Exam 3 microeconomics - Assignment Essays %

question

rising

answer

Over the first few units of labor (in the short run), MP of labor is

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TVC

answer

in moving from short run production to short run costs, we used the TP of labor curve to derive the ________ curve

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operates

answer

A firm ______ in the short run when its TR is equal to its SRTC.

question

answer

In competition P=AR=

question

answer

"Diminishing Marginal returns" begins just to the right of point ______ on the L axis.

question

answer

In the competitive model, the demand for superior pecans is _____ elastic as/than the demand for pecans (in general)

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takers

answer

competitive firms are referred to as price

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true

answer

When MPl is below APl, the APl is falling

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division of labor/specialization

answer

leads to an increasing MPl

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allocative efficiency

answer

The long run outcome in competition that deals with maximization of TSW is known as

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small firms

answer

which of the following is part of competition

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MR=MC

answer

Firms desire to produce that quantity where

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AVC is falling

answer

when SRMC is less than AVC

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False

answer

in competition, LR profit can be greater than zero

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capital

answer

In some of our production examples, such as the story about the stapled-paper company, ______ was fixed.

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MR=MC

answer

Firms maximize profit by choosing the quantity where

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shuts down

answer

A firm ______ in short run when TR is less than its TVC

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MPl is negative

answer

firms seek to avoid situations in which

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long run

answer

The production period during which the firm can alter its use of all inputs is known as the

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false

answer

in competition, products are heterogenous

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barriers to entry

answer

public franchise, patents, copyrights, and trademarks are known as

1 of 21

question

rising

answer

Over the first few units of labor (in the short run), MP of labor is

question

TVC

answer

in moving from short run production to short run costs, we used the TP of labor curve to derive the ________ curve

question

operates

answer

A firm ______ in the short run when its TR is equal to its SRTC.

question

answer

In competition P=AR=

question

answer

"Diminishing Marginal returns" begins just to the right of point ______ on the L axis.

question

answer

In the competitive model, the demand for superior pecans is _____ elastic as/than the demand for pecans (in general)

question

takers

answer

competitive firms are referred to as price

question

true

answer

When MPl is below APl, the APl is falling

question

division of labor/specialization

answer

leads to an increasing MPl

question

allocative efficiency

answer

The long run outcome in competition that deals with maximization of TSW is known as

question

small firms

answer

which of the following is part of competition

question

MR=MC

answer

Firms desire to produce that quantity where

question

AVC is falling

answer

when SRMC is less than AVC

question

False

answer

in competition, LR profit can be greater than zero

question

capital

answer

In some of our production examples, such as the story about the stapled-paper company, ______ was fixed.

question

MR=MC

answer

Firms maximize profit by choosing the quantity where

question

shuts down

answer

A firm ______ in short run when TR is less than its TVC

question

MPl is negative

answer

firms seek to avoid situations in which

question

long run

answer

The production period during which the firm can alter its use of all inputs is known as the

question

false

answer

in competition, products are heterogenous

question

barriers to entry

answer

public franchise, patents, copyrights, and trademarks are known as

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