In a perfectly competitive market, firms:

The curve that goes through the points A, B, C, and D is called the:    

Which of these is NOT a microeconomic topic?

Lee paid $12 for a headlamp but was willing to pay $35. What is Lee’s consumer surplus?

Empirical disciplines:

(Figure: Revenues and Output I) The total revenue curve for a perfectly competitive firm is represented by curve:    

In the market for oranges, we observe that the equilibrium price increased and that the equilibrium quantity increased. What could have caused this change?

(Figure: Price and Quantity of Turkeys II) If the price of turkey is $4 per pound, _____ pounds of turkey will be offered for sale; if the price of turkey is $7 per pound, _____ pounds of turkey will be offered for sale.    

A. Los viajes: ¿Cómo se dice…? Kate just started her new job at the information counter at the Miami International Airport in Miami, Florida, and when she tries to assist travelers in Spanish, she can’t think of the word she needs! Can you help her? First, read her descriptions below. Then, for each item, select the corresponding word from the dropdown menu. If none of the options provided are logical, select ninguna de las anteriores (none of the above). (One point each; 8 pts. total) 1. Para viajar al extranjero, el documento que necesitas es . 2. En el avión, guardas el equipaje en . 3. Al llegar a otro país es necesario pasar por 4. La persona que ayuda a los pasajeros en el avión . 5. Para aprender información sobre un destino turístico, los turistas consultan . 6. Después de aterrizar, recoges las maletas en en el aeropuerto. 7. Cuando un avión no despega a tiempo, hay .  8. En la aduana, los inspectores revisan de los viajeros para ver si no llevan cosas prohibidas.   

(Figure: Market for Peanuts II) At a price floor of $750, there is an excess supply of _____ tons of peanuts.