Economics and Demand Curve Essay - 645 Words

11) According to economist Colin Camerer of the California Institute of Technology, many New York taxi drivers decide when to finish work by setting an income goal for themselves. If this is true, then on busy days when the effective hourly wage is higher, taxi drivers will A. work the same number of hours as they will on slower days B. work fewer hours than they will on slower days C. work more hours than they will on slower days D. not work any hours 12) A firms demand for labor is derived from the A. opportunity costs associated with labor and leisure B. desires and needs of the entrepreneur C. cost of labor inputs D. demand for its output 13) Owen runs a delivery business and†¦show more content†¦competitive firms control market supply, but monopolies do not C. the monopolists demand curve is the industry demand curve, while the competitive firms demand curve is perfectly elastic D. profits are driven to zero in a monopolized industry, but may be positive in a competitive industry. 17) A monopoly firm is different from a competitive firm in that A. there are many substitutes for a monopolists product while there are no substitutes for a competitive firms product B. a monopolists demand curve is perfectly inelastic while a competitive firms demand curve is perfectly elastic C. a monopolist can influence market price while a competitive firm cannot D. a competitive firm has a U-shaped average cost curve while a monopolist does not 18) The difference between a perfectly competitive firm and a monopolistically competitive firm is that a monopolistically competitive firm faces a A. horizontal demand curve and price equals marginal cost in equilibrium B. horizontal demand curve and price exceeds marginal cost in equilibrium C. downward-sloping demand curve and price equals marginal cost in equilibrium D. downward-sloping demand curve and price exceeds marginal cost in equilibrium 19) As long as marginal cost is below marginal revenue, a perfectly competitive firm should A. increase production B. hold production constant C.Show MoreRelatedEconomics : The Supply And Demand Curve Essay1441 Words   |  6 PagesIntroduction This term paper would discuss Uber’s pricing in term of facing the fundamental concept of economics: the supply and demand curve. 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Demand and Quantity Demanded are different