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| Section | Objectives |
|---|---|
| Foundations of Economics | - Market systems and economic models - Scarcity, opportunity cost, and economic reasoning |
| Microeconomics for Managers | - Supply and demand analysis - Elasticity and pricing decisions - Market structures and competition |
| Macroeconomic Environment | - Fiscal and monetary policy - GDP, inflation, and unemployment |
| Global Economics | - Global economic institutions and trade policy - International trade and comparative advantage - Exchange rates and currency systems |
| Managerial Economic Decision-Making | - Cost-benefit analysis in business contexts - Risk and uncertainty in global markets |
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NEW QUESTION # 52
What measures how the quantity demanded of one good responds to a change in the price of another good?
Answer: D
Explanation:
Cross-price elasticity of demand measures how the quantity demanded of one good changes in response to a price change in another good. Option A is correct because this concept identifies whether goods are substitutes or complements. If cross-price elasticity is positive, the goods are substitutes; when the price of one rises, demand for the other increases. For example, if coffee becomes more expensive, demand for tea may rise. If cross-price elasticity is negative, the goods are complements; when the price of one rises, demand for the other falls. For example, if printers become more expensive, demand for printer cartridges may decline. Price elasticity of demand measures responsiveness to the good's own price, not another good's price.
The other options are not standard terms.
NEW QUESTION # 53
Which term best describes a market structure of limited competition in which the market is shared by a small number of sellers?
Answer: B
Explanation:
InGlobal Economics for Managers, anoligopolyis defined as a market structure characterized bylimited competition in which a small number of sellers dominate the market, making option C the correct answer.
These firms collectively control a large share of total market output, and each firm's actions significantly influence the behavior and profitability of the others.
Oligopolistic markets are common in industries with high barriers to entry, such as automobiles, airlines, telecommunications, and energy. Barriers may include economies of scale, high capital requirements, technological advantages, or government regulation. Because only a few firms operate in the market, strategic decision making becomes critical.
Option A, monopoly, involves a single seller. Option B, monopolistic competition, includes many sellers offering differentiated products. Option D, perfect competition, involves many sellers with no market power.
Global Economics for Managersemphasizes that oligopolies are marked by strategic interaction, where firms must anticipate competitors' reactions when setting prices, output, advertising, or investment levels. This interdependence distinguishes oligopoly from other market structures.
Thus, option C accurately describes a market structure with limited competition and a small number of sellers.
NEW QUESTION # 54
When is it best for a firm to decrease production?
Answer: A
Explanation:
A firm should decrease production when marginal cost is greater than marginal revenue. Option A is correct because each additional unit costs more to produce than it brings in revenue, which reduces profit. The standard profit-maximizing rule is to produce where marginal revenue equals marginal cost. If marginal cost exceeds marginal revenue, output is too high and the firm should reduce production. Option B does not justify decreasing production because total revenue greater than total cost indicates profit. Options C and D describe conditions under which restarting or continuing production may be reasonable because price covers average variable cost. The question is about marginal decision making, not total profitability or shutdown rules. For managers, the key rule is simple: do not produce units that reduce profit.
NEW QUESTION # 55
Which statement is true for a monopoly firm, but not for a competitive firm?
Answer: B
Explanation:
InGlobal Economics for Managers, a key distinction between monopolies and perfectly competitive firms is the relationship betweenprice and marginal revenue. For a monopoly,marginal revenue is less than price, making option C correct.
A monopoly faces adownward-sloping demand curve, meaning that to sell an additional unit, the firm must lower the price not only for the marginal unit but also for all previous units sold. As a result, marginal revenue declines faster than price and always lies below the demand curve.
In contrast, a perfectly competitive firm is aprice taker. It can sell as much output as it wants at the market price, so marginal revenue equals price.
Options A and B describe competitive firms, not monopolies. Option D is incorrect because monopolies can earn economic profits in the long run due to entry barriers.
Thus, option C correctly identifies a feature unique to monopoly firms.
NEW QUESTION # 56
A shopper purchases a shirt for $17 but was willing to pay $25. What does this indicate?
Answer: B
Explanation:
InGlobal Economics for Managers,consumer surplusis defined as the difference betweenwhat a consumer is willing to payfor a good andwhat the consumer actually pays, making option A correct.
In this example, the shopper was willing to pay $25 but paid only $17. The consumer surplus is therefore:
Consumer Surplus = Willingness to Pay # Price Paid
Consumer Surplus = $25 # $17 = $8
This $8 represents the net benefit the consumer gains from the transaction. Consumer surplus captures the idea that consumers often value goods more than the market price, and the difference contributes to their economic welfare.
Options B and C incorrectly refer to producer surplus, which depends on production costs rather than consumer willingness to pay. Option D incorrectly states that consumer surplus equals $25, which is the maximum willingness to pay, not the surplus.
Global Economics for Managersuses consumer surplus extensively to evaluate the effects of price changes, taxes, and trade policies on consumer welfare. Thus, option A is correct.
NEW QUESTION # 57
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