part2 - Assignment Essays

question

from an economists point of view, costs

answer

may or may not involve monetary outlays

question

implicit an explicit costs are different in that

answer

the former refer to non expenditure costs and the latter to out of pocket costs

question

to economists the main difference between the short run and the long run is that

answer

in the long run all resources are variable, in the short run at least one resource is fixed

question

the law of diminishing returns indicates that

answer

as extra units of variable resources are added to a fixed, while in the long run all resources are variable

question

which of the following is most likely to be a fixed cost

answer

property insurance premium

question

which of the following is most likely to be a variable cost

answer

fuel and power payments

question

the ability of intel to spread product development costs over a larger number of units of outputs arises from

answer

economies of scale

question

diseconomies of scale

answer

pertain to the long run

question

a natural monopoly exists when

answer

unit costs are are minimized by having one firm produce an industrys entire output

question

one reason that disenconomies of scale arise is because

answer

of the difficulties involved in managing and coordinating a large business enterprise

question

The AbC corporation decreases all of its inputs by 12 % and finds that its out put falls by 8%. This menas that initially it was producing

answer

in the range of disenconomies of sclae

question

which market model has the least number of firms

answer

pure monopoly

question

there would be a unique product to which there are a few close substitutes under which market value

answer

pure monopoly

question

in which two market models would advertising be used most often

answer

monopolistic competition and oligopoly

question

the market model with the largest number of firms is

answer

pure competition

question

which characteristic would be associated with pure competition

answer

price taker

question

the retail trade for clothing would be an example of which market model

answer

monopolistic competition

question

A firms sells a product in a purely competitive market

answer

produce more than 800 units

question

in the short run the individual competitive firms supply curve is the segment of the

answer

marginal cost curve lying above the average variable cost curve

question

a firm should increase the quantity of output as long as its

answer

marginal revenue is greater than its marginal cost

question

a firm should always continue to operate at a loss in the short run if

answer

it can cover its variable costs and some of its fixed costs

question

a purely competitive firm will be willing to produce at a loss in the short run provided

answer

the loss is no greater than its total fixed cost

question

if a purely competitive firm is in short run equilibrium and its marginal cost exceeds its average total cost we can conclude that

answer

firms will enter the industry in the long run

question

if firms enter a purely competitive industry, then in the long run this change will shift the industry

answer

supply curve to the right, and the market price will decrease

question

one defining characteristic of pure monopoly is that

answer

the monopolist produce a products with no close substitute

question

what do economies of scale, the ownership of of essential raw materials, and patents have in common

answer

they are all barriers to entry

question

one feature of pure monopoly is that the demand curve

answer

slopes downward

question

under a pure monopoly, a profit-maximizing will produce

answer

in the elastic range of its demand curve

question

suppose that a monopolist calculates that a present output and sale

answer

decreasing price and increasing output

question

pure monopolist

answer

sell where P>MC

question

A profit-maximizing firm should shut down in the short run if the average revenue it receives is less than

answer

average variable cost

question

In the short run, a monopolist profits

answer

may be positive, negative or zero

question

when compared with the purely competitive industry with identical costs of production, monopolists will produce

answer

less output and charge a higher price

question

the economic incentive for price discrimination depends on

answer

differences among buyers demand elasticities

question

To practice long run price discrimination , a monopolist must

answer

be able to separate buyers into different markets with different price elasticities

question

which would definitely not be an example of price discrimination

answer

An electric power company

question

successful price discrimination requires that

answer

buyers with inelastic demand be charged higher prices than buyers with elastic demand

question

laws and government actions designed to prevent monopoly and promote competition are the focus of

answer

antitrust policy

question

which id not a form of product differentiation for the monopolistically competitive firm

answer

standard weekends and weekend hours

question

A monopolistically competitive industry is like a pure competitive industry in that

