micro 151-160

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151. The graph represents a short-run monopolistic equilibrium. The shaded area represents

152. In the long run, monopolistically competitive firms break even due to

153. Game theory fits best with which market structure?

154. The government establishes a price ceiling on good X above the equilibrium price. The result would

(A) raise the price of the good

(B) raise the price of the good and decrease the quantity demanded

(D) lower the price of the good

(E) have no effect on the price of the good or quantity demanded Refer to the following graph for question 155.

155. If peanut butter and grape jelly are complementary goods, and the supply of grape jelly moves from S1 to S2,

(A) the demand curve for peanut butter will shift to the right

(B) the demand curve for peanut butter will remain the same

(D) quantity demanded will decrease for peanut butter on the same demand curve

(E) quantity demanded will increase for peanut butter on the same demand curve

156. Which of the following shows the profit-maximizing point for all types of market structures?

157. In the market system, resources are allocated in which ways?
I. Customs and traditions influence which goods and services are produced.
II. Voluntary exchange influences which goods and services are produced.
III. Government determines which goods and services are produced.

158. Price leadership fits best with which type of market structure?

159. The idea of limited liability is a significant factor to which type of business organization?

160. Implicit costs are

(A) direct, purchased, out-of-pocket costs

(B) costs that change with the level of output

(D) total variable costs divided by output

(E) none of the above