opportunity cost of a year in college would be equal toA. zero, since the lost opportunity to earn income is offset by the opportunity to attend collegeB. $5,000, representing the difference between forgone income and college costsC. $10,000, since opportunity costs include only actual cash outlaysD. $15,000, representing forgone income, since the costs of tuition, books, and fees will be more than offset by additional income earned after graduationE. $25,000, representing the sum of tuition, books, fees and forgone income.40. If an increase in the price of good X causes a drop in demand for good Y, good Y isA. an inferior goodB. a luxury goodC. a necessary goodD. a substitute for good XE. a complement to good X41. An improvement in production technology for a certain good leads toA. an increase in demand for the goodB. an increase in the supply of the goodC. an increase in the price of the goodD. a shortage of the goodE. a surplus of the good42. A firm doubles all of its inputs and finds that it has more than doubled its output. This situation is an example ofA. increasing marginal returnsB. diminishing marginal returnsC. constant returns to scaleD. increasing returns to scaleE. decreasing returns to scale43. Reducing the tariff on Canadian beer sold in the United States will most likely have which of the following effects on the market for beer produced and sold in the United States?A. The quantity of United States beer purchased will increase.B. Total expenditure on United Stats beer will increase.C. The supply of United States beer will increase.D. The price of United States beer will decrease.E. More workers will be employed in the production of United States beer.44. Suppose that the license paid by each business to operate in a city increases from $400 per year to $500 per year. What effect will this increase hav e on a firm’s short-run costs?Marginal Cost Average Total Cost Average Variable CostA. Increase Increase IncreaseB. Increase Increase No effectC. No effect No effect No effectD. No effect Increase IncreaseE. No effect Increase No effect45. In a perfectly competitive market, an individual farmer intending to increase her revenue decides to increase the price of her crop by 20 percent. As a result her total revenue willA. decreaseB. stay the sameC. increase by less than 20 percentD. increase by 20 percentE. increase by more than 20 percent46. If the supply of a factor of production is fixed, which of the following will be true of its price?A. Supply is irrelevant to the determination of factor price.B. A positive factor price cannot be justified on economic grounds.C. Factor price will be determined by the demand for the fixed amount of the factor.D. Factor price will not be determined by supply and demand analysis.E. Factor price will be zero, since no payment is necessary to secure the services of the factor.47. Which of the following is true if a perfectly competitive industry is earning zeroeconomic profits in the long run?A. The level of investment in long-run equilibrium is greater than the efficient level.B. Relatively few firms are able to survive the competitive pressures in the long run.C. Some firms will be forced to transfer their resources to more lucrative uses.D. The resources invested in this industry are earning at least as high a return as the would in any alternative use.E. Firms will exit until economic profits become positive.48. The figure above shows cost and revenue curves for public regulated power company and three possible prices for its output. Which of the following statements about those prices is most accurate?A. If P1 were approved, regulation would not be needed and the company would have every incentive to lower rates to P2B. P1 is inefficient; it is better to have several utilities serve the area than to approve P1C. P2 is ideal; it gives stockholders the maximum rate of return and protects consumers from exploitation.D. P3 would maximize consumer welfare; greater electric use at this low rate would guarantee stockholders a fair rate of return.E. P3 would maximize consumer welfare, but a public subsidy would be needed to keep company in business.49. NOT SCORED*50. In a market economy , public goods such as community police protection are unlikely to be provided in sufficient quantity by the private sector becauseA. private firms are less efficient at producing public goods than is the governmentB. the use of public goods cannot be withheld from those who do not pay for themC. consumers lack information about the benefits of public goodsMarginalRevenue Average Total Cost Marginal Cost DemandQuantityPriceP 1P 2P 3D. consumers do not value public goods highly enough for firms to produce them profitablyE. public goods are inherently too important to be left to private firms to produce* This question was not scored. Therefore, the maximum number of multiple-choice questions that candidates could answer correctly was 49.。

Microeconomics and Macroeconomics 宏观经济与微观经济的区分以及案例分析教程文件

M i c r o e c o n o m i c sa n dM a c r o e c o n o m i c s宏观经济与微观经济的区分以及案例分析●Macroeconomics1. A branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole, rather than individual markets.2.Basic concepts:✓Output and income✓Unemployment✓Inflation and deflation.3.It studies aggregated indicators such as:✓GDP (gross domestic product): the market value of all officially recognized final goods and services produced within a country in a year, or other given period of time. GDP percapita is often considered an indicator of a country's standard of living.✓Unemployment rate:"Unemployed workers" are those who are currently not working but are willing and able to work for pay, currently available to work, and have actively searched for work.✓Price indexes:1. CPI (Consumer price index): measures changes in the price level of a marketbasket of consumer goods and services purchased by households. Goods listed in the CPI include food and beverages, transportation, housing, clothing, medical care, recreation, education and communication, and other goods and services.2. PPI (Producer price index): measures the average changes in prices received by domestic producers for their output.➢Macroeconomists develop models that explain the relationship between such factors as national income, output, consumption, unemployment, inflation, savings, investment,international trade and international finance.➢Macroeconomics policy:✓Monetary policy(interest rates)✓Fiscal policy (tax structure and government spending)●Microeconomics➢ A branch of economics that studies the behavior of individuals and small impacting players in making decisions on the allocation of limited resources.➢It applies to markets where goods or services are bought and sold. Microeconomics examines how these decisions and behaviors affect the supply and demand for goods and services,which determines prices, and how prices, in turn, determine the quantity supplied andquantity demanded of goods and services.➢It studies the topics as follows:✓Demand, supply, and equilibrium(market price): price is a market’s automatic regulator.✓Measurement of elasticities:✧The ratio of the percentage change in one variable to the percentage change inanother variable, when the latter variable has a causal influence on the former.✧Price elasticity of demand: a measure of the responsiveness of the quantitydemanded of a good to a change in its price when all other influences on buyers’plans remain the same.Percentage change in price=[(new price-initial price)/initial price]*100Percentage change in quantity=[(new quantity-initial quantity)/initial quantity]*100(-)<draw out the pics for each situation: 2 Yuan for each pic>Elastic demand: (dQ/Q)>(dP/P) or e>1Unit elastic demand: (dQ/Q)=(dP/P) or e=1Inelastic demand:(dQ/Q)<(dP/P) or e<1Perfectly elastic demand:(dQ/Q→∞)/(dP/P=0)Perfectly inelastic demand:dQ/Q=constantInfluences on the price elasticity of demand:1)availability of substitutes:Luxury VS necessity;Narrowness of definition;Time elapsed since price change2)proportion of income spent: the greater the proportion of income spent on a good,the greater is the impact of a rise in its price on the quantity of that good that peoplecan afford to buy and the more elastic is the demand for the good.✧price elasticity of supply (+) (for self learning)✧income elasticity of demand:>1 (normal good, income elastic)<1 (normal good, income inelastic)<0 (inferior good)✓Four elements of private enterprise: private property rights, freedom of choice, profits, and competition.✧Perfect competition: markets such that no participants are large enough to have the marketpower to set the price of a single product.✧Monopolistic competition: market or industry characterized by numerous buyers andrelatively numerous sellers trying to differentiate their products from those competitors.✧Monopoly: a single company is the only supplier of a particular commodity.✧Oligopoly: a market or industry is dominated by a small number of sellers (oligopolists).Four Different Types of Competition✓Game theory: the study of mathematical models of conflict and cooperation between intelligent rational decision-makers.Common Measures Used to Evaluate a Nation’s Economic Health。

ap microeconomics 重点知识点超全整理 -回复

ap microeconomics 重点知识点超全整理-回复请注意，由于系统限制，我无法一次性提供一篇这样长的文章。

我将为您提供大纲，您可以根据大纲的指导编写文章。

大纲：
I. 简介
- 简要介绍AP微观经济学以及其重要性
II. 公司行为
- 理解供给和需求曲线
- 了解边际效用和边际成本的概念
- 探索生产者和消费者剩余
- 分析市场均衡和价格弹性
III. 市场结构
- 介绍完全竞争市场和垄断市场
- 讨论垄断力量对价格和产量的影响
- 分析垄断定价和其他市场形式
IV. 市场失灵
- 探讨外部性和公共物品的特征
- 研究市场干预的原因和影响
- 分析信息不完全和市场失灵的原因
V. 收入分配和贫困
- 讨论收入分布和贫困率的概念
- 探索贫富差距的形成原因
- 分析政府的干预措施，如福利和最低工资法
VI. 国际贸易
- 了解国际贸易的利弊
- 掌握比较优势理论
- 研究关税和配额对国际贸易的影响
VII. 联立方程
- 了解如何处理联立方程组
- 探索均衡和偏移量的概念
- 运用个案分析解决实际问题
VIII. 判断题和论文写作技巧
- 提供判断题的解题技巧
- 介绍论文写作的结构和技巧
IX. 考试准备和复习技巧
- 提供复习的有效方法
- 强调实践题目和模拟考试的重要性
X. 结论
- 简要总结AP微观经济学的重点知识点
- 强调自学和实践的重要性
根据以上大纲，你可以逐步展开你的文章，对每个主题进行更详细的解释和分析。