answer

neither industry has significant barriers to entry

question

which assumption is part of the model of monopolistic competition

answer

there are few buyers and sellers

question

which would be a characteristic of monopolistic competition

answer

relatively small market share for each other

question

in which industry is monopolistic competition most likely to be found

answer

retail trade

question

a feature of monopolistic competition is

answer

nonprice competition

question

the goal of product differentiation and advertising in monopolistic competition is to make

answer

price less of a factor and product differences more of a factor in consumer purchases

question

A monopolistically competitive company is operation at a short run level

answer

make no changes in the level of outputs

question

assume that in a monopolistically competitive industry, firms are earning economic profit. this situation will

answer

attract the excess capacity in the industry as firms expand production

question

in long run equilibrium in a monopolistically competitive industry

answer

P>minimum AC

question

monopolistic competition is characterized by excess capacity because

answer

firms produce at an output level less than the least cost output

question

in monopolistic competition, we usually observe

answer

a large number of firms, each operating with excess capacity

1 of 50

question

from an economists point of view, costs

answer

may or may not involve monetary outlays

question

implicit an explicit costs are different in that

answer

the former refer to non expenditure costs and the latter to out of pocket costs

question

to economists the main difference between the short run and the long run is that

answer

in the long run all resources are variable, in the short run at least one resource is fixed

question

the law of diminishing returns indicates that

answer

as extra units of variable resources are added to a fixed, while in the long run all resources are variable

question

which of the following is most likely to be a fixed cost

answer

property insurance premium

question

which of the following is most likely to be a variable cost

answer

fuel and power payments

question

the ability of intel to spread product development costs over a larger number of units of outputs arises from

answer

economies of scale

question

diseconomies of scale

answer

pertain to the long run

question

a natural monopoly exists when

answer

unit costs are are minimized by having one firm produce an industrys entire output

question

one reason that disenconomies of scale arise is because

answer

of the difficulties involved in managing and coordinating a large business enterprise

question

The AbC corporation decreases all of its inputs by 12 % and finds that its out put falls by 8%. This menas that initially it was producing

answer

in the range of disenconomies of sclae

question

which market model has the least number of firms

answer

pure monopoly

question

there would be a unique product to which there are a few close substitutes under which market value

answer

pure monopoly

question

in which two market models would advertising be used most often

answer

monopolistic competition and oligopoly

question

the market model with the largest number of firms is

answer

pure competition

question

which characteristic would be associated with pure competition

answer

price taker

question

the retail trade for clothing would be an example of which market model

answer

monopolistic competition

question

A firms sells a product in a purely competitive market

answer

produce more than 800 units

question

in the short run the individual competitive firms supply curve is the segment of the

answer

marginal cost curve lying above the average variable cost curve

question

a firm should increase the quantity of output as long as its

answer

marginal revenue is greater than its marginal cost

question

a firm should always continue to operate at a loss in the short run if

answer

it can cover its variable costs and some of its fixed costs

question

a purely competitive firm will be willing to produce at a loss in the short run provided

answer

the loss is no greater than its total fixed cost

question

if a purely competitive firm is in short run equilibrium and its marginal cost exceeds its average total cost we can conclude that

answer

firms will enter the industry in the long run

question

if firms enter a purely competitive industry, then in the long run this change will shift the industry

answer

supply curve to the right, and the market price will decrease

question

one defining characteristic of pure monopoly is that

answer

the monopolist produce a products with no close substitute

question

what do economies of scale, the ownership of of essential raw materials, and patents have in common

answer

they are all barriers to entry

question

one feature of pure monopoly is that the demand curve

answer

slopes downward

question

under a pure monopoly, a profit-maximizing will produce

answer

in the elastic range of its demand curve

question

suppose that a monopolist calculates that a present output and sale

answer

decreasing price and increasing output

question

pure monopolist

answer

sell where P>MC

question

A profit-maximizing firm should shut down in the short run if the average revenue it receives is less than

answer

average variable cost

question

In the short run, a monopolist profits

answer

