CLEP Principles of Microeconomics Readiness Test

Demand is Qd=270−2Pb, and supply is Qs=3Ps, where Pb is buyer price and Ps is seller receipt. A tax of 18 per unit creates Pb−Ps=18. What is Pb at the new equilibrium?

Which term or topic best matches the following description? Training improves a worker's productive capacity and potential earnings.

A consumer has income $168, and X costs $3 per unit. If all income is spent on divisible X, what is the maximum quantity?

A monopoly faces P=100−2Q, has constant variable cost 15 per unit and fixed cost 25, and produces Q=85/4. What profit results?

At output 29, a firm has fixed cost $195 and variable cost $232. What is average fixed cost?

In one hour, producer A can make 10 shirts or 13 cups; producer B can make 20 shirts or 39 cups. Resources are transferable at constant rates. What is A's opportunity cost of one shirt in cups?

In a competitive linear supply-demand model without externalities, a per-unit tax creates a wedge of 13 dollars and reduces quantity by 16 units. What is the deadweight-loss triangle area?

The next unit of X provides marginal utility 52 and costs $2. What is its marginal utility per dollar?

A competitive firm would receive price 12, below its minimum AVC of 14. Its total fixed cost is $100. It shuts down for the period but cannot avoid fixed cost. What is the loss magnitude?

At an interior cost-minimizing input mix, MPL/w=MPK/r. If wage w=4, capital price r=4, and MPK=16, what MPL satisfies the condition?