曼昆微观名词解释

Microeconomic ReviewUtility is simply a way of describing preferences.A Utility Function is a way of assigning a number to every possible consumption bundle such thatmore-preferred bundles get assigned larger numbers than less-preferred bundlesOrdinal Utility: The magnitude of the utility function is only important to rank the diﬀerentconsumption bundles; the size of the utility diﬀerence between any two consumption bundlesdoesn’t matter.Monotonic Transformation is a way of transforming one set of numbers into another set of numbers in a way that preserves the order of the numbers.a monotonic transformation of a utility function is a utility function that represents the samepreferences as the original utility function.Cardinal Utility: attach a signiﬁcance to the magnitude of utility.A utility function is simply a way to represent or summarize a preference ordering. The numericalmagnitudes of utility levels have no intrinsic meaning.Optimal Choice: the indiﬀerence curve is tangent to the budget line.Demand Functions give the optimal amounts of each of the goods as a function of the prices and income faced by the consumerNormal Goods: the demand for it increases when income increases.Inferior Good: the demand for it decreases when income increases.Engel curve is a graph of the demand for one of the goods as a function of income, with all prices being held constant.an increase in income corresponds to shi!ing the budget line outward in a parallel manner. We can connect together the demanded bundles that we get as we shi! the budget line outward to construct the income oﬀer curve.Ordinary Good: the demand for a good increases when its price decreases.Giﬀen Good: the demand for it decreases when its price decreases.Suppose that we let the price of good 1 change while we hold and income ﬁxed. Geometrically this involves pivoting the budget line. We can connect together the optimal points to construct the price oﬀer curve.Demand Curve: hold the price of good 2 and money income ﬁxed, and for each diﬀerent value of plot the optimal level of consumption of good 1.If the demand for good 1 increases when the price of good 2 increases, then good 1 is a substitute for good 2. If the demand for good 1 decreases in this situation, then it is a complement for good 2.When the price of a good changes, there are two sorts of eﬀects: the rate at which you can exchange one good for another changes(substitution e!ect), and the total purchasing power of your income is altered(income e!ect).This “pivot-shi"” operation gives us a convenient way to decompose the change in demand into two pieces. The ﬁrst step—the pivot—is a movement where the slope of the budget line changes while its purchasing power stays constant, while the second step is a movement where the slope stays constant and the purchasing power changesthe substitution eﬀect must always be negative—opposite the change in the price—the incomeeﬀect can go either way. Thus the total eﬀect may be positive or negative.Thus a Giﬀen good must be an inferior good. But an inferior good is not necessarily a Giﬀen good The Law of Demand: If the demand for a good increases when income increases, then the demand for that good must decrease when its price increases.Hicks substitution e!ect: Suppose that instead of pivoting the budget line around the original consumption bundle, we now roll the budget line around the indiﬀerence curve through the original consumption bundleThus the Hicks substitution eﬀect keeps utility constant rather than keeping purchasing power constant.When the price of a good decreases, there will be two eﬀects on consumption. The change in relative prices makes the consumer want to consume more of the cheaper good. The increase in purchasing power due to the lower price may increase or decrease consumption, depending on whether the good is a normal good or an inferior good.The change in demand due to the change in relative prices is called the substitution eﬀect; the change due to the change in purchasing power is called the income eﬀect.Economics is the study of how society manages its scarce resourcesScarcity the limited nature of society’s resourcesThe opportunity cost of an item is what you give up to get that itemA market is a group of buyers and sellers of a particular good or service.Economists use the term competitive market to describe a market in which there are so many buyers and so many sellers that each has a negligible impact on the market price.Perfectly Competitive: To reach this highest form of competition, a market must have two characteristics: (1) The goods o"ered for sale are all exactly the same, and (2) the buyers and sellers are so numerous that no single buyer or seller has any influence over the market price.Because buyers and sellers in perfectly competitive markets must accept the price the market determines, they are said to be price takers.Some markets have only one seller, and this seller sets the price. Such a seller is called a monopoly. The quantity demanded of any good is the amount of the good that buyers are willing and able to purchase.The line relating price and quantity demanded is called the demand curvemarket demand, the sum of all the individual demands for a particular good or service. Thus, the market demand curve is found by adding horizontally the individual demand curves.Any change that raises the quantity that buyers wish to purchase at any given price shi"s the demand curve to the right. Any change that lowers the quantity that buyers wish to purchase at any given price shi!s the demand curve to the le!.a change in the good’s price represents a movement along the demand curve, whereas a change in one of the other variables shi!s the demand curve.The quantity supplied of any good or service is the amount that sellers are willing and able to sell. The curve relating price and quantity supplied is called the supply curvea change in the good’s price represents a movement along the supply curve, whereas a change in one of the other variables shi!s the supply curve.Notice that there is one point at which the supply and demand curves intersect. This point is called the market’s equilibrium. The price at this intersection is called the equilibrium price, and the quantity is called the equilibrium quantityAt the equilibrium price, the quantity of the good that buyers are willing and able to buy exactly balances the quantity that sellers are willing and able to sell. The equilibrium price is sometimes called the market-clearing price because, at this price, everyone in the market has been satisfied: Buyers have bought all they want to buy, and sellers have sold all they want to sella shi! in the supply curve is called a “change in supply,” and a shi! in the demand curve is called a “change in demand.” A movement along a fixed supply curve is called a “change in the quantity supplied,” and a movement along a fixed demand curve is called a “change in the quantity demanded.”The price elasticity of demand measures how much the quantity demanded responds to a change in price. Demand for a good is said to be elastic if the quantity demanded responds substantially to changes in the price. Demand is said to be inelastic if the quantity demanded responds only slightly to changes in the price.Necessities versus Luxuries Necessities tend to have inelastic demands, whereas luxuries have elastic demandsTotal revenueWhen demand is inelastic (a price elasticity less than 1), price and total revenue move in the samedirection: If the price increases, total revenue also increases.When demand is elastic (a price elasticity greater than 1), price and total revenue move inopposite directions: If the price increases, total revenue decreases.If demand is unit elastic (a price elasticity exactly equal to 1), total revenue remains constant when the price changes.The income elasticity of demand measures how the quantity demanded changes as consumer income changesMost goods are normal goods: Higher income raises the quantity demanded. Because quantity demanded and income move in the same direction, normal goods have positive incomeelasticities.A few goods, such as bus rides, are inferior goods: Higher income lowers the quantity demanded.Because quantity demanded and income move in opposite directions, inferior goods havenegative income elasticities.Necessities, such as food and clothing, tend to have small income elasticities because consumers choose to buy some of these goods even when their incomes are low.Luxuries, such as caviar and diamonds, tend to have large income elasticities because consumers feel that they can do without these goods altogether if their incomes are too low.The cross-price elasticity of demand measures how the quantity demanded of one good responds to a change in the price of another good.Substitute : positiveComplement : negativeThe price elasticity of supply measures how much the quantity supplied responds to changes in the price.禁令Because the price is not allowed to rise above this level, the legislated maximum is called a price ceilingBecause the price cannot fall below this level, the legislated minimum is called a price floor.When the government imposes a binding price ceiling on a competitive market, a shortage of the good arises, and sellers must ration the scarce goods among the large number of potential buyers.Taxes discourage market activity. When a good is taxed, the quantity of the good sold is smaller in the new equilibrium.Buyers and sellers share the burden of taxes. In the new equilibrium, buyers pay more for the good, and sellers receive less.The incidence of a tax depends on the price elasticities of supply and demand. Most of the burden falls on the side of the market that is less elastic because that side of the market cannot respond as easily to the tax by changing the quantity bought or sold.welfare economics the study of how the allocation of resources a"ects economic well-being willingness to pay: the maximum amount that a buyer will pay for a goodConsumer surplus is the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it. Consumer surplus measures the benefit buyers receive from participating in a market.The area below the demand curve and above the price measures the consumer surplus in a market. Producer surplus is the amount a seller is paid minus the cost of production. Producer surplus measures the benefit sellers receive from participating in a market.The area below the price and above the supply curve measures the producer surplus in a market.externalities: buyers and sellers may ignore some side e"ects when deciding how much to consume and produce, the equilibrium in a market can be ine"icient from the standpoint of society as a whole. market failure—the inability of some unregulated markets to allocate resources e"iciently. deadweight loss: the fall in total surplus that results from a market distortion, such as a taxTaxes cause deadweight losses because they prevent buyers and sellers from realizing some of the gains from trade.the greater the elasticities of supply and demand, the greater the deadweight loss of a tax.A tax on a good reduces the welfare of buyers and sellers of the good, and the reduction in consumer and producer surplus usually exceeds the revenue raised by the government. The fall in total surplus—the sum of consumer surplus, producer surplus, and tax revenue—is called the deadweight loss of the tax.Taxes have deadweight losses because they cause buyers to consume less and sellers to produce less, and these changes in behavior shrink the size of the market below the level that maximizes total surplus. Because the elasticities of supply and demand measure how much market participants respond to market conditions, larger elasticities imply larger deadweight losses.As a tax grows larger, it distorts incentives more, and its deadweight loss grows larger. Because a tax reduces the size of the market, however, tax revenue does not continually increase. It first rises with the size of a tax, but if the tax gets large enough, tax revenue starts to fall.An externality arises when a person engages in an activity that influences the well-being of a bystander but neither pays nor receives compensation for that e"ect.If the impact on the bystander is adverse, it is called a negative externality.If it is beneficial, it is called a positive externalityinternalizing the externality altering incentives so that people take account of the external e"ects of their actionsNegative externalities lead markets to produce a larger quantity than is socially desirable. Positive externalities lead markets to produce a smaller quantity than is socially desirable. To remedy the problem, the government can internalize the externality by taxing goods that have negative externalities and subsidizing goods that have positive externalities.Coase theorem: the proposition that if private parties can bargain without cost over the allocation of resources, they can solve the problem of externalities on their ownThe Coase theorem says that private economic actors can potentially solve the problem of externalities among themselves. Whatever the initial distribution of rights, the interested parties can reach a bargain in which everyone is better o" and the outcome is e"icient.Governments pursue various policies to remedy the ine"iciencies caused by externalities. Sometimes the government prevents socially ine"icient activity by regulating behavior. Other times it internalizes an externality using corrective taxes. Another public policy is to issue permits. For example, the government could protect the environment by issuing a limited number of pollution permits. The result of this policy is largely the same as imposing corrective taxes on polluters.Excludability the property of a good whereby a person can be prevented from using itRivalry in consumption the property of a good whereby one person’s use diminishes other people’s usePrivate goods are both excludable and rival in consumption.Public goods are neither excludable nor rival in consumption.Common resources are rival in consumption but not excludableClub goods are excludable but not rival in consumptionfree rider a person who receives the benefit of a good but avoids paying for itBecause public goods are not excludable, the free-rider problem prevents the private market from supplying them. The government, however, can potentially remedy the problem. If the government decides that the total benefits of a public good exceed its costs, it can provide the public good, pay for it with tax revenue, and make everyone better o".Public goods are neither rival in consumption nor excludable. Examples of public goods include fireworks displays, national defense, and the creation of fundamental knowledge. Because people are not charged for their use of the public good, they have an incentive to free ride, making private provision of the good untenable. Therefore, governments provide public goods, basing their decision about the quantity of each good on cost–benefit analysis.Common resources are rival in consumption but not excludable. Examples include common grazing land, clean air, and congested roads. Because people are not charged for their use of common resources, they tend to use them excessively. Therefore, governments use various methods to limit the use of common resources.Total Revenue the amount a firm receives for the sale of its outputTotal Cost the market value of the inputs a firm uses in productionProfit total revenue minus total costExplicit Costs input costs that require an outlay of money by the firmImplicit Costs input costs that do not require an outlay of money by the firmEconomic Profit total revenue minus total cost, including both explicit and implicit costs Accounting Profit total revenue minus total explicit costProduction Function the relationship between quantity of inputs used to make a good and the quantity of output of that goodMarginal Product the increase in output that arises from an additional unit of inputDiminishing Marginal Product the property whereby the marginal product of an input declines as the quantity of the input increasesFixed Costs costs that do not vary with the quantity of output producedVariable Costs costs that vary with the quantity of output producedAverage Total Cost total cost divided by the quantity of outputAverage Fixed Cost fixed cost divided by the quantity of outputAverage Variable Cost variable cost divided by the quantity of outputMarginal Cost the increase in total cost that arises from an extra unit of productionE!icient Scale the quantity of output that minimizes average total costWhenever marginal cost is less than average total cost, average total cost is falling. Whenever marginal cost is greater than average total cost, average total cost is rising.The marginal-cost curve crosses the average-total-cost curve at its minimum.Marginal cost eventually rises with the quantity of output.The average-total-cost curve is U-shaped.The marginal-cost curve crosses the average-total-cost curve at the minimum of average total cost.Economies Of Scale the property whereby long-run average total cost falls as the quantity ofoutput increasesDiseconomies Of Scale the property whereby long-run average total cost rises as the quantity of output increasesConstant Returns to scale the property whereby long-run average total cost stays the same as the quantity of output changesCompetitive Market a market with many buyers and sellers trading identical products so that each buyer and seller is a price taker.There are many buyers and many sellers in the market.The goods o"ered by the various sellers are largely the same.Firms can freely enter or exit the market.For all types of firms, average revenue equals the price of the good.For competitive firms, marginal revenue equals the price of the good.If marginal revenue is greater than marginal cost, the firm should increase its output.If marginal cost is greater than marginal revenue, the firm should decrease its output.At the profit-maximizing level of output, marginal revenue and marginal cost are exactly equal. In essence, because the firm’s marginal-cost curve determines the quantity of the good the firm is willing to supply at any price, the marginal-cost curve is also the competitive firm’s supply curve.A shutdown refers to a short-run decision not to produce anything during a specific period of time because of current market conditions. Exit refers to a long-run decision to leave the market. The short-run and long-run decisions di"er because most firms cannot avoid their fixed costs in the short run but can do so in the long run. That is, a firm that shuts down temporarily still has to pay its fixed costs, whereas a firm that exits the market does not have to pay any costs at all, fixed or variable.The competitive firm’s short-run supply curve is the portion of its marginal-cost curve that lies above average variable cost.The competitive firm’s long-run supply curve is the portion of its marginal-cost curve that lies above average total cost.the firm shuts down if the revenue that it would earn from producing is less than its variable costs of production.sunk cost a cost that has already been committed and cannot be recoveredEconomic Profit is zero, but Accounting Profit is positiveIn the short run when a firm cannot recover its fixed costs, the firm will choose to shut down temporarily if the price of the good is less than average variable cost. In the long run when the firm can recover both fixed and variable costs, it will choose to exit if the price is less than average total cost.In a market with free entry and exit, profit is driven to zero in the long run. In this long-run equilibrium, all firms produce at the e"icient scale, price equals the minimum of average total cost, and the number of firms adjusts to satisfy the quantity demanded at this price.Changes in demand have di"erent e"ects over di"erent time horizons. In the short run, an increase in demand raises prices and leads to profits, and a decrease in demand lowers prices and leads to losses. But if firms can freely enter and exit the market, then in the long run, the number of firms adjusts to drive the market back to the zero-profit equilibrium.a competitive firm is a price taker, a monopoly firm is a price makerBarriers to Entry: A monopoly remains the only seller in its market because other firms cannot enter the market and compete with it. Barriers to entry, in turn, have three main sources: Monopoly resources: A key resource required for production is owned by a single firm.Government regulation: The government gives a single firm the exclusive right to produce some good or service.The patent and copyright laws are two important examplesThe production process: A single firm can produce output at a lower cost than can a largernumber of firms.Natural Monopoly a monopoly that arises because a single firm can supply a good or service to an entire market at a smaller cost than could two or more firmsthe monopolist’s profit-maximizing quantity of output is determined by the intersection of the marginalrevenue curve and the marginal-cost curve.Price Discrimination the business practice of selling the same good at di"erent prices to di"erent customersPerfect price discrimination describes a situation in which the monopolist knows exactly each customer’s willingness to pay and can charge each customer a di"erent price.monopolists price discriminate by charging di!erent prices to the same customer for di!erent units that the customer buys.Public Policy toward MonopoliesBy trying to make monopolized industries more competitive.Increasing Competition with Antitrust Laws (cost:synergies)By regulating the behavior of the monopolies.By turning some private monopolies into public enterprises.Public OwnershipBy doing nothing at all.oligopoly a market structure in which only a few sellers o"er similar or identical products monopolistic competition a market structure in which many firms sell products that are similar but not identicalMany sellers: There are many firms competing for the same group of customers.Product di"erentiation: Each firm produces a product that is at least slightly di"erent from those of other firms. Thus, rather than being a price taker, each firm faces a downward-sloping demand curve.Free entry and exit: Firms can enter or exit the market without restriction. Thus, the number of firms in the market adjusts until economic profits are driven to zero.The long-run equilibrium in a monopolistically competitive market di"ers from that in a perfectly competitive market in two related ways.First, each firm in a monopolistically competitive market has excess capacity. That is, it chooses a quantity that puts it on the downward-sloping portion of the average-total-cost curve.Second, each firm charges a price above marginal cost.Game Theory the study of how people behave in strategic situationCollusion an agreement among firms in a market about quantities to produce or prices to charge Cartel a group of firms acting in unisonNash equilibrium a situation in which economic actors interacting with one another each choose their best strategy given the strategies that all the other actors have chosenOligopolists maximize their total profits by forming a cartel and acting like a monopolist. Yet, if oligopolists make decisions about production levels individually, the result is a greater quantity and a lower price than under the monopoly outcome. The larger the number of firms in the oligopoly, the closer the quantity and price will be to the levels that would prevail under perfect competition. Capital the equipment and structures used to produce goods and servicesIn many economic transactions, information is asymmetric. When there are hidden actions, principals may be concerned that agents su"er from the problem of moral hazard. When there are hidden characteristics, buyers may be concerned about the problem of adverse selection among the sellers. Private markets sometimes deal with asymmetric information with signaling and screening.。

