Second Sample Midterm Exam 2 Worksheet With Answers - Professor Scholz - University Of Wisconsin - Madison - 2009 Page 7
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17Second Sample Midterm Exam #2; Page 7 of 16
15) The Madison pizza market is perfectly competitive. In a given week (when school is in
session), 80000 pizzas are sold. The perfectly competitive price is $12 per pizza. All firms have
the same marginal costs, which equal MC = 4 + q/100. How many firms are there in the market?
a) 80
b) 100
c) 120
d) 200
e) 240
16) Assume that the consumer depicted in the figure below has an income of $100 and currently
optimizes at point A. When the price of marshmallows decreases to $5, the optimizing consumer will
choose to purchase how many units of marshmallows?
a)
3
b)
10
c)
9
d)
4
e)
6
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