Comprehensive Microeconomics Study Set - Custom Scholars
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# Comprehensive Microeconomics Study Set

question
Price elasticity of demand
A measure of how much the quantity demanded of a good responds to a change in the price of that good.
question
Price-elasticity equation
(change in Q_x demanded/[sum of Q's/2]) / (change in P_x/[sum of P's/2])
question
Change in quantity demanded/supplied = [blank].
A shift ALONG the curve
question
Change in demand/supply = [blank].
A shift OF the curve
question
Accounting Profit = [blank].
Total revenue - Explicit costs
question
Economic Profit = [blank].
Total revenue - (Explicit costs + Implicit costs)
question
For economies of scale, per unit cost [blank] as scale increases.
goes down
question
For constant returns to scale, per unit cost [blank] as scale increases.
stays the same
question
For diseconomies of scale, per unit cost [blank] as scale increases.
goes up
question
Marginal Product Equation
MP = Change in TP / Change in Input
question
Average Product Equation
AP = TP / Units of Input
question
The Marginal Product curve cuts through the Average Product curve at the [blank].
Maximum Average Product point
question
If a long-run ATC is downward sloping over a large area, the market structure is most likely a [blank].
monopoly
question
With perfect competition, there are [blank] firms with [blank] products and [blank] price setting power. L.R. profit is [blank], entry and exit is [blank], and there [blank] allocative and/or product efficiency.
many, the same, no, zero, free, is
question
With monopolistic competition, there are [blank] firms with [blank] products and [blank] price setting power. L.R. profit is [blank], entry and exit is [blank], and there [blank] allocative and/or product efficiency.
many, different (non-price competition), some (locally), zero, relatively easy, is not
question
With an oligopoly, there are [blank] firms with [blank] products and [blank] price setting power. L.R. profit is [blank], entry and exit is [blank], and there [blank] allocative and/or product efficiency.
few, the same or different (non-price competition), limited, very likely, very difficult, is not
question
With a monopoly, there is [blank] firm with [blank] products and [blank] price setting power. L.R. profit is [blank], entry and exit is [blank], and there [blank] allocative and/or product efficiency.
one, unique, major, very very likely, blocked, is not
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Perfect Competition Marginal Revenue Conditions
Marginal Revenue = Demand, Average Revenue, and Price
question
For monopolistic competition, [blank] = [blank] in the long run.
P, ATC
question
In the long run for a constant cost industry, the cost curves [blank] as the industry expands.
stay constant
question
In the long run for an increasing cost industry, the cost curves [blank] as the industry expands.
up and to the left
question
Natural Monopoly
A monopoly that arises because a single firm can supply a good/service to an entire market at a smaller cost than could two or more firms.
question
Reservation Wage
The lowest wage a worker is willing to accept for a given job.
question
Marginal Revenue Product (MRP) Equations
Price * Marginal Product = MRP = change in Total Revenue / change in Labor
question
Marginal Resource Cost (MRC) Equation
MRC = change in Total Cost / change in Labor
question
For a wage taker, MRC [blank].
equals market wage rate
question
For a monopsony (wage makers), MRC [blank].
is greater than wage paid
question
Shifters of Labor Demand
Changes in product demand, changes in worker productivity, and changes in prices of other resources.
question
An increase in product demand will cause [blank] in labor demand.
an increase
question
An increase in worker productivity will cause [blank] in labor demand.
an increase
1 of 30
question
Price elasticity of demand
A measure of how much the quantity demanded of a good responds to a change in the price of that good.
question
Price-elasticity equation
(change in Q_x demanded/[sum of Q's/2]) / (change in P_x/[sum of P's/2])
question
Change in quantity demanded/supplied = [blank].
A shift ALONG the curve
question
Change in demand/supply = [blank].
A shift OF the curve
question
Accounting Profit = [blank].
Total revenue - Explicit costs
question
Economic Profit = [blank].
Total revenue - (Explicit costs + Implicit costs)
question
For economies of scale, per unit cost [blank] as scale increases.
goes down
question
For constant returns to scale, per unit cost [blank] as scale increases.
stays the same
question
For diseconomies of scale, per unit cost [blank] as scale increases.
goes up
question
Marginal Product Equation
MP = Change in TP / Change in Input
question
Average Product Equation
AP = TP / Units of Input
question
The Marginal Product curve cuts through the Average Product curve at the [blank].
Maximum Average Product point
question
If a long-run ATC is downward sloping over a large area, the market structure is most likely a [blank].
monopoly
question
With perfect competition, there are [blank] firms with [blank] products and [blank] price setting power. L.R. profit is [blank], entry and exit is [blank], and there [blank] allocative and/or product efficiency.
many, the same, no, zero, free, is
question
With monopolistic competition, there are [blank] firms with [blank] products and [blank] price setting power. L.R. profit is [blank], entry and exit is [blank], and there [blank] allocative and/or product efficiency.
many, different (non-price competition), some (locally), zero, relatively easy, is not
question
With an oligopoly, there are [blank] firms with [blank] products and [blank] price setting power. L.R. profit is [blank], entry and exit is [blank], and there [blank] allocative and/or product efficiency.
few, the same or different (non-price competition), limited, very likely, very difficult, is not
question
With a monopoly, there is [blank] firm with [blank] products and [blank] price setting power. L.R. profit is [blank], entry and exit is [blank], and there [blank] allocative and/or product efficiency.
one, unique, major, very very likely, blocked, is not
question
Perfect Competition Marginal Revenue Conditions
Marginal Revenue = Demand, Average Revenue, and Price
question
For monopolistic competition, [blank] = [blank] in the long run.
P, ATC
question
In the long run for a constant cost industry, the cost curves [blank] as the industry expands.
stay constant
question
In the long run for an increasing cost industry, the cost curves [blank] as the industry expands.
up and to the left
question
Natural Monopoly
A monopoly that arises because a single firm can supply a good/service to an entire market at a smaller cost than could two or more firms.
question
Reservation Wage
The lowest wage a worker is willing to accept for a given job.
question
Marginal Revenue Product (MRP) Equations
Price * Marginal Product = MRP = change in Total Revenue / change in Labor
question
Marginal Resource Cost (MRC) Equation
MRC = change in Total Cost / change in Labor
question
For a wage taker, MRC [blank].
equals market wage rate
question
For a monopsony (wage makers), MRC [blank].
is greater than wage paid
question
Shifters of Labor Demand
Changes in product demand, changes in worker productivity, and changes in prices of other resources.
question
An increase in product demand will cause [blank] in labor demand.
an increase
question
An increase in worker productivity will cause [blank] in labor demand.
an increase

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