国外微观经济学教材中英文专有名词及解释_Microeconomics-Key_Terms

Microeconomics - Key TermsGlossaryChapter 1business cycle fluctuations in economic activity, such as employment and production economics the study of how society manages its scarce resourcesefficiency the property of society getting the most it can from its scarce resourcesequity the property of distributing economic prosperity fairly among the members ofsocietyexternality the impact of one person’s actions on the well-being of a bystanderincentive something that induces a person to actinflation an increase in the overall level of prices in the economymarginal changes small incremental adjustments to a plan of actionmarket economy an economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and servicesmarket failure a situation in which a market left on its own fails to allocate resources efficiently market power the ability of a single economic actor (or small group of actors) to have asubstantial influence on market pricesopportunity cost whatever must be given up to obtain some itemproductivity the quantity of goods and services produced from each hour of a worker’s time property rights the ability of an individual to own and exercise control over scarce resources rational people people who systematically and purposefully do the best they can to achieve their objectivesscarcity the limited nature of society’s resourcesChapter 2circular-flow diagram a visual model of the economy that shows how dollars flow through markets among households and firmsmacroeconomics the study of economy wide phenomena, including inflation, unemployment, and economic growthmicroeconomics the study of how households and firms make decisions and how they interact in marketsnormativestatementsclaims that attempt to prescribe how the world should bepositivestatementsclaims that attempt to describe the world as it isproduction possibilities frontier a graph that shows the combinations of output that the economy can possibly produce given the available factors of production and the available production technologyChapter 3absoluteadvantagethe ability to produce a good using fewer inputs than another producercomparativeadvantagethe ability to produce a good at a lower opportunity cost than another producer exports goods produced domestically and sold abroadimports goods produced abroad and sold domesticallyopportunitycostwhatever must be given up to obtain some itemChapter 4competitive market a market in which there are many buyers and many sellers so that each has a negligible impact on the market pricecomplements two goods for which an increase in the price of one leads to a decrease in the demand for the otherdemandcurvea graph of the relationship between the price of a good and the quantity demandeddemand schedule a table that shows the relationship between the price of a good and the quantity demandedequilibrium a situation in which the market price has reached the level at which quantity supplied equals quantity demandedequilibriumpricethe price that balances quantity supplied and quantity demandedequilibriumquantitythe quantity supplied and the quantity demanded at the equilibrium priceinferior good a good for which, other things equal, an increase in income leads to a decrease in demandlaw of demand the claim that, other things equal, the quantity demanded of a good falls when the price of the good riseslaw of supply the claim that, other things equal, the quantity supplied of a good rises when the price of the good riseslaw of supply and demand the claim that the price of any good adjusts to bring the quantity supplied and the quantity demanded for that good into balancemarket a group of buyers and sellers of a particular good or servicenormal good a good for which, other things equal, an increase in income leads to an increase indemandquantity demanded the amount of a good that buyers are willing and able to purchasequantity supplied the amount of a good that sellers are willing and able to sellshortagea situation in which quantity demanded is greater than quantity suppliedsubstitutes two goods for which an increase in the price of one leads to an increase in the demandfor the othersupply curve a graph of the relationship between the price of a good and the quantity supplied supply schedule a table that shows the relationship between the price of a good and the quantity supplied surplusa situation in which quantity supplied is greater than quantity demandedChapter 5cross-price elasticity of demanda measure of how much the quantity demanded of one good responds to a change in the price of another good, computed as the percentage change in quantity demanded of the first good divided by the percentage change in the price of the second goodelasticitya measure of the responsiveness of quantity demanded or quantity supplied to one of its determinantsincome elasticity of demand a measure of how much the quantity demanded of a good responds to a change in consumers’ income, computed as the percentage change in quantity demandeddivided by the percentage change in incomeprice elasticity of demand a measure of how much the quantity demanded of a good responds to a change in the price of that good, computed as the percentage change in quantity demandeddivided by the percentage change in priceprice elasticity of supply a measure of how much the quantity supplied of a good responds to a change in the price of that good, computed as the percentage change in quantity supplieddivided by the percentage change in pricetotal revenuethe amount paid by buyers and received by sellers of a good, computed as the price of the good times the quantity soldChapter 6price ceiling a legal maximum on the price at which a good can be sold price floora legal minimum on the price at which a good can be soldtax incidence the manner in which the burden of a tax is shared among participants in a market Chapter 7consumer surplus the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for itcost the value of everything a seller must give up to produce a goodefficiency the property of a resource allocation of maximizing the total surplus received by all members of societyequity the fairness of the distribution of well-being among the members of society producersurplusthe amount a seller is paid for a good minus the seller’s cost of providing it welfareeconomicsthe study of how the allocation of resources affects economic well-being willingnessto paythe maximum amount that a buyer will pay for a goodChapter 8deadweightlossthe fall in total surplus that results from a market distortion, such as a taxChapter 9tariff a tax on goods produced abroad and sold domesticallyworld price the price of a good that prevails in the world market for that goodChapter 10Coase theorem the proposition that if private parties can bargain without cost over the allocation of resources, they can solve the problem of externalities on their owncorrective tax a tax designed to induce private decision makers to take account of the social cos ts that arise from a negative externalityexternality the uncompensated impact of one person’s actions on the well-being of a bystanderinternalizing the externality altering incentives so that people take account of the external effects of their actionstransaction costs the costs that parties incur in the process of agreeing to and following through on a bargainChapter 11commonresourcesgoods that are rival in consumption but not excludablecost–benefitanalysisa study that compares the costs and benefits to society of providing a public good excludability the property of a good whereby a person can be prevented from using itfree rider a person who receives the benefit of a good but avoids paying for itprivategoodsgoods that are both excludable and rival in consumptionpublic goods goods that are neither excludable nor rival in consumptionrivalry inconsumptionthe property of a good whereby one person’s use diminishes other people’s useTragedy of the Commons a parable that illustrates why common resources get used more than is desirable from the standpoint of society as a wholeChapter 12ability-to-pay principle the idea that taxes should be levied on a person according to how well that person can shoulder the burdenaverage taxratetotal taxes paid divided by total incomebenefits principle the idea that people should pay taxes based on the benefits they receive from government servicesbudgetdeficitan excess of government spending over government receiptsbudgetsurplusan excess of government receipts over government spendinghorizontalequitythe idea that taxpayers with similar abilities to pay taxes should pay the same amount lump-sumtaxa tax that is the same amount for every personmarginal taxratethe extra taxes paid on an additional dollar of incomeprogressive tax a tax for which high-income taxpayers pay a larger fraction of their income than do low-income taxpayersproportionaltaxa tax for which high-income and low-income taxpayers pay the same fraction of incomeregressive tax a tax for which high-income taxpayers pay a smaller fraction of their income than do low-income taxpayersverticalequitythe idea that taxpayers with a greater ability to pay taxes should pay larger amountsChapter 13accountingprofittotal revenue minus total explicit costaverage fixedcostfixed costs divided by the quantity of outputaverage totalcosttotal cost divided by the quantity of outputaveragevariable costvariable costs divided by the quantity of outputconstant returns to scale the property whereby long-run average total cost stays the same as the quantity of output changesdiminishing marginal product the property whereby the marginal product of an input declines as the quantity of the input increasesdiseconomies of scale the property whereby long-run average total cost rises as the quantity of output increaseseconomicprofittotal revenue minus total cost, including both explicit and implicit costseconomies ofscalethe property whereby long-run average total cost falls as the quantity of output increases efficient scale the quantity of output that minimizes average total costexplicit costs input costs that require an outlay of money by the firmfixed costs costs that do not vary with the quantity of output producedimplicit costs input costs that do not require an outlay of money by the firmmarginal cost the increase in total cost that arises from an extra unit of productionmarginalproductthe increase in output that arises from an additional unit of inputproduction function the relationship between quantity of inputs used to make a good and the quantity of output of that goodprofit total revenue minus total costtotal cost the market value of the inputs a firm uses in productiontotal revenue the amount a firm receives for the sale of its output variable costs costs that do vary with the quantity of output producedChapter 14average revenue total revenue divided by the quantity soldcompetitive market a market with many buyers and sellers trading identical products so that each buyer and seller is a price takermarginal revenue the change in total revenue from an additional unit soldsunk costa cost that has already been committed and cannot be recoveredChapter 15monopoly a firm that is the sole seller of a product without close substitutesnatural monopoly a monopoly that arises because a single firm can supply a good or service to an entire market at a smaller cost than could two or more firmspricediscriminationthe business practice of selling the same good at different prices to different customersChapter 16cartel a group of firms acting in unisoncollusionan agreement among firms in a market about quantities to produce or prices to chargedominant strategya strategy that is best for a player in a game regardless of the strategies chosen by the other playersgame theory the study of how people behave in strategic situationsmonopolistic competition a market structure in which many firms sell products that are similar but not identical Nashequilibrium a situation in which economic participants interacting with one another eachchoose their best strategy given the strategies that all the others have chosen oligopoly a market structure in which only a few sellers offer similar or identical products prisoners’ dilemmaa particular “game” between two captured prisoners that illustrates why cooperation is difficult to maintain even when it is mutually beneficialChapter 17monopolistic competition a market structure in which many firms sell products that are similar but not identicalChapter 18capital the equipment and structures used to produce goods and servicesdiminishing marginal product the property whereby the marginal product of an input declines as the quantity of the input increasesfactors of production the inputs used to produce goods and servicesmarginal product of labor the increase in the amount of output from an additional unit of labor production function the relationship between the quantity of inputs used to make a good and the quantity of output of that goodvalue of the marginal productthe marginal product of an input times the price of the outputChapter 19compensating differentiala difference in wages that arises to offset the nonmonetary characteristics of different jobsdiscrimination the offering of different opportunities to similar individuals who differ only by race,ethnic group, sex, age, or other personal characteristicsefficiency wagesabove-equilibrium wages paid by firms to increase worker productivityhuman capital the accumulation of investments in people, such as education and on-the-jobtrainingstrike the organized withdrawal of labor from a firm by a unionuniona worker association that bargains with employers over wages and working conditionsChapter 20in-kind transfers transfers to the poor given in the form of goods and services rather than cash liberalismthe political philosophy according to which the government should choose policies deemed to be just, as evaluated by an impartial observer behind a “veil of ignorance”libertarianism the political philosophy according to which the government should punish crimes and enforce voluntary agreements but not redistribute incomelife cycle the regular pattern of income variation over a person’s lifemaximin criterion the claim that the government should aim to maximize the well-being of the worst-off person in societynegative income tax a tax system that collects revenue from high-income households and gives transfers to low-income householdspermanentincomea person’s normal incomepoverty line an absolute level of income set by the federal government for each family size below which a family is deemed to be in povertypoverty rate the percentage of the population whose family income falls below an absolute level called the poverty linesocialinsurancegovernment policy aimed at protecting people against the risk of adverse events utilitarianism the political philosophy according to which the government should choose policies to maximize the total utility of everyone in societyutility a measure of happiness or satisfactionwelfare government programs that supplement the incomes of the needyChapter 21budgetconstraintthe limit on the consumption bundles that a consumer can affordGiffen good a good for which an increase in the price raises the quantity demandedincome effect the change in consumption that results when a price change moves the consumer to a higher or lower indifference curveindifference curve a curve that shows consumption bundles that give the consumer the same level of satisfactioninferior good a good for which an increase in income reduces the quantity demanded marginal rateofsubstitutionthe rate at which a consumer is willing to trade one good for another normal good a good for which an increase in income raises the quantity demanded perfectcomplementstwo goods with right-angle indifference curvesperfect two goods with straight-line indifference curvessubstitutes substitution effectthe change in consumption that results when a price change moves the consumer along a given indifference curve to a point with a new marginal rate of substitutionChapter 22adverse selection the tendency for the mix of unobserved attributes to become undesirable from the standpoint of an uninformed partyagent a person who is performing an act for another person, called the principal Arrow’s impossibility theorem a mathematical result showing that, under certain assumed conditions, there is no scheme for aggregating individual preferences into a valid set of social preferencesCondorcet paradox the failure of majority rule to produce transitive preferences for societymedian voter theorem a mathematical result showing that if voters are choosing a point along a line and each voter wants the point closest to his most preferred point, then majority rule will pick the most preferred point of the median votermoral hazard the tendency of a person who is imperfectly monitored to engage in dishonest or otherwise undesirable behaviorprincipal a person for whom another person, called the agent, is performing some act screeningan action taken by an uninformed party to induce an informed party to reveal informationsignalingan action taken by an informed party to reveal private information to an uninformed party。

