market equilibrium and clearing price

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in a simple model of resource market, a household is_______________. a) supplier of goods and services b) buyer of resources c) seller of resources d) buyer of goods and services answer: c a movement along a demand curve can be caused by a change in ________________. a) consumer income b) the price of substitute/complement c) expectations about future prices d) the price of the good in question answer: d a price above the market equilibrium price results in ____________. a) shortage b) inflation c) excess demand d) surplus answer: d a decrease in the demand for a good will __________ price and _________ in quantity. a) decrease/decrease b) increase/decrease c) increase/increase d) decrease/increase answer: a a market clearing price is ________________. a) a price set by the government b) total surplus is maximized c) disequilibrium price d) quantity supplied greater than quantity demanded answer: b indifference curves normally _________________. a) …

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ost-output c) factor-factor d) product-product answer: c which one of the following is beyond the managerial control? a) total fixed cost b) marginal cost c) average variable cost d) total variable cost answer: a an allocation in which one can be made better-off without anyone else being made worse-off is. a) edge worth box b) pareto optimal c) pareto improvement d) pure exchange answer: c which one is incorrect about preferences described by a utility function? a) diminishing mu of wealth is a risk loving b) diminishing mu of wealth is a risk averse c) increasing mu of wealth is a risk loving d) constant mu of wealth is a risk neutral answer: b competitive firm choose the profit maximization level of output at which____________. a) p mr=mc c) p=mr=mc d) p=avc answer: c which one of the following is false? a) each painter refuses to sell if a price …

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rategy given strategies that all others have chosen. a) nash equilibrium b) best response c) payoffs d) dominant strategy answer: a a competitive firm in a product market will hire a unit of labor by a required wage rate from a competitive labor market where ______________________. a) mrpl = type d) constraints are given only by inequalities of <= type answer: a in applying vogel's approximation method to a profit maximization problem, row and column penalties are determined by _________________________. a) finding the largest unit cost in each row or column. b) finding the smallest unit cost in each row or column. c) finding the sum of the unit costs in each row or column. d) finding the difference between the two lowest unit costs in each row and column. e) finding the difference between the two highest unit costs in each row and column. answer: d the purpose of …

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ution. b) every lp problem has a unique solution. c) if an lp problem has two optimal solutions, then it has infinitely many solutions. d) if a feasible region is unbounded then lp problem has no solution answer: d in solving the lpp: “minimize f = 16x + 20y subject to constraints 2x + y ≥ 10, x ≥ 6, y ≥ 2, x ≥ 0, y ≥ 0” redundant constraints are. a) 2x + y ≥ 10, x ≥ 0, y ≥ 0 b) x ≥ 6 c) x ≥ 6, y ≥ 2 d) y ≥ 2, x ≥ 0, y ≥ 0 answer: a mathematical model of linear programming is important because ______________________. a) it helps in converting the verbal description and numerical data into mathematical expression b) decision makers prefer to work with formal models. c) it captures the relevant relationship among decision factors. d) it …

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t fundamental objective of network analysis is to______________. a) minimize total project duration b) minimize total project cost c) minimize production delays, interruption and conflicts d) maximize total project duration answer: a which one of the following is not the possible loading criterion for assignment problems? a) minimizing operating time” b) maximizing profit” c) minimizing production cost” d) minimize uncertainty and risk answer: a which one of the following is/are false about duality linear programing problem? a) corresponding to every lpp, there is another lpp. b) the given problem is called the primal. c) the related problem to the given problem is known as the primal. d) the dual of a dual is the primal answer: c a component of linear programming which indicates constraints that require the decision variables not to take on negative values is _____________________. a) objective function b) decision variables c) resource constraints d) non-negativity constraints …

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in a simple model of resource market, a household is_______________. a) supplier of goods and services b) buyer of resources c) seller of resources d) buyer of goods and services answer: c a movement along a demand curve can be caused by a change in ________________. a) consumer income b) the price of substitute/complement c) expectations about future prices d) the price of the good in question answer: d a price above the market equilibrium price results in ____________. a) shortage b) inflation c) excess demand d) surplus answer: d a decrease in the demand for a good will __________ price and _________ in quantity. a) decrease/decrease b) increase/decrease c) increase/increase d) decrease/increase answer: a a market clearing price is …

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