Microeconomics MBE 100 Part 2

Marginal Physical Products:

Ceteris paribus, the law of diminishing returns states the beyond some point the:

Which of the following is most likely a fixed cost?

In the long run, a company will stay in business as long as price is:

The main difference to an economist between "short run" and "long run" is that:

In defining costs, economists recognize:

Competitive firms cannot individually affect market price because:

If there are only 4 companies that produce tennis balls, the market could be considered

If price is greater than marginal cost, a perfectly competitive firm should increase output because additional units of output will:

In a competitive market, in the long run, economic profits will cause:

In a competitive market with economic profits, equilibrium:

In the long run, a perfectly competitive market with economic losses will experience:

Obstacles that make it difficult or impossible for additional producers to being producing or selling in a new market are known as:

The NEWSWIRE article in the text titled "Flat Panels, Thin Margins", says that the prices for flat-panel TVs are falling. Which of the following is likely a reason why prices are decreasing?

Which of the following groups correctly ranks market structure from most competitive to least competitive?

Suppose a monopoly firm produces a medical device and can sell 15 items per month at a price of $2,000 each. In order to increase sales by one item per month, the monopolist must lower the price of the medical device by $100 to $1,900. The marginal revenue of the 16th item is:

Total profit can be calculated as:

Which of the following is consistent with a monopoly industry?

Which of the following is an argument is support of monopolies?

A natural monopoly is a firm that:

If American Airlines engages in predatory pricing, it might:

The labor supply curve depicts the quantity of _____ at alternative _______.

The opportunity cost of working is the:

A firm's demand for labor is referred to as a derived demand because it is derived from the:

If the MPP of the last worker hired is 3 units per hour, product price is constant at $5 per unit, and the wage rate is $18 per hour, then:

If the government decides to raise the minimum wage, ceteris paribus:

Market failure occurs when:

If the economy relies entirely on markets to answer the WHAT question, it tends to:

Other things being equal if a perfectly competitive firm is forced to switch to a more expensive nonpolluting production process:

A firm that incurs an emissions charge for polluting will install more pollution control equipment only if the:

Market power is a form of market failure because:

Government intervention in the economy