Microeconomics Final (new material) - Custom Scholars
Home » Flash Cards » Microeconomics Final (new material)

Microeconomics Final (new material)

question
a basic characteristic of the short run for both a perfectly competitive firm and a monopolist is that:
answer
the firm is not able to change the level of all the inputs used in the production process
question
a basic characteristic of the short run for both a perfectly competitive firm and a monopolist is that:
answer
the firm does not have sufficient time to vary the level of all the inputs used in the production process.
question
consider a perfectly competitive firm that sells all units of its output for the market price. the total revenue generated by the firm:
answer
increases by a constant amount as the quantity of output produced and sold increases

AND

appears graphically as an upward sloping..
question
consider a short run production process in which MPL increases initially as more and more labor is employed and then decreases beyond a point as the gains from specialization are exhausted. it follows that:
answer
TVC will increase initially at a decreasing rate and beyond a point will increase at an increasing rate
question
a firms total variable costs will depend upon
answer
all of the above
question
if a competitive firm or monopolist is producing a level of output such that P< ATC, it may be concluded that:
answer
it will be incurring a loss
question
if production is occurring where price exceeds marginal cost, the purely competitive firm will:
answer
fail to maximize profits and inputs will be undercoated to production of the good (i.e. not enough output is produced)
question
if a monopolist is producing and selling a level of output in the inelastic segment of its demand curve, it can:
answer
all of the above
question
marginal cost
answer
is the change in total cost that results from producing one more unit of output
question
the price that a profit maximizing monopolist charges for its product is:
answer
greater than the price that would prevail if the industry were perfectly competitive
question
the rule of producing output to the point MR=MC in order to maximize total profit or minimize total operating losses applies:
answer
to both perfectly competitive firms and monopolies
question
the principle that a firm should produce up to the point where the marginal revenue (MR) from the sale of an extra unit of output is equal to the marginal cost (MC) of producing the extra unit is known as
answer
the profit maximization rule
question
a basic characteristic of the short run for a firm is that:
answer
the firm does not have sufficient time to vary the level of all of the inputs used in the production process
1 of 13
question
a basic characteristic of the short run for both a perfectly competitive firm and a monopolist is that:
answer
the firm is not able to change the level of all the inputs used in the production process
question
a basic characteristic of the short run for both a perfectly competitive firm and a monopolist is that:
answer
the firm does not have sufficient time to vary the level of all the inputs used in the production process.
question
consider a perfectly competitive firm that sells all units of its output for the market price. the total revenue generated by the firm:
answer
increases by a constant amount as the quantity of output produced and sold increases

AND

appears graphically as an upward sloping..
question
consider a short run production process in which MPL increases initially as more and more labor is employed and then decreases beyond a point as the gains from specialization are exhausted. it follows that:
answer
TVC will increase initially at a decreasing rate and beyond a point will increase at an increasing rate
question
a firms total variable costs will depend upon
answer
all of the above
question
if a competitive firm or monopolist is producing a level of output such that P< ATC, it may be concluded that:
answer
it will be incurring a loss
question
if production is occurring where price exceeds marginal cost, the purely competitive firm will:
answer
fail to maximize profits and inputs will be undercoated to production of the good (i.e. not enough output is produced)
question
if a monopolist is producing and selling a level of output in the inelastic segment of its demand curve, it can:
answer
all of the above
question
marginal cost
answer
is the change in total cost that results from producing one more unit of output
question
the price that a profit maximizing monopolist charges for its product is:
answer
greater than the price that would prevail if the industry were perfectly competitive
question
the rule of producing output to the point MR=MC in order to maximize total profit or minimize total operating losses applies:
answer
to both perfectly competitive firms and monopolies
question
the principle that a firm should produce up to the point where the marginal revenue (MR) from the sale of an extra unit of output is equal to the marginal cost (MC) of producing the extra unit is known as
answer
the profit maximization rule
question
a basic characteristic of the short run for a firm is that:
answer
the firm does not have sufficient time to vary the level of all of the inputs used in the production process

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more
Live Chat+1(978) 822-0999EmailWhatsApp

Order your essay today and save 20% with the discount code BEGOOD

seoartvin escortizmir escortelazığ escortbacklink satışbacklink saleseskişehir oto kurtarıcıeskişehir oto kurtarıcıoto çekicibacklink satışbacklink satışıbacklink satışbacklink