MICROECONOMICS1990(微观经济试题)

MICROECONOMICSSection ITime—60 minutes50 QuestionsDirections: Each of the questions or incomplete statements below is followed by five suggested answers or completions. Select the one that is best in each case and place the letter of your choice in the corresponding box on the student answer sheet.1. Problems faced by all economic systems include which of the followingI.How to allocate scarce resources among unlimited wantsII.How to decentralize marketsIII.How to decide what to produce, how to produce, and for whom to produce IV.How to set government production quotasA. ⅠonlyB. Ⅰand Ⅲ onlyC. Ⅱand Ⅲ onlyD. Ⅰ, Ⅱ, and Ⅲ onlyE. Ⅰ, Ⅱ, Ⅲ, and Ⅳ only2. Which of the following would necessarily cause a fall in the price of a productA. An increase in population and a decrease in the price of an inputB. An increase in population and a decrease in the number of firms producing the productC. An increase in average income and an improvement in production technologyD. A decrease in the price of a substitute product and an improvement in production technologyE. A decrease in the price of a substitute product and an increase in the price ofan input3. The market equilibrium price of home heating oil is $ per gallon. If a price ceiling of $ per gallon is imposed, which of the following will occur in the market for home heating oilI.Quantity supplied will increase.II.Quantity demanded will increase.III.Quantity supplied will decrease.IV.Quantity demanded will decrease.A. ⅡonlyB. Ⅰand Ⅱ onlyC. Ⅰand Ⅳ onlyD. Ⅱ and Ⅲ onlyE. Ⅲ and Ⅳ only4. Suppose that a family buys all its clothing from a discount store and treats these items as inferior goods. Under such circumstances, this family’s consumption of discount store clothing will necessarilyA. increase when a family member wins the state lotteryB. increase when a family member gets a raise in pay at workC. remain unchanged when its income rises or falls due to events beyond the family’s controlD. decrease when a family member becomes unemployedE. decrease when a family member experiences an increase in income5. Which of the following describes what will happen to market price and quantity if firms in a perfectly competitive market form a cartel and act as aprofit-maximizing monopolyPrice QuantityA. Decrease DecreaseB. Decrease IncreaseC. Increase IncreaseD. Increase DecreaseE. Increase No change6. Quantity Produced Total Cost0 $51 172 283 414 615 91Barney’s Bait Company can sell all the lures it produces at the market price of $14. On the basis of the cost information in the table above, how many lures should the bait company makeA. 1B. 2C. 3D. 4E. 57. A natural monopoly occurs in an industry ifA. economies of scale allow at most one firm of efficient size to exist in that marketB. a single firm has control over a scarce and essential resourceC. a single firm produces inputs for use by other firmsD. a single firm has the technology to produce the product sold in that marketE. above-normal profits persist in the industry8. The typical firm in a monopolistically competitive industry earns zero profit in long-run equilibrium becauseA. advertising costs make monopolistic competition a high-cost market structure rather than a low-cost market structureB. the firms in the industry do not operate at the minimum point on their long-run average cost curvesC. there are no restrictions on entering or exiting from the industryD. the firms in the industry are unable to engage in product differentiationE. there are close substitutes for each firm’s product9. Which of the following inevitably causes a shift in the market demand for workers with a certain skillA. An increase in the demand for goods produced by these workersB. A decrease in tax rates on the income of these workersC. An increase in the equilibrium wages received by these workersD. An increase in the supply of these workersE. The creation of a federally subsidized program to train new workers10. If hiring an additional worker would increase a firm’s total cost by less than it would increase its total revenue, the firm shouldA. not hire the workerB. hire the workerC. hire the worker only if another worker leaves or is hiredD. hire the worker only if the worker can raise the firm’s productivityE. reduce the number of workers employed by the firm11. If a firm wants to produce a given amount of output at the lowest possible cost, it should use each resource in such a manner thatA. it uses more of the less expensive resourceB. it uses more of the resource with the highest marginal productC. each resource has just reached the point of diminishing marginal returnsD. the marginal products of each resource are equalE. the marginal products per dollar spent on each resource are equal12. In which of the following ways does the United States government currently intervene in the working of the market economyI.It produces certain goods and services.II.It regulated the private sector to achieve a more efficient allocation of resources.III.It redistributes income through taxation and public expenditures.A. ⅠonlyB. Ⅱ onlyC. Ⅲ onlyD. Ⅱ and Ⅲ onlyE. Ⅰ, Ⅱ, an d Ⅲ13. If it were possible to increase the output of military goods and simultaneously to increase the output of the private sector of an economy, which of the following statements about the economy and its current position relative to its production possibilities curve would be trueA. The economy is inefficient and inside the curve.B. The economy is inefficient and on the curve.C. The economy is efficient and on the curve.D. The economy is efficient and inside the curve.E. The economy is efficient and outside the curve.14. An effective price floor introduced in the market for rice will result inA. a decrease in the price of rice and an increase in the quantity of rice soldB. a decrease in the price of rice and a decrease in the quantity of rice soldC. a decrease in the price of rice and an excess demand for riceD. an increase in the price of rice and an excess supply of riceE. an increase in the price of rice and an excess demand for rice15. Marginal revenue is the change in revenue that results from a one-unit increase in theA. variable inputB. variable input priceC. output levelD. output priceE. fixed cost16. A leftward shift in the supply curve of corn would result fromA. a decrease in the price of cornB. a decrease in the price of farm machineryC. an increase in the demand for corn breadD. an increase in the labor costs of producing cornE. an increase in consumers’ incomes17. The diagram above depicts costs and revenue curves for a firm. What are the firm’s profit -maximizing output and priceOutput PriceA. 0S 0DB. 0R 0EC. 0Q 0FD. 0Q 0BE. 0P 0G18. The government is considering imposing a 3 percent tax on either good A or goodB. In order to generate the largest revenue, the tax should be imposed on the good for whichA. demand is perfectly elasticB. demand is perfectly inelasticC. demand is unit elasticD. supply is perfectly elasticE. supply is unit elasticDemandMargina MarginaAverage Total K J I H P Q R SGFEDCB A NLM 019. Which of the following statements has to be true in a perfectly competitive marketA. A firm’s marginal revenue equals price.B. A firm’s average total cost is above price in the long run.C. A firm’s average fixed cost rises in the short run.D. A firm’s average variable cost is higher than price in the long run.E. Large firms have lower costs than small firms.20. Assume that an electric power company owns two plants and that, on a particular day, 10,000 kilowatts of electricity are demanded by the public. In order to minimize the total cost of providing the 10,000 kilowatts, the company should allocate production so thatA. marginal costs are the same for both plantsB. average total costs are the same for both plantsC. total variable costs are the same for both plantsD. the sum of total variable cost and total fixed cost is the same for both plantsE. only the plant with the lower average cost is used to produce the 10,000 kilowatts of electricity21. Suppose that the consumption of a certain product results in benefits to others besides the consumers of the product. Which of the following statements is most likely to be trueA. The demand for the product is price inelastic.B. A perfectly competitive industry will not produce the optimal quantity of the product.C. A perfectly competitive industry will not produce the product.D. Optimality requires that consumers of this product be taxed.E. Producers of this product earn an economic profit.Questions 22-23 are based on the table below, which lists the total output of workers in Greta’s Jack et Shop.22. Which of the following is the marginal product of the fourth workerA. 4B. 5C. 6D. 28E. 11223. Greta already employs 3 workers. If the price of jackets is $5 and the wage rate is $25, she shouldA. go out of business altogetherB. lay off the third workerC. keep the third worker but not employ more workersD. hire two more workersE. hire one more workers24. A city council is deciding what price to set for a trip on the city’s co mmuter train line. If the council wants to maximize profits, it will set a price so thatA. price equals marginal costB. price equals average costC. price equals marginal revenueD. marginal revenue equals marginal costE. marginal revenue equals average total cost25. The demand curve for cars is downward sloping because an increase in the price of cars leads toA. the increased use of other modes of transportationB. a fall in the expected future price of carsC. a decrease in the number of cars available for purchaseD. a rise in the prices of gasoline and other oil-based productsE. a change in consumers’ tastes in cars26. Which of the following best explains the shape of the production possibilities curve for the two-commodity economy shown aboveA. The opportunity cost of procuring an additional unit of each commodity stays the same as production of the commodity expands.B. The opportunity cost of producing an additional unit of each commodity decreases as production of the commodity expands.C. The opportunity cost of producing an additional unit of each commodity increases as production of the commodity expands.D. The quantity demanded of each commodity decreases as consumption of the commodity 0 QUANTITY OF COMMODITY 2 Q U A N T I T Y O F C O M M O D I T Y 1increases.E. The quantity demanded of each commodity increases as the production of the commodity expands.27. In the long run, compared with a perfectly competitive firm, a monopolistically competitive firm with the same costs will haveA. a higher price and higher outputB. a higher price and lower outputC. a lower price and higher outputD. a lower price and lower outputE. the same price and lower output28. Assume that products X and Y are substitutes. If the cost of producing X decreases and the price of Y increases, which of the following will occur to the equilibrium price and quantity of XPrice of X Quantity of XA. Increase IncreaseB. Increase DecreaseC. Increase Increase or decreaseD. Increase or decrease IncreaseE. Decrease Decrease29. Suppose that an effective minimum wage is imposed in a certain labor market above the equilibrium wages. If labor supply in that market subsequently increases, which of the following will occurA. Unemployment in that market will increase.B. Quantity of labor supplied will decrease.C. Quantity of labor demanded will increase.D. Market demand will increase.E. The market wage will increase.30. Imperfectly competitive firms may be allocatively inefficient because they produce at a level of output such thatA. average cost is at a minimumB. price equals marginal revenueC. marginal revenue is greater than marginal costD. price equals marginal costE. price is greater than marginal costQuestions 31-33 are based on the table below, which shows a firm’s total cost for different levels of output.31. Which of the following is the firm’s marginal cost of producing the fourth unit of outputA. $B. $C. $D. $E. $32. Which of the following is the firm’s average total cost of producing 3 units of outputA. $B. $C. $D. $E. $33. Which of the following is the firm’s average fixed cost of producing 2 units of outputA. $B. $C. $D. $E. $34. In the short run, if the product price of a perfectly competitive firm is less than the minimum average variable cost, the firm willA. raise its priceB. increase its outputC. decrease its output slightly but increase its profit marginD. lose money by continuing to produce than by shutting downE. lose less by continuing to produce than by shutting down35. Which of the following statements is true of perfectly competitive firms inlong-run equilibriumA. Firm revenues will decrease if production is increased.B. Total firm revenues are at a maximum.C. Average fixed cost equals marginal cost.D. Average total cost s at a minimum.E. Average variable cost is greater than marginal cost.36. Assume that both input and product markets are competitive. If the product price rises, in the short run firms will increase production by increasingA. the stock of fixed capital until marginal revenue equals the product priceB. the stock of fixed capital until the average product of capital equals the price of capitalC. labor input until the marginal revenue product of labor equals the wage rateD. labor input until the marginal product of labor equals the wage rateE. labor input until the ratio of product price to the marginal product of labor equals the wage rate37. Half of the inhabitants of an island oppose building a new bridge to the mainland, since they say it will destroy the island’s quaint atmosphere. The economic concept that is most relevant to the decision of whether or not to build the bridge isA. externalitiesB. natural monopolyC. economic rentD. imperfect competitionE. perfect competition38. Which of the following best states the thesis of the law of comparative advantageA. Differences in relative costs of production are the key to determining patternsof trade.B. Difference in absolute costs of production determine which goods should be traded between nations.C. Tariffs and quotas are beneficial in increasing international competitiveness.D. Nations should not specialize in the production of goods and services.E. Two nations will not trade if one is more efficient than the other in the production of all goods.39. A student who attends college would pay $10,000 annually for tuition, books, and fees. If the student’s next best alternative is to work an d earn $15,000 a year, the opportunity cost of a year in college would be equal toA. zero, since the lost opportunity to earn income is offset by the opportunity to attend collegeB. $5,000, representing the difference between forgone income and college costsC. $10,000, since opportunity costs include only actual cash outlaysD. $15,000, representing forgone income, since the costs of tuition, books, and fees will be more than offset by additional income earned after graduationE. $25,000, representing the sum of tuition, books, fees and forgone income.40. If an increase in the price of good X causes a drop in demand for good Y, good Y isA. an inferior goodB. a luxury goodC. a necessary goodD. a substitute for good XE. a complement to good X41. An improvement in production technology for a certain good leads toA. an increase in demand for the goodB. an increase in the supply of the goodC. an increase in the price of the goodD. a shortage of the goodE. a surplus of the good42. A firm doubles all of its inputs and finds that it has more than doubled its output. This situation is an example ofA. increasing marginal returnsB. diminishing marginal returnsC. constant returns to scaleD. increasing returns to scaleE. decreasing returns to scale43. Reducing the tariff on Canadian beer sold in the United States will most likely have which of the following effects on the market for beer produced and sold in the United StatesA. The quantity of United States beer purchased will increase.B. Total expenditure on United Stats beer will increase.C. The supply of United States beer will increase.D. The price of United States beer will decrease.E. More workers will be employed in the production of United States beer.44. Suppose that the license paid by each business to operate in a city increases from $400 per year to $500 per year. What effect will this increase have on a firm’s short-run costsMarginal Cost Average Total Cost Average Variable CostA. Increase Increase IncreaseB. Increase Increase No effectC. No effect No effect No effectD. No effect Increase IncreaseE. No effect Increase No effect45. In a perfectly competitive market, an individual farmer intending to increase her revenue decides to increase the price of her crop by 20 percent. As a result her total revenue willA. decreaseB. stay the sameC. increase by less than 20 percentD. increase by 20 percentE. increase by more than 20 percent46. If the supply of a factor of production is fixed, which of the following will be true of its priceA. Supply is irrelevant to the determination of factor price.B. A positive factor price cannot be justified on economic grounds.C. Factor price will be determined by the demand for the fixed amount of the factor.D. Factor price will not be determined by supply and demand analysis.E. Factor price will be zero, since no payment is necessary to secure the services of the factor.47. Which of the following is true if a perfectly competitive industry is earning zero economic profits in the long runA. The level of investment in long-run equilibrium is greater than the efficient level.B. Relatively few firms are able to survive the competitive pressures in the longrun.C. Some firms will be forced to transfer their resources to more lucrative uses.D. The resources invested in this industry are earning at least as high a return as the would in any alternative use.E. Firms will exit until economic profits become positive.48. The figure above shows cost and revenue curves for public regulated power company and three possible prices for its output. Which of the following statements about those prices is most accurateA. If P1 were approved, regulation would not be needed and the company would have every incentive to lower rates to P2B. P1 is inefficient; it is better to have several utilities serve the area than to approve P1C. P2 is ideal; it gives stockholders the maximum rate of return and protects consumers from exploitation.D. P3 would maximize consumer welfare; greater electric use at this low rate would guarantee stockholders a fair rate of return.MarginaAverage TotalMarginal Cost DemandQuantitPriceP 1P 2 P 3E. P3 would maximize consumer welfare, but a public subsidy would be needed to keep company in business.49. NOT SCORED*50. In a market economy, public goods such as community police protection are unlikely to be provided in sufficient quantity by the private sector becauseA. private firms are less efficient at producing public goods than is the governmentB. the use of public goods cannot be withheld from those who do not pay for themC. consumers lack information about the benefits of public goodsD. consumers do not value public goods highly enough for firms to produce them profitablyE. public goods are inherently too important to be left to private firms to produce * This question was not scored. Therefore, the maximum number of multiple-choice questions that candidates could answer correctly was 49.。

