Categorize the following items as rival or non-rival; and excludable or non-excludable. Information on a school’s website is and . 

The figure shows the market for three moving companies in a small town. Complete the table. Alt Text: moving companies Moving companies   Competitive Outcome Non-competitive (Monopoly) outcome Price Pcomp:  PM: Quantity Q comp: QM: Consumer Surplus   DWL

An airline selling lower priced tickets when a consumer purchases at least one month before the travel date would be an example of ____________ price discrimination. 

Items for which buyers have strong preferences typically have an  demand. We should expect total revenue to as price increases.

The following questions are about perfectly competitive firms. 

Use the data below to compute the marginal product of labor in Larry’s Lawnmower Company.  Larry’s Lawn mowing Quantity of Labor (workers) Total Product (lawns mowed per day) Marginal Product of Labor (MPL) 0 0 — 1 3 2 8 3 15 4 20 5 21 Write down your answers, you will need them for the next question.

The figure represents a restaurant operating in monopolistic competition. Alt Text: meals at a restaurant The firm’s efficient scale occurs at meals per day. Therefore the firm have excess capacity of meals per day.   

Tom pays a daily fee of $300 to occupy a pretzel stand in the mall. He pays his workers $100 per day to make and sell pretzels.  What are Tom’s fixed costs? Explain why these costs are fixed.

The market for Las Vegas hotel rooms Show on a supply and demand graph the impact of the following events on the equilibrium price and quantity. Hotels cut their prices, offering deep discounts on hotel rooms.  What will be the impact on the market for Las Vegas hotel rooms? Select all that apply. 

The figure shows the market for sports drinks. Consider this statement:  “If the price falls from $3 to $1 per bottle, quantity demanded changes from 10 to 25 bottles.” Which of the following states the same idea? Alt Text: sport drink