2168620
Pregunta 1
Pregunta
Marginal product is?
Respuesta
-
the change in total product divided by the change in quantity of labor
-
total product divided by the quantity of labor
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always positive
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unrelated to total product
Pregunta 2
Pregunta
the marginal cost curve first declines and then increases because of...?
Respuesta
-
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
Pregunta 3
Pregunta
The vertical distance between ATC and AVC measures:
Respuesta
-
marginal cost
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total fixed cost
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average fixed cost
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economic profit per unit
Pregunta 4
Pregunta
ATC is:
Respuesta
-
AVC-AFC
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MC+AVC
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AFC+AVC
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(AFC+AVC)+Q
Pregunta 5
Pregunta
when the marginal cost curve lies:
Respuesta
-
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
Pregunta 6
Pregunta
the long run ATC curve is often called the firm's....?
Respuesta
-
planning curve
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capital-expansion path
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total product curve
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production possibilities curve
Pregunta 7
Pregunta
Curve MR is horizontal because:
Respuesta
-
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
Pregunta 8
Pregunta
at a price of $131 and 7 unites of output:
Respuesta
-
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
Pregunta 9
Pregunta
in maximizing profits at 9 units of output, this firm is adhering to which of the following decision rules?
Respuesta
-
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
Pregunta 10
Pregunta
suppose price declined from $131 to $100. this firm's...?
Respuesta
-
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
Pregunta 11
Pregunta
we know the firm is a price taker because:
Respuesta
-
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
Pregunta 12
Pregunta
the equality that Price (P), Marginal Cost (MC), and minimum Average Total Cost (ATC):
Respuesta
-
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
Pregunta 13
Pregunta
when P=MC=lowest ATC for individual firms, in the market:
Respuesta
-
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
Pregunta 14
Pregunta
which of the following pairs are both "competition-like elements" in monopolistic competition?
Respuesta
-
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
Pregunta 15
Pregunta
check all that apply to Pure monopoly
Respuesta
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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
Pregunta 16
Pregunta
check all that apply to Monopolistic competion
Respuesta
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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
-
efficient
-
not efficient
Pregunta 17
Pregunta
check all that apply to oligopoly
Respuesta
-
one of many suppliers or firms
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one of few suppliers or firms
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easy entry
-
difficult entry
-
price maker
-
price taker
-
efficient
-
inefficient
Pregunta 18
Pregunta
check all that apply to Pure competition
Respuesta
-
one of many firms or suppliers
-
one of few suppliers or firms
-
standardized product
-
differentiated product
-
price maker
-
price taker
-
easy entry
-
difficult entry
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