MICROECONOMICS1990(微观经济试题)

MICROECONOMICS1990(微观经济试题)MICROECONOMICSSection ITime—60 minutes50 QuestionsDirections: Each of the questions or incomplete statements below is followed by five suggested answers or completions. Select the one that is best in each case and place the letter of your choice in the corresponding box on the student answer sheet.1. Problems faced by all economic systems include which of the following?I.How to allocate scarce resources amongunlimited wantsII.How to decentralize marketsIII.How to decide what to produce, how to produce, and for whom to produceIV.How to set government production quotasA. ⅠonlyB. Ⅰand Ⅲ onlyC. Ⅱand Ⅲ onlyD. Ⅰ, Ⅱ, and Ⅲ onlyE. Ⅰ, Ⅱ, Ⅲ, and Ⅳ only2. Which of the following would necessarily cause a fall in the price of a product? A. An increase in population and a decrease in the price of an inputB. An increase in population and a decrease in the number of firms producing the productC. An increase in average income and an improvement in production technologyD. A decrease in the price of a substitute product and an improvement in production technologyE. A decrease in the price of a substitute product and an increase in the price of an input3. The market equilibrium price of homein pay at workC. remain unchanged when its income rises or falls due to events beyond the family’s controlD. decrease when a family member becomes unemployedE. decrease when a family member experiences an increase in income5. Which of the following describes what will happen to market price and quantity if firms in a perfectly competitive market form a cartel and act as a profit-maximizing monopoly?Price QuantityA. Decrease DecreaseB. Decrease IncreaseC. Increase IncreaseD. Increase DecreaseE. Increase No change6. Quantity Produced Total Cost0 $51 172 283 414 615 91Barney’s Bait Company can sell all the lures it produces at the market price of $14. On the basis of the cost information in the table above, how many lures should the bait company make?A. 1B. 2C. 3D. 4E. 57. A natural monopoly occurs in an industry ifA. economies of scale allow at most one firm of efficient size to exist in that marketB. a single firm has control over a scarce and essential resourceC. a single firm produces inputs for use by other firmsD. a single firm has the technology to produce the product sold in that marketE. above-normal profits persist in the industry8. The typical firm in a monopolistically competitive industry earns zero profit in long-run equilibrium becauseA. advertising costs make monopolistic competition a high-cost market structure rather than a low-cost market structureB. the firms in the industry do not operate at the minimum point on their long-run average cost curvesC. there are no restrictions on entering or exiting from the industryD. the firms in the industry are unable to engage in product differentiationE. there are close substitutes for each firm’s product9. Which of the following inevitably causesa shift in the market demand for workers with a certain skill?A. An increase in the demand for goods produced by these workersB. A decrease in tax rates on the income of these workersC. An increase in the equilibrium wages received by these workersD. An increase in the supply of these workersE. The creation of a federally subsidized program to train new workers10. If hiring an additional worker would increase a firm’s total cost by less than it would increase its total revenue, the firm shouldA. not hire the workerB. hire the workerC. hire the worker only if another worker leaves or is hiredD. hire the worker only if the worker can raise the firm’s productivityE. reduce the number of workers employed by the firm11. If a firm wants to produce a given amount of output at the lowest possible cost, it should use each resource in such a manner thatA. it uses more of the less expensive resourceB. it uses more of the resource with the highest marginal productC. each resource has just reached the point of diminishing marginal returnsD. the marginal products of each resource are equalE. the marginal products per dollar spent on each resource are equal12. In which of the following ways does the United States government currently intervene in the working of the market economy?I.It produces certain goods and services. II.It regulated the private sector to achieve a more efficient allocation of resources.III.It redistributes income through taxation and public expenditures.A. ⅠonlyB. Ⅱ onlyC. Ⅲ onlyD. Ⅱ and Ⅲ onlyE. Ⅰ, Ⅱ, and Ⅲ13. If it were possible to increase the output of military goods and simultaneously to increase the output of the private sector of an economy, which of the following statements about the economy and its current position relative to its productionpossibilities curve would be true?A. The economy is inefficient and inside the curve.B. The economy is inefficient and on the curve.C. The economy is efficient and on the curve.D. The economy is efficient and inside the curve.E. The economy is efficient and outside the curve.14. An effective price floor introduced in the market for rice will result inA. a decrease in the price of rice and an increase in the quantity of rice soldB. a decrease in the price of rice and a decrease in the quantity of rice soldC. a decrease in the price of rice and an excess demand for riceD. an increase in the price of rice and an excess supply of riceE. an increase in the price of rice and anexcess demand for rice15. Marginal revenue is the change in revenue that results from a one-unit increase in theA. variable inputB. variable input priceC. output levelD. output priceE. fixed cost16. A leftward shift in the supply curve of corn would result fromA. a decrease in the price of cornB. a decrease in the price of farm machineryC. an increase in the demand for corn breadD. an increase in the labor costs of producing cornE. an increase in consumers’ incomes17. The diagram above depicts costs and revenue curves for a firm. What are thefirm’s profit -maximizing output and price? Output PriceA. 0S 0DB. 0R 0EC. 0Q 0FD. 0Q 0BE. 0P 0G18. The government is considering imposing a 3 percent tax on either good A or good B. In order to generate the largest revenue, the tax should be imposed on the good for DemMar MarAve rag K J I H P Q R S GFEDCBAN L M 0whichA. demand is perfectly elasticB. demand is perfectly inelasticC. demand is unit elasticD. supply is perfectly elasticE. supply is unit elastic19. Which of the following statements has to be true in a perfectly competitive market?A. A firm’s marginal revenue equals price.B. A firm’s average total cost is above price in the long run.C. A firm’s average fixed cost rises in the short run.D. A firm’s average variable cost is higher than price in the long run.E. Large firms have lower costs than small firms.20. Assume that an electric power company owns two plants and that, on a particular day, 10,000 kilowatts of electricity aredemanded by the public. In order to minimize the total cost of providing the 10,000 kilowatts, the company should allocate production so thatA. marginal costs are the same for both plantsB. average total costs are the same for both plantsC. total variable costs are the same for both plantsD. the sum of total variable cost and total fixed cost is the same for both plantsE. only the plant with the lower average cost is used to produce the 10,000 kilowatts of electricity21. Suppose that the consumption of a certain product results in benefits to others besides the consumers of the product. Which of the following statements is most likely to be true?A. The demand for the product is priceinelastic.B. A perfectly competitive industry will not produce the optimal quantity of the product.C. A perfectly competitive industry will not produce the product.D. Optimality requires that consumers of this product be taxed.E. Producers of this product earn an economic profit.Questions 22-23 are based on the table below, which lists the total output of workers in Greta’s Jacket Shop.22. Which of the following is the marginal product of the fourth worker?A. 4B. 5C. 6D. 28E. 11223. Greta already employs 3 workers. If the price of jackets is $5 and the wage rate is $25, she shouldA. go out of business altogetherB. lay off the third workerC. keep the third worker but not employ more workersD. hire two more workersE. hire one more workers24. A city council is deciding what price to set for a trip on the city’s commuter train line. If the council wants to maximize profits, it will set a price so thatA. price equals marginal costB. price equals average costC. price equals marginal revenueD. marginal revenue equals marginal costE. marginal revenue equals average total cost25. The demand curve for cars is downward sloping because an increase in the price of cars leads toA. the increased use of other modes of transportationB. a fall in the expected future price of carsC. a decrease in the number of cars available for purchaseD. a rise in the prices of gasoline and other oil-based productsE. a change in consumers’ tastes in carsQ U A N T I T Y O F C O M M O D I T Y 1QUANTITY OF COMMODITY 226. Which of the following best explains the shape of the production possibilities curve for the two-commodity economy shown above?A. The opportunity cost of procuring an additional unit of each commodity stays the same as production of the commodity expands.B. The opportunity cost of producing an additional unit of each commodity decreases as production of the commodity expands.C. The opportunity cost of producing an additional unit of each commodity increases as production of the commodity expands.D. The quantity demanded of each commodity decreases as consumption of the commodity increases.E. The quantity demanded of each commodity increases as the production of the commodity expands.27. In the long run, compared with a perfectly competitive firm, a monopolistically competitive firm with the same costs will haveA. a higher price and higher outputB. a higher price and lower outputC. a lower price and higher outputD. a lower price and lower outputE. the same price and lower output28. Assume that products X and Y are substitutes. If the cost of producing X decreases and the price of Y increases, which of the following will occur to the equilibrium price and quantity of X?Price of X Quantity of XA. Increase IncreaseB. Increase DecreaseC. Increase Increase or decreaseD. Increase or decrease IncreaseE. Decrease Decrease29. Suppose that an effective minimum wage is imposed in a certain labor market above the equilibrium wages. If labor supply in that market subsequently increases, which of the following will occur?A. Unemployment in that market will increase.B. Quantity of labor supplied will decrease.C. Quantity of labor demanded will increase.D. Market demand will increase.E. The market wage will increase.30. Imperfectly competitive firms may be allocatively inefficient because they produce at a level of output such thatA. average cost is at a minimumB. price equals marginal revenueC. marginal revenue is greater than marginal costD. price equals marginal costE. price is greater than marginal costQuestions 31-33 are based on the table below, which shows a firm’s total cost for different levels of output.31. Which of the following is the firm’s marginal cost of producing the fourth unit of output?A. $54.00B. $13.00C. $7.50D. $6.00E. $1.5032. Which of the following is the firm’s average total cost of producing 3 units of output?A. $48.00B. $16.00C. $14.00D. $13.00E. $7.0033. Which of the following is the firm’s average fixed cost of producing 2 units of output?A. $24.00B. $20.50C. $12.00D. $8.00E. $7.5034. In the short run, if the product price of a perfectly competitive firm is less than the minimum average variable cost, the firm willA. raise its priceB. increase its outputC. decrease its output slightly but increase its profit marginD. lose money by continuing to produce than by shutting downE. lose less by continuing to produce than by shutting down35. Which of the following statements is true of perfectly competitive firms in long-run equilibrium?A. Firm revenues will decrease if production is increased.B. Total firm revenues are at a maximum.C. Average fixed cost equals marginal cost.D. Average total cost s at a minimum.E. Average variable cost is greater than marginal cost.36. Assume that both input and product markets are competitive. If the product price rises, in the short run firms will increase production by increasingA. the stock of fixed capital until marginal revenue equals the product priceB. the stock of fixed capital until the average product of capital equals the price of capitalC. labor input until the marginal revenue product of labor equals the wage rateD. labor input until the marginal product of labor equals the wage rateE. labor input until the ratio of product price to the marginal product of labor equals the wage rate37. Half of the inhabitants of an island oppose building a new bridge to the mainland,since they say it will destroy the island’s quaint atmosphere. The economic concept that is most relevant to the decision of whether or not to build the bridge isA. externalitiesB. natural monopolyC. economic rentD. imperfect competitionE. perfect competition38. Which of the following best states the thesis of the law of comparative advantage?A. Differences in relative costs of production are the key to determining patterns of trade.B. Difference in absolute costs of production determine which goods should be traded between nations.C. Tariffs and quotas are beneficial in increasing international competitiveness.D. Nations should not specialize in the production of goods and services.E. Two nations will not trade if one is more efficient than the other in the production of all goods.39. A student who attends college would pay $10,000 annually for tuition, books, and fees. If the student’s next best alternative is to work and earn $15,000 a year, the opportunity cost of a year in college would be equal toA. zero, since the lost opportunity to earn income is offset by the opportunity to attend collegeB. $5,000, representing the difference between forgone income and college costsC. $10,000, since opportunity costs include only actual cash outlaysD. $15,000, representing forgone income, since the costs of tuition, books, and fees will be more than offset by additional income earned after graduationE. $25,000, representing the sum of tuition,books, fees and forgone income.40. If an increase in the price of good X causes a drop in demand for good Y, good Y isA. an inferior goodB. a luxury goodC. a necessary goodD. a substitute for good XE. a complement to good X41. An improvement in production technology for a certain good leads toA. an increase in demand for the goodB. an increase in the supply of the goodC. an increase in the price of the goodD. a shortage of the goodE. a surplus of the good42. A firm doubles all of its inputs and finds that it has more than doubled its output. This situation is an example ofA. increasing marginal returnsB. diminishing marginal returnsC. constant returns to scaleD. increasing returns to scaleE. decreasing returns to scale43. Reducing the tariff on Canadian beer sold in the United States will most likely have which of the following effects on the market for beer produced and sold in the United States?A. The quantity of United States beer purchased will increase.B. Total expenditure on United Stats beer will increase.C. The supply of United States beer will increase.D. The price of United States beer will decrease.E. More workers will be employed in the production of United States beer.44. Suppose that the license paid by each business to operate in a city increases from $400 per year to $500 per year. What effect will this increase hav e on a firm’sshort-run costs?Marginal Cost Average Total Cost Average Variable CostA. Increase Increase IncreaseB. Increase Increase No effectC. No effect No effect No effectD. No effect Increase IncreaseE. No effect Increase No effect45. In a perfectly competitive market, an individual farmer intending to increase her revenue decides to increase the price of her crop by 20 percent. As a result her totalrevenue willA. decreaseB. stay the sameC. increase by less than 20 percentD. increase by 20 percentE. increase by more than 20 percent46. If the supply of a factor of production is fixed, which of the following will be true of its price?A. Supply is irrelevant to the determination of factor price.B. A positive factor price cannot be justified on economic grounds.C. Factor price will be determined by the demand for the fixed amount of the factor.D. Factor price will not be determined by supply and demand analysis.E. Factor price will be zero, since no payment is necessary to secure the services of the factor.47. Which of the following is true if a perfectly competitive industry is earning zero economic profits in the long run? A. The level of investment in long-run equilibrium is greater than the efficient level.B. Relatively few firms are able to survive the competitive pressures in the long run.C. Some firms will be forced to transfer their resources to more lucrative uses.D. The resources invested in this industry are earning at least as high a return as the would in any alternative use.E. Firms will exit until economic profits become positive.48. The figure above shows cost and revenue curves for public regulated power company and three possible prices for its output. Which of the following statements about those prices is most accurate?A. If P1 were approved, regulation would not be needed and the company would have every incentive to lower rates to P2B. P1 is inefficient; it is better to have several utilities serve the area than to approve P1C. P2 is ideal; it gives stockholders the maximum rate of return and protects consumers from exploitation.MarAverage MarginDemQuaPriPPPD. P3 would maximize consumer welfare; greater electric use at this low rate would guarantee stockholders a fair rate of return.E. P3 would maximize consumer welfare, but a public subsidy would be needed to keep company in business.49. NOT SCORED*50. In a market economy, public goods such as community police protection are unlikely to be provided in sufficient quantity by the private sector becauseA. private firms are less efficient at producing public goods than is the governmentB. the use of public goods cannot be withheld from those who do not pay for themC. consumers lack information about the benefits of public goodsD. consumers do not value public goodshighly enough for firms to produce them profitablyE. public goods are inherently too important to be left to private firms to produce* This question was not scored. Therefore, the maximum number of multiple-choice questions that candidates could answer correctly was 49.。

