question
deadweight loss
answer
The pricing in monoply prevents some mutually beneficial trades from taking place. The value of these unrealized mutually beneficial trades is called...
question
Long enough such that output can vary, but plant capacity cannot
answer
The short run is always defined as a period that is...
question
price discrimination
answer
The practice different prices to different customers for the same good or service even though the cost of supplying those customers is the same is...
question
ATC= AVC + AFC
answer
Which of the following cost concepts is correctly defined?
question
Increasing
answer
If Marie's Marionette is operating under conditions of diminishing marginal product, the marginal costs will be...
question
economies of scale
answer
When an increase in the firm's output reduces its long-run average total cost, it experiences...
question
Will lie above the total product curve for the firm with less capital
answer
If two firms are identical in all respects expect that one has more capital than another, the total product curve for the firm with more capital...
question
P > ATC
answer
A perfectly competitive firm is definitely earning an economic profit when...
question
Continue to produce to minimize loss
answer
If price is currently between average variable cost and average total cost, then in the short run a perfectly competitive firm should...
question
barriers to entry
answer
Conditions that prevent the entry of new firms in a monopoly market are...
question
More to total revenue than to total cost
answer
For a firm producing at any level of output less than the most profitable one, an increase in output adds...
question
More firms will market, driving the price of haircuts down and the profits of individual firms back down to zero
answer
Suppose that the market for haircuts in a community is a perfectly competitive constant-cost industry and that the market is initially in long-run equilibrium. Subsequently, an increase in population increases the demand for haircuts. In the long run, we expect that...
question
losses; $35,000
answer
George owns a gun range in Texas. He pays $32,000 per year in insurance, $408,000 in wages, $23,000 in supplies, and he forgoes $32,000 per year he could make as a police officer. His total revenue last year equaled $460,000. That means his economic __ equaled __.
question
Will become less steep as hiring of a variable input increases, if there are diminishing returns to the variable input
answer
The total product curve...
question
Marginal product
answer
The __ is the increase in output and __ price than a perfectly competitive firm
question
Produce fewer; charge a higher
answer
A monopoly is likely to __ units of output and __ price than a perfectly competitive firm
question
Dresses tend to be differentiated among the many sellers serving this market
answer
The women's dress industry is monopolistically competitive. This means that the following condition applies to this industry...
question
Higher; inelastic
answer
In order to maximize profits, and airline will offer __ prices to customers with __ demand
question
P = MR = MC = ATC
answer
A perfectly competitive industry is currently in a state of long-run equilibrium. Which of the following must be true?
question
Depreciation
answer
When machinery experiences wear and tear from usage, this is often referred as...
question
Barriers to entry prevent other firms from entering the industry
answer
Which of the following is true concerning monopoly?
question
Oligopoly
answer
The market structure characterized by a few interdependent firms in which there are barriers to entry is called...
question
Overt collusion
answer
When firms openly agree on price, output, and other decisions aimed at achieving monopoly profits, those firms are practicing
question
dominant strategy
answer
Gary's gas and Frank's fuel are the only two providers of gasoline and small town. Gary and frank decide to form a cartel. Later, Gary summarizes his pricing strategy as, "I'll cheat on the cartel because regardless of what Frank does, she didn't give me the best payoff." This is an example of...
question
Price leadership
answer
Microsoft sets prices for their new line of computers and rivals such as Dell and HP follow. This practice is known as __
question
Many firms produce in the market
answer
Collusion between oligopolists is more difficult when...
question
Marginal revenue is less than marginal cost
answer
Suppose a monopolistically competitive firm can increase its profits by decreasing its output. Then it must be the case that a current output...
question
Football play Peyton Manning is shown throwing a football in a Gatorade commercial
answer
Which of the following advertising scenarios is likely to provide the least amount of economic information?
question
Advertising; brand
answer
Firms use __ to provide information about their product or to convince consumers to buy it. And when a company does a good job of this, its product develops a __ name
Order an Essay Now & Get These Features For Free:
Turnitin Report
Formatting
Title Page
Citation
Outline
