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Market Equilibrium and Applications

Practice Multiple Choice Questions Answers are bolded. Explanations to come soon!! For more, please visit: Market Equilibrium and Applications 1. You know the following facts: a) the Boston Celtics have just won the 1989 NBA championships with the LA Lakers. Both Larry Bird and Magic Johnson, wearing Converse basketball shoes, have played magnificently. As a result, millions of young boys and girls wish to emulate them in every particular. b) Converse announces major labor strikes by 50% of their employees. What is the effect on Price and Quantity exchanged in the Market for Converse basketball shoes? A. price would increase and quantity exchanged would decrease. B. price and quantity exchanged would both decrease. C. price would increase and quantity exchanged would be indeterminate. D. price would be indeterminate and quantity exchanged would not change. E. there is not enough information to determine either price or quantity.

output = 4000 units, market price = $1, fixed costs = $2000, total variable costs = $1000, marginal cost = $1.10. This firm is: A. making a positive economic profit. B. making a zero economic profit. C. losing money, although it could make a profit by decreasing its output. D. producing the output where AVC = MC.

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