2019微观经济学Microeconomics英文版题库完整版

Microeconomics, 10e (Parkin)Chapter 5 Efficiency and Equity1 Resource Allocation Methods1) In the United States, resources are most often allocated byA) market price.B) command system.C) lottery.D) contest.Answer: ATopic: Resource Allocation MethodsSkill: RecognitionQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking2) A contest is a good way to allocate scarce resources whenA) the efforts of the players are hard to monitor directly.B) the lines of responsibility are clear.C) the decision being made affects a large number of people.D) there is no effective way to distinguish among potential users.Answer: ATopic: Resource Allocation MethodsSkill: ConceptualQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking3) The resource allocation method that is used to allocate scarce resources between private use and government use isA) first-come, first-served.B) personal characteristics.C) majority rule.D) lottery.Answer: CTopic: Resource Allocation MethodsSkill: ConceptualQuestion history: Modified 10th editionAACSB: Reflective Thinking4) Which of the following is true?A) Lotteries work best when a resource can serve just one user at a time in a sequence.B) A market price always allocates resources better than does a command system.C) When the government decides how to allocate tax dollars among competing uses, resources are allocated by majority rule.D) Force has never played an important role in allocating scarce resources.Answer: CTopic: Resource Allocation MethodsSkill: ConceptualQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking5) Which of the following is true?A) When resources are allocated on the basis of personal characteristics, all people who are willing and able to pay the price get the resource.B) When the range of activities to be monitored is large and complex, a command system allocates resources better than a market price.C) When a market price allocates resources, some people who are willing and able to pay that price don't get the resource.D) Force helps support the legal system on which markets function.Answer: DTopic: Resource Allocation MethodsSkill: ConceptualQuestion history: Modified 10th editionAACSB: Reflective Thinking6) As a method of resource allocation, forceA) is not important.B) plays a crucial negative role.C) plays a crucial positive role.D) plays a crucial role for both good and ill.Answer: DTopic: Resource Allocation MethodsSkill: ConceptualQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking7) As a method of resource allocation, market priceA) means those who are willing and able to pay get a particular good or service.B) works well when self-interest must be suppressed.C) works best inside firms and government departments.D) is efficient when there is no effective way to distinguish among potential users of a scarce resource.Answer: ATopic: Resource Allocation MethodsSkill: ConceptualQuestion history: Modified 10th editionAACSB: Reflective Thinking8) Which of the following is true?A) When a market price allocates resources, all people who are willing and able to pay that price get the resource.B) A command system works well when the range of activities to be monitored is large and complex.C) When the government decides how to allocate tax dollars among competing uses, resources are allocated by market prices.D) When a manager offers everyone in the company the opportunity to win a prize, resources are allocated by a lottery.Answer: ATopic: Resource Allocation MethodsSkill: ConceptualQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking9) When allocating resources using market priceA) everyone who is willing and able to pay for a good gets one.B) everyone who wants a good gets one.C) everyone who is willing to pay for a good gets one.D) everyone who is able to pay for a good gets one.Answer: ATopic: Resource Allocation MethodsSkill: ConceptualQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking10) When scarce resources can serve only one user at a time in sequence, which method works well for allocating the scarce resources?A) first come, first servedB) lotteryC) contestD) command systemAnswer: ATopic: Resource Allocation MethodsSkill: ConceptualQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking11) Which of the following is true?A) When a market price allocates resources, everyone who is able to pay the price gets the resource.B) A command system works well when the lines of authority and responsibility are clear .C) When the government decides how to allocate tax dollars among competing uses, resources are allocated by command.D) When a manager offers everyone in the company the opportunity to win a prize, resources are allocated by a market price.Answer: BTopic: Resource Allocation MethodsSkill: ConceptualQuestion history: Modified 10th editionAACSB: Reflective Thinking12) Allocating resources by the order of someone in authority is a ________ allocation method.A) first-come, first-servedB) market priceC) majority ruleD) commandAnswer: DTopic: Study Guide Question, Resource Allocation MethodSkill: ConceptualQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking13) Often people trying to withdraw money from their bank must wait in line, which reflects a ________ allocation method.A) first-come, first-servedB) market priceC) contestD) commandAnswer: ATopic: Study Guide Question, Resource Allocation MethodSkill: ConceptualQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking14) If a person will rent an apartment only to married couples over 30 years old, that person is allocating resources using a ________ allocation method.A) first-come, first-servedB) market priceC) personal characteristicsD) commandAnswer: CTopic: Study Guide Question, Resource Allocation MethodSkill: ConceptualQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking2 Benefit, Cost, and Surplus1) The value of one more unit of a good or service is theA) marginal benefit.B) minimum price that people are willing to pay for another unit of the good or service.C) marginal cost.D) opportunity cost of producing one more unit of a good or service.Answer: ATopic: Value, Willingness to Pay, and DemandSkill: RecognitionQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking2) The value of a good is equal to theA) maximum price you are willing to pay for it.B) price that you actually pay for it.C) price you actually pay for it minus the maximum you are willing to pay for it.D) maximum you are willing to pay for it minus the price you actually pay for it.Answer: ATopic: Value, Willingness to Pay, and DemandSkill: RecognitionQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking3) Marginal benefit is the benefit received from ________.A) consuming more goods or servicesB) producing the efficient quantityC) consuming the efficient quantityD) consuming one more unit of a good or serviceAnswer: DTopic: Marginal BenefitSkill: ConceptualQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking4) All of the following statements about marginal benefit are correct EXCEPT the marginal benefit of a goodA) is the benefit a person receives from consuming one more unit of the good or service.B) is measured as the maximum amount that a person is willing to pay for one more unit of the good.C) is equal to zero when resource use is efficient.D) decreases as the quantity consumed of the good increases.Answer: CTopic: Marginal BenefitSkill: ConceptualQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking5) Sal likes to eat pizza. The ________ is the maximum amount that Sal is willing to pay for one more piece of pizza.A) efficient priceB) efficient amountC) marginal benefitD) marginal costAnswer: CTopic: Marginal BenefitSkill: RecognitionQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking6) Marginal benefitA) is the same as the total benefit received from consuming a good.B) is the maximum amount a person is willing to pay for one more unit of a good.C) increases as consumption increases.D) is the difference between total benefit and total cost.Answer: BTopic: Marginal BenefitSkill: RecognitionQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking7) Jane is willing to pay $50 for a pair of shoes. The actual price of the shoes is $30. Her marginal benefit isA) $50.B) $30.C) $20.D) $80.Answer: ATopic: Marginal BenefitSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Reflective ThinkingThe table below shows the demand schedules for pizza for Abby and Barry who are the only buyers in the market.8) Based on the table, what is Abby's marginal benefit from the 10th slice of pizza?A) $4B) $13C) $0.50D) $40Answer: ATopic: Marginal BenefitSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills9) Based on the table, what is Barry's marginal benefit from the 40th slice of pizza?A) $3B) $5.50C) $0.50D) $12Answer: ATopic: Marginal BenefitSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills10) Based on the table, what is the marginal social benefit from the 45th slice of pizza?A) $3.50B) $3.25C) $0.50D) $9Answer: ATopic: Marginal Social BenefitSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills11) If you increase your consumption of soda by one additional can a week, your marginal benefit of this last can is $1.00. The ________ of this last can of soda is $1.00.A) valueB) priceC) opportunity costD) marginal costAnswer: ATopic: Value, Willingness to Pay, and DemandSkill: ConceptualQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills12) A person will choose to buy a good as long asA) marginal benefit is at least as great as price.B) consumer surplus is positive.C) marginal benefit is positive.D) consumer surplus is at least as great as price.Answer: ATopic: Value, Willingness to Pay, and DemandSkill: ConceptualQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking13) Sam's demand curve for pizzaA) lies above her marginal benefit curve for pizza.B) lies below her marginal benefit curve for pizza.C) is the same as her marginal benefit curve for pizza.D) has one point in common with her marginal benefit curve for pizza.Answer: CTopic: Value, Willingness to Pay, and DemandSkill: ConceptualQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking14) The market demand curveA) can also be the marginal social cost curve.B) shows the value of a good that consumers must give up to get another unit of a different good.C) by itself determines equilibrium prices.D) can also be the marginal social benefit curve.Answer: DTopic: Marginal Benefit and DemandSkill: ConceptualQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking15) The market demand curve also isA) a marginal social cost curve.B) a marginal social benefit curve.C) an opportunity cost curve.D) a consumer surplus curve.Answer: BTopic: Marginal Benefit and DemandSkill: RecognitionQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking16) The market demand curve for coffee is the same as theA) marginal social cost curve of coffee.B) marginal social benefit curve of coffee.C) opportunity cost curve of coffee.D) marginal social benefit curve minus the marginal social cost curve of coffee.Answer: BTopic: Marginal Benefit and DemandSkill: RecognitionQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking17) A market demand curve measuresA) how much a consumer is willing to pay for an additional unit of the good.B) the marginal social benefit of an additional unit of the good.C) the marginal social cost of an additional unit of the good.D) Both answers A and B are correct.Answer: DTopic: Value, Willingness to Pay, and DemandSkill: ConceptualQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking18) Moving down along the market demand curve for hot dogs, theA) maximum price that people are willing to pay for hot dogs increases.B) marginal social benefit of hot dogs decreases.C) marginal social cost of hot dogs increases.D) consumer surplus of the last hot dog consumed increases.Answer: BTopic: Value, Willingness to Pay, and DemandSkill: ConceptualQuestion history: Modified 10th editionAACSB: Reflective Thinking19) The market demand curve is constructed by adding theA) quantities demanded by each individual at each price.B) prices that each individual is willing to pay at each quantity.C) Neither answer A nor answer B is correct.D) Both answer A and answer B are correct.Answer: ATopic: Individual Demand and Market DemandSkill: RecognitionQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking20) A market demand curve is constructed byA) a horizontal summation of each individual demand curve.B) averaging each individual demand curve.C) dividing one individual demand curve by the number of consumers in the market.D) a vertical summation of each individual demand curve.Answer: ATopic: Individual Demand and Market DemandSkill: RecognitionQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking21) A market demand curve can be constructed byA) adding the prices all consumers will pay for any given quantity.B) adding the quantities that all consumers buy at each price.C) adding the quantities that a consumer buys at the highest price.D) None of the above answers is correct.Answer: BTopic: Individual Demand and Market DemandSkill: RecognitionQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking22) The market demand curve for iPads is the ________ of all the individual demand curves for iPads.A) horizontal productB) horizontal sumC) vertical sumD) vertical productAnswer: BTopic: Individual Demand and Market DemandSkill: RecognitionQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking23) 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?