2168620
Frage 1
Frage
Marginal product is?
Antworten
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the change in total product divided by the change in quantity of labor
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total product divided by the quantity of labor
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always positive
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unrelated to total product
Frage 2
Frage
the marginal cost curve first declines and then increases because of...?
Antworten
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increasing, then diminishing, marginal utility
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the decline in the gap between ATC and AVC as output expands
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increasing, then diminishing, marginal returns
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constant marginal revenue
Frage 3
Frage
The vertical distance between ATC and AVC measures:
Antworten
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marginal cost
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total fixed cost
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average fixed cost
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economic profit per unit
Frage 4
Frage
ATC is:
Antworten
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AVC-AFC
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MC+AVC
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AFC+AVC
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(AFC+AVC)+Q
Frage 5
Frage
when the marginal cost curve lies:
Antworten
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above the ATC curve, ATC rises
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above the AVC curve, ATC rises
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below AVC curve, total fixed cost increases
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below the ATC curve, total fixed cost falls
Frage 6
Frage
the long run ATC curve is often called the firm's....?
Antworten
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planning curve
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capital-expansion path
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total product curve
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production possibilities curve
Frage 7
Frage
Curve MR is horizontal because:
Antworten
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product price falls as output increases
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the law of diminishing marginal utility is at work
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the market demand for this product is perfectly elastic
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the firm is a price taker
Frage 8
Frage
at a price of $131 and 7 unites of output:
Antworten
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MR exceeds MC, and the firm should expand its output
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total revenue is less than total cost
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AVC exceeds ATC
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the firm would earn only a normal profit
Frage 9
Frage
in maximizing profits at 9 units of output, this firm is adhering to which of the following decision rules?
Antworten
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produce where MR exceeds MC by the greatest amount
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produce where P exceeds ATC by the greatest amount
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Produce where total revenue exceeds total cost by the greatest amount
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produce where average fixed costs are zero
Frage 10
Frage
suppose price declined from $131 to $100. this firm's...?
Antworten
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Marginal-cost curve would shift downward
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economic profit would fall to zero
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profit-maximizing output would decline
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total cost would fall by more than its total revenue
Frage 11
Frage
we know the firm is a price taker because:
Antworten
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its MC curve slopes upward
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its ATC curve is U shaped
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its MR curve is horizontal
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MC and ATC are equal at the profit-maximizing output
Frage 12
Frage
the equality that Price (P), Marginal Cost (MC), and minimum Average Total Cost (ATC):
Antworten
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occurs only in constant-cost industries
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encourages entry of new firms
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means the "right goods" are being produced in the "right ways"
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results in a zero accounting profit
Frage 13
Frage
when P=MC=lowest ATC for individual firms, in the market:
Antworten
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consumer surplus necessarily exceeds producer surplus
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consumer surplus plus producer surplus is at a maximum
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producer surplus necessarily exceeds consumer surplus
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supply and demand are identical
Frage 14
Frage
which of the following pairs are both "competition-like elements" in monopolistic competition?
Antworten
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price exceeds MR; standardized product
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entry is relatively easy; only a normal profit in the long run
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price equals MC at the profit maximizing output; economic profits are likely in the long run
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the firms' demand curve is downsloping; differentiated products
Frage 15
Frage
check all that apply to Pure monopoly
Antworten
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sole supplier of a product
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one of many suppliers of the same product
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easy entry
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difficult entry
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Unique product
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product has many close substitutes
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price maker
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price taker
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a pure monopoly will be less efficient than pure competition
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a pure monopoly will be more efficient than a pure competition
Frage 16
Frage
check all that apply to Monopolistic competion
Antworten
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the only firm or sole supplier of a product
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one of many firms or suppliers of a product
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easy entry and exit
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difficult entry and exit
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standardized product
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differentiated product
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Price maker
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Price taker
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efficient
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not efficient
Frage 17
Frage
check all that apply to oligopoly
Antworten
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one of many suppliers or firms
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one of few suppliers or firms
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easy entry
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difficult entry
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price maker
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price taker
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efficient
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inefficient
Frage 18
Frage
check all that apply to Pure competition
Antworten
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one of many firms or suppliers
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one of few suppliers or firms
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standardized product
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differentiated product
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price maker
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price taker
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easy entry
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difficult entry
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