Economics Homework Twelve Answers - Student Ten

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1. A monopoly is one seller without any competitors. What is a "monopsony"? many sellers with one buyer.

2. Define, in your own words, what a "production possibilities curve" is.

3. Review: how is the elasticity of demand for labor related to the price elasticity of demand for the product of that labor?

4. Do you think that government policy should give high priority to the Lorenz curve? Explain the issue that a Lorenz curve addresses, and whether you think that should be a high priority of government economic policy.

5. Look again at Figure A. What is the opportunity cost of shifting production from B to C?

6. Review: explain again what AFC, AVC and ATC are, and how they relate to each other. When should a firm shut down in the short run? average fixed costs all the costs left with no output, average variable costs are costs that can be changed depending on output, and avrage total costs are all the costs added together.

7. What is needed to reach point D in Figure A? (In other words, what causes a production possibilities curve to shift outward?)

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