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.Answer: CTopic: Individual Demand and Market DemandSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Analytical SkillsQuantity of tennis24) Jill and Jed have individual demand curves for tennis rackets given in the table above and are the only two demanders in the market. What is the market quantity demanded at the price of $30?A) 2B) 5C) 11D) 18Answer: BTopic: Individual Demand and Market DemandSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills25) Homer, Bart, and Lisa are the only consumers in the market. Using the information in the above table, what is the market demand for chocolate chip cookies at $4.00 per pound?A) 21 poundsB) 17 poundsC) 11 poundsD) 4 poundsAnswer: CTopic: Individual Demand and Market DemandSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills26) Consumer surplus is the ________ summed over the quantity bought.A) marginal social benefit minus the marginal social costB) number of dollars' worth of other goods and services forgone to obtain one more unit of a good or serviceC) value of a good or service minus the price paid for the good or serviceD) value of a good or service plus the price paid for the good or serviceAnswer: CTopic: Consumer SurplusSkill: RecognitionQuestion history: Modified 10th editionAACSB: Reflective Thinking27) ________ is the value of a good minus the price paid for it summed over the quantity bought.A) Producer surplusB) Consumer surplusC) SurplusD) ShortageAnswer: BTopic: Consumer SurplusSkill: RecognitionQuestion history: Modified 10th editionAACSB: Reflective Thinking28) Consumer surplus is theA) value of a good expressed in dollars.B) price of a good expressed in dollars.C) value of a good minus the price paid for it summed over the quantity bought.D) value of a good plus the price paid for it summed over the quantity bought.Answer: CTopic: Consumer SurplusSkill: RecognitionQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking29) Consider the market for hot dogs. As long as the marginal benefit of consuming hot dogs is greater than the price of hot dogs,A) people receive consumer surplus from eating hot dogs.B) the price of hot dogs will rise.C) the value of hot dogs will rise.D) there is no decreasing marginal benefit of eating hot dogs.Answer: ATopic: Consumer SurplusSkill: ConceptualQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking30) If the price of a pizza increases and the demand curve for pizza does not shift, then the consumer surplus from pizza will ________.A) increaseB) decreaseC) equal the producer surplus if the market produces the efficient quantity of pizzaD) remain the sameAnswer: BTopic: Consumer SurplusSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking31) Nick can purchase each milkshake for $2. For the first milkshake purchased Nick is willing to pay $4, for the second milkshake $3, for the third milkshake $2 and for the fourth milkshake $1. What is the value of Nick's consumer surplus for the milkshakes he buys?A) $2B) $9C) $3D) $10Answer: CTopic: Consumer SurplusSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills32) A used car was recently priced at $20,000.00. Seeing the car, Bobby thought, "It's nice, but ifI have to pay more than $19,500 for this car, then I would rather do without it." After negotiations, Bobby purchased the car for $19,250.00. His consumer surplus was equal toA) $19,500.00.B) $1,750.00.C) $250.00.D) $0.00.Answer: CTopic: Consumer SurplusSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills33) When the Smith's were shopping for their present home, the asking price from the previous owner was $250,000.00. The Smith's had decided they would pay no more than $245,000.00 for the house. After negotiations, the Smith's actually purchased the house for $239,000.00. They, therefore, enjoyed a consumer surplus ofA) $239,000.00.B) $5,000.00.C) $6,000.00.D) $11,000.00.Answer: CTopic: Consumer SurplusSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills34) The latest model car in the dealer's showroom has a sticker price of $35,000.00. Fred, the shopper, has decided that he would pay no more than $32,000.00 for the car. After two hours of bargaining with the saleswoman, Fred actually purchases the car for $31,000.00. Fred, therefore, has obtained a consumer surplus ofA) $35,000.00.B) $32,000.00.C) $4,000.00.D) $1,000.00.Answer: DTopic: Consumer SurplusSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills35) Jane is willing to pay $50 for a pair of shoes. The actual price of the shoes is $30. Her consumer surplus on this pair of shoes isA) $20.B) $50.C) $30.D) $80.Answer: ATopic: Consumer SurplusSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills36) Charlene is willing to pay $5.00 for a sandwich. If Charlene must pay ________ for a sandwich, she ________.A) $4.00; does not receive consumer surplusB) $4.00; receives consumer surplusC) $6.00; receives consumer surplusD) $6.00; receives a marginal costAnswer: BTopic: Consumer SurplusSkill: ConceptualQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills37) Joe is willing to pay $4 for his first slice of pizza and $3 for his second slice of pizza. If the price is $2, on his two slices of pizza Joe receives a total consumer surplus ofA) $4.B) $3.C) $2.D) $1.Answer: BTopic: Consumer SurplusSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills38) Jane is willing to pay $4 for the first cup of coffee a day, $2.50 for the second cup, and $1 for the third cup, after which she won't buy any coffee. The price of a cup of coffee is $2.40. How many cups of coffee per day will Jane buy?A) 1B) 2C) 3D) NoneAnswer: BTopic: Demand and Marginal BenefitSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills39) Jane is willing to pay $4 for the first cup of coffee a day, $2.50 for the second cup, and $1 for the third cup, after which she won't buy any coffee. The price of a cup of coffee is $2.40. Jane's consumer surplus from the coffee she buys is $________ per day.A) $1.60B) $1.70C) $4.80D) $6.50Answer: BTopic: Consumer SurplusSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills40) Consider a market that has linear supply and demand curves, and is in equilibrium. The area above the price line and below the demand curve isA) consumer surplus.B) producer surplus.C) marginal cost.D) marginal benefit.Answer: ATopic: Consumer SurplusSkill: ConceptualQuestion history: Previous edition, Chapter 5AACSB: Reflective Thinking41) Four people each have a different willingness to pay for one unit of a good: George will pay $15, Glen will pay $12, Tom will pay $10, and Peter will pay $8. If price is equal to $9 per unit then the quantity demanded in the market will be ________ and the consumer surplus for this unit will be ________.A) 3; $10B) 3; $37C) 3; $36D) 4; $8Answer: ATopic: Consumer SurplusSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills42) Four people each have a different willingness to pay for one unit of a good: George will pay $15, Glen will pay $12, Tom will pay $10, and Peter will pay $8. If price decreases from $9 to $8 then the consumer surplus from this unit will increase byA) $3.B) $4.C) $2.D) $1.Answer: ATopic: Consumer SurplusSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills43) The figure above shows Clara's demand for CDs. If the price for a CD is $15, then ClaraA) receives no consumer surplus on the 6th CD she buys.B) receives a total of $10 of consumer surplus.C) will buy no CDs.D) receives a total of $40 of consumer surplus.Answer: ATopic: Consumer SurplusSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills44) The figure above shows Clara's demand for CDs. The price for a CD is $15. Which statement is true?A) When Clara buys 6 CDs, she receives $15 of consumer surplus on her 6th CD.B) When Clara buys 6 CDs, she receives a total of $15 of consumer surplus.C) When Clara buys 6 CDs, she receives a total of $30 of consumer surplus.D) When Clara buys 6 CDs, she receives a total of $45 of consumer surplus.Answer: DTopic: Consumer SurplusSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills45) The figure above shows Clara's demand for CDs. At a price of $20 for a CD, the value of Clara's total consumer surplus for all the CDs she buys isA) $40.B) $30.C) $20.D) $4.Answer: CTopic: Consumer SurplusSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills46) The figure above shows Clara's demand for CDs. At a price of $5 for a CD, the value of Clara's total consumer surplus for all the CDs she buys isA) $5.B) $10.C) $25.D) $125.Answer: DTopic: Consumer SurplusSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills47) The figure above shows Clara's demand for CDs. If the price of a CD were to increase from $15 to $25, Clara's total consumer surplus for all the CDs she buys wouldA) decrease by $40.B) remain unchanged.C) decrease by $90.D) increase by $80.Answer: ATopic: Consumer SurplusSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills48) The above figure shows Dana's marginal benefit curve for ice cream. If the price of ice cream is $2 per gallon, then the maximum that Dana is willing to pay for the 8th gallon of ice cream isA) $1.B) $2.C) $3.D) $5.Answer: CTopic: Value, Willingness to Pay, and DemandSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills49) In the above figure, the individual's consumer surplus will be highest ifA) the price of ice cream is $5 per gallon.B) the price of ice cream is $3 per gallon.C) the price of ice cream is $2 per gallon.D) ice cream is free.Answer: DTopic: Consumer SurplusSkill: ConceptualQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills$2 per gallon, then Dana's consumer surplus from the 4th gallon of ice cream isA) $0.B) $2.C) $3.D) $10.Answer: BTopic: Consumer SurplusSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills51) The above figure shows Dana's marginal benefit curve for ice cream. If the price of ice cream is $2 per gallon, then Dana's consumer surplus from the 4th gallonA) is greater than her consumer surplus from the 8th gallon.B) is the same as her consumer surplus from the 8th gallon.C) is less than her consumer surplus from the 8th gallon.D) could be greater than, equal to, or less than the consumer surplus from the 8th gallon. Answer: ATopic: Consumer SurplusSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills52) The above figure shows Dana's marginal benefit curve for ice cream. If the price of ice cream is $2 per gallon, then the gallon that gives Dana exactly zero consumer surplus isA) the 8th gallon.B) the 12th gallon.C) the 16th gallon.D) the 20th gallon.Answer: BTopic: Consumer SurplusSkill: AnalyticalQuestion history: Previous edition, Chapter 5AACSB: Analytical Skills。

