ECN EXAM Two quizzes:

question

Utility:

answer

measures the level of satisfaction or pleasure that people receive from their choices

question

describes the additional satisfaction provided by one additional unit of consumption:

answer

Marginal utility

question

Bob budgets $12 a week for entertainment

answer

is 16 units

question

bobs utility maximizing point is:

answer

1 movie, 3 gym workouts

question

As Barry Schwartz describes in the reading on Blackboard, more choice _________.

answer

will lead to less happiness for some individuals

question

The changes in consumers' preferences based on the addition of a clearly inferior substitute (as shown in the "Rome with no coffee" example in class) illustrates ______.

answer

that framing is important

question

The Wireless industry, consisting mainly of three large companies, Verizon, AT&T, and Sprint, is an example of ____.

answer

an oligopoly

question

Fax machines, office space, and computers, because they are required regardless of the exact level of production (output) would best categorized as ______.

answer

fixed inputs

question

The table below sets out cost information for the production of volley balls. Some values are missing. Which of the following statements is correct?

answer

A = 42, E = 12

question

I'MaPizzaCo. produces and sells specialty pizzas. Last year, it produced 8,000 mushroom, sausage and spinach pizzas and sold each one for $18. To produce these 8,000 specialty pizzas, the company incurred variable costs of $24,000 and a total cost of $40,000. I'MaPizzaCo's average fixed cost to produce 8,000 specialty pizzas was _____.

answer

2 dollars

question

If a firm has 'Market Power' it means

answer

it is a 'price setter' (that is, it can raise its price without losing all its customers)

question

Suppose the demand curve is estimated to be: P = 10 - Q. What Price (P) will the firm charge if it wants to maximize REVENUE?

answer

question

the market structure with many firms selling a differentiated product is :

answer

monopolistic competition

question

a key feature of oligopoly is:

answer

recognized interdependence

question

a 'meet the competition promise:

answer

may lead to higher prices to industry-wide

question

the demand curve for an individuals firms product in a perfectly competitives industry:

answer

is horizontal

question

we study perfect competition mostly because

answer

it serves as a good base for comparison

question

...

answer

...

1 of 18

question

Utility:

answer

measures the level of satisfaction or pleasure that people receive from their choices

question

describes the additional satisfaction provided by one additional unit of consumption:

answer

Marginal utility

question

Bob budgets $12 a week for entertainment

answer

is 16 units

question

bobs utility maximizing point is:

answer

1 movie, 3 gym workouts

question

As Barry Schwartz describes in the reading on Blackboard, more choice _________.

answer

will lead to less happiness for some individuals

question

The changes in consumers' preferences based on the addition of a clearly inferior substitute (as shown in the "Rome with no coffee" example in class) illustrates ______.

answer

that framing is important

question

The Wireless industry, consisting mainly of three large companies, Verizon, AT&T, and Sprint, is an example of ____.

answer

an oligopoly

question

Fax machines, office space, and computers, because they are required regardless of the exact level of production (output) would best categorized as ______.

answer

fixed inputs

question

The table below sets out cost information for the production of volley balls. Some values are missing. Which of the following statements is correct?

answer

A = 42, E = 12

question

answer

2 dollars

question

If a firm has 'Market Power' it means

answer

it is a 'price setter' (that is, it can raise its price without losing all its customers)

question

Suppose the demand curve is estimated to be: P = 10 - Q. What Price (P) will the firm charge if it wants to maximize REVENUE?

answer

question

the market structure with many firms selling a differentiated product is :

answer

monopolistic competition

question

a key feature of oligopoly is:

answer

recognized interdependence

question

a 'meet the competition promise:

answer

may lead to higher prices to industry-wide

question

the demand curve for an individuals firms product in a perfectly competitives industry:

answer

is horizontal

question

we study perfect competition mostly because

answer

it serves as a good base for comparison

question

...

answer

...

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ECN EXAM Two quizzes:

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