Principles of Microeconomics (Multiple Choice Problems)

Below is the attached homework problems worksheet. I have 11 problems that have to be completed and i need them all to br correct. I also need it by the time it is due. This is for an undergraduate college class and hopefully someboy will compete this with confidence of getting me 100%. Thank You!

In the market for hamburgers,

some sellers would be willing to sell less than the equilibrium price

  1. no seller is willing to sell for less than the equilibrium price
  2. there is excess demand at the equilibrium price

 

Which of the following is not an aspect of a market-oriented economy?

  1. the government makes most economic decisions itself
  2. Most decisions involve individuals or business firms
  3. The institutional arrangements in the economy brings together buyers and sellers of goods and services

 

The demand curve shows that as the price of a good increases,

  1. A) People tend to buy more of the good
  2. B) The quantity demanded for the good increases
  3. C) The demand curve for the good shifts to the right
  4. D) None of the above

 

McDonalds can produce both hamburgers and French fries at a lower average cost than what it would cost two separate firms to produce the same goods. This is an example of?

  1. Economies of Scope
  2. Economies of Scale
  3. Diminishing Marginal Returns
  4. None of the above

 

Mario eats only pizza and burgers. His weekly food budget is $24. Each pizza costs $6 and each burger costs $2. When deciding how much of each good to buy, Mario multiplies the number of pizzas by the number burgers, which measures his utility. For example, 2 pizzas and 4 burgers will give him a utility of 8. If Mario is currently consuming 1 pizza and 9 burgers each week, he would be better off consuming

  1. A) 2 less pizzas and 6 more burgers
  2. B) 1 less pizza and 3 more burgers
  3. C) 1 more pizza and 3 fewer burgers

 

Price Ceilings

  1. A) Reduce social surplus because of deadweight loss
  2. B) Are set to protect sellers
  3. C) Are set above equilibrium

A)Graph 2

  1. B) Graph 3
  2. C) Graph 4

Beef is a normal good. If the price elasticity of demand for beef is 2 and the price rises by 10%, the quantity demanded will?

A)fall by 5%

B)Rise by 5%

  1. C) Fall by 20%

 

 

All of the following are microeconomic problems except

  1. A) an individual deciding how to spend her income
  2. B) analyzing whether the price of wheat will rise or fall
  3. C) how to reverse a large trade deficit

Suppose an amusement park can hold 15,000 people at a time. The shape of the supply curve for tickets to the amusement park will be

  1. A) unit elastic and upward sloping
  2. B) highly elastic and very nearly flat

C)highly inelastic and very nearly vertical

 

An improvement in technology reduces the need for car repairs. This will affect the equilibrium wage and quantity of auto mechanics employed by

 

  1. A) shifting the demand curve to the right
  2. B) shifting the supply curve to the left
  3. C) shifting the demand curve to the left