大一上学期-微观经济学-微观重点

微观重点第一章，microeconomics 和macroeconomics 的区别，tradeoff 、benefit、opportunity、margin的定义，理解就好，这样后面的内容学起来简单些第二章，这章很重要，需要每一节都看，注意figure 2.3和2.4的图（去年好像就考了2.4的图）.第三章，Demand 和quantity demanded 的1------------------------- 赠予------------------------【名师心得】1. 因材施教，注重创新。

所讲授的每门课程应结合不同专业、不同知识背景的学生来调整讲授的内容和方法。

不仅重视知识的传授，更要重视学生学习能力、分析和解决问题能力的培养，因为这些才是学生终生学习的根本。

注重教学创新，不仅体现在教学模式、教学方法方面，更主要的是体现在内容的创新与扩充、实践环节的同步改革上。

2. 学高为师，身正为范。

不但要有崇高的师德，还要有深厚而扎实的专业知识。

要做一名让学生崇拜的师者，就要不断的更新知识结构，拓宽知识视野，自己不断的钻研学习，加强对教材的驾御能力才能提高自己的教学方法，才能在学生心目中树立起较高的威信。

因此，必须树立起终身学习的观念，不断的更新知识、总结经验，取他区别、demand curve 和supply curve 获得的过程，影响demand 和supply 的因素，一定要区分这些因素，不要记混了。

第四章，都很重要，重点看一看figure 4.3、4.4、4.5、4.8，结合图去理解课本的内容。

（感觉第2-4章都很重要）第五章，重点看benefit,cost,and surplus 这部分，,再看看market failure ,结合figure5.6，（去年画图题考的是figure 5.3，5,4）2------------------------- 赠予------------------------【名师心得】1. 因材施教，注重创新。

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第四节资源配置过程
短期内的调整长期内的调整三．蛛网模型
一．二．
李俊青
南开大学经济学院
李俊青
南开大学经济学院
第一节
完全竞争市场的基本特征
第一节
完全竞争市场的基本特征
从市场结构即市场或行业的组成方式上，将市场划分为完全竞争和不完全竞争，其依据主要是构成一个市场或行业的厂商数量及产品的性质、厂商对价格的控制程度、资源流动的难易程度等。
price
SMC
If the price falls to p****, the firm will produce q****
SAC SAVC
p* = MR
p* = MR
Loss=FC
p****
Shut down point
loss
p**** Loss not to cover AVC
Revenue to cover VC
SMC
price
p**
SMC
p* = MR
SAC
p* = MR
Excess profit
SAC SAVC
Excess profit
SAVC
Since p*> SAC, profit > 0
If the price rises to p**, the firm will produce q** and π > 0
O Ⅰ Q1 Q2 Q3 Q O Ⅱ Q1 Q2 Q3 厂商的短期供给曲线 Q 价格与厂商的边际成本曲线
SAC SAVC
图完全竞争市场下的厂商短期供给曲线
Production Nothing Zone
The firm’s short-run supply curve is the SMC curve that is above SAVC
李俊青
南开大学经济学院
李俊青
output
南开大学经济学院
第三节市场的需求曲线
2 边际收益与需求的价格弹性之间的关系
在总收益函数和需求函数可导时，边际收益与价格以及需求的价格弹性之间的关系推导如下：
线性的需求函数 P＝a－b · Q 为例。此时，总收益TR可表示为：
MR＝
dTR dQ
＝P＋
一．
李俊青
南开大学经济学院
李俊青
南开大学经济学院
主要内容
第三节完全竞争条件下的长期均衡一．长期内的调整过程二．厂商的长期均衡三．行业的长期均衡第四节资源配置过程一．短期内的调整二．长期内的调整
一．二．三．
主要内容
第三节完全竞争条件下的长期均衡
长期内的调整过程厂商的长期均衡行业的长期均衡
李俊青
南开大学经济学院
第一节完全竞争市场的基本特征
一、市场、厂商与行业 1、市场从事某一种商品买卖的有形或无形的交易场所。任何一种商品部有一个市场，有多少种商品，就有多少个市场。 2、行业与厂商行业为同一种商品市场生产并提供产品的所有厂商的总体。实际分析中，根据需要来确定行业的细程度。对于生产不同类型产品的厂商，其生产应归属不同的行业。
一、厂商的短期产量的决定 ⒈厂商短期均衡的总量分析－总收益，总成本分析
第二节完全竞争条件下的短期均衡
李俊青
南开大学经济学院
第二节
完全竞争条件下的短期均衡
第二节
完全竞争条件下的短期均衡
⒈利润最大化的数学推导利润等于总收益减总成本，即： π＝TR－TC π取极大值时的一阶条件是： dπ/dQ＝dTR/dQ－dTC/dQ＝0 得到利润最大化的必要条件： MR＝MC 完全竞争时利润最大化的必要条件：MR=P=MC
Structure of contents
第五章完全竞争下的价格和产量
李俊青
南开大学经济学院
主要内容
通过对生产者行为的分析可知，厂商选择何种产量实现其利润最大化，不仅取决于它的成本条件，而且还取决于它的收益状况，或者说取决于它所面临的市场需求状况。厂商所面临的市场需求曲线依不同的市场类型而存在着一定的差别，本章就具体分析在完全竞争的产品市场条件下使厂商实现最大利润的均衡产量和均衡价格是如何决定的。
完全竞争的厂商所面临的需求曲线d
完全竞争的行业和厂商所面对的需求曲线
李俊青
南开大学经济学院
李俊青
南开大学经济学院
第三节市场的需求曲线
三、收益的相关概念 ⒈总收益、平均收益和边际收益总收益TR是厂商出售产品后所得到的全部收入，简单地表示为R，它等于产品的价格乘以产品的销售量： TR＝P·Q 平均收益AR是平均每一单位产品的销售收入： AR＝TR/Q＝P 边际收益MR是销售最后一单位产品所获得的收益： MR＝ΔTR/ΔQ
SAC SAVC
If the price falls to p***, the firm will produce q***
SAC SAVC
p* = MR
P no profit p***
loss Loss of FC
Profit maximization requires that p = SMC and that SMC is upward-sloping
边际收益曲线与市场需求曲线总收益和边际收益
需求量Q 1 2 3 4 5 6 7
价格P（元） 10 9 8 7 6 5 4
总收益TR（元） 10 18 24 28 30 30 28
边际收益MR（元） 10 8 6 4 2 0 -2
p1
TR
q1 TR MR
D (average revenue)
output
MR = P;
P AR,MR
AR= (P*Q)/Q = P
P0
d＝AR＝MR＝P
q 完全竞争厂商的总收益曲线
平均收益曲线和边际收益曲线
q O Ⅱ 完全竞争厂商的平均收益和边际收益曲线
图
边际收益与弹性
图完全竞争厂商的收益曲线
李俊青
南开大学经济学院
李俊青
南开大学经济学院
第二节
完全竞争条件下的短期均衡
dP dP Q · Q ＝P · (1＋ · dQ dQ P dQ P / dP Q 1 ) Ed
)
TR＝P·Q ＝a · Q－b · Q2 平均收益AR为： AR＝TR/Q＝a －b · Q 边际收益MR为： MR＝dTR/dQ＝a －2 · b · Q
Ed＝－就有： MR＝P · (1－
李俊青
南开大学经济学院
李俊青
南开大学经济学院
第三节市场的需求曲线
TR TR
第一节完全竞争市场的基本特征
3、完全竞争厂商的收益分析
完全竞争厂商的平均收益曲线和边际收益曲线与需求曲线都是完全重合的。
TR = P*Q;
O AR MR Q0 Ed＞1 Ed＝1 Ed＜1 MR O Ⅱ Q0 D＝AR Q1 Q O Ⅰ Ⅰ Q1 Q 总收益曲线 TR TR
（1）存在大量的买者和卖者市场中的任何个体都不能影响商品价格，都是价格的接收者。因此，厂商面临的需求曲线是一条水平线。（2）产品时同质的任何两个厂商的产品之间是完全替代的。（3）资源完全自由流动在长期条件下，资源可以自由进出行业。（4）信息是完全的厂商和消费者都完全了解最大化自己利益所需的所有信息。
第一节完全竞争市场的特征一．市场、厂商和行业二．划分不同厂商结构的标准三．完全竞争的内涵及假设条件四．厂商和行业所面对的需求曲线五．厂商的总收益、平均收益和边际收益第二节完全竞争条件下的短期均衡厂商短期均衡产量的决定二．厂商的短期供给曲线三．行业的短期供给曲线四．完全竞争行业的短期均衡价格和产量五．短期的生产者剩余
q*** q*
qn
q*
output
output
李俊青
南开大学经济学院
李俊青
南开大学经济学院
第二节
完全竞争条件下的短期均衡
第二节
完全竞争条件下的短期均衡
price
SMC
If the price falls to p****, the firm will produce q****
SAC SAVC
李俊青南开大学经济学院李俊青
第一节完全竞争市场的基本特征
三划分不同市场结构的标准微观经济学中，市场结构的划分依据，是根据构成一个市场或行业的厂商数量和产品性质、厂商对市场的控制程度、资源流动的难易程度以及售卖方式等。
市场结构厂商数目完全竞争很多完全垄断一个垄断竞争较多寡头垄断很少
产品性质同质商品不可替代商品可替代的差异产品同质或差异产品
市场控制能力无完全控制
行业进入难度自由进入不能进入
现实中的近似例子粮食市场公用事业品牌商品汽车、钢铁等
有一定控制能力容易进入较大控制能力进入困难
南开大学经济学院
第三节市场的需求曲线
二、厂商面临的需求曲线厂商面临的需求曲线比行业的需求曲线更加富于弹性。厂商数目多的企业面对的市场需求曲线更加富于弹性－完全竞争
第一节完全竞争市场的基本特征
二、厂商所面对的需求曲线
商品的均衡价格与均衡产量由这一行业的市场供给曲线和需求曲线的相互作用决定的，如Ⅰ图中曲线D所示。单个的厂商只是价格的接受者，它面对的是一条平行于横轴，如图Ⅱ图中曲线d所示。
P S
P
P0 D O Ⅰ Q0 Q
P0 q0 Ⅱ
d
OLeabharlann q完全竞争的行业所面临的供求曲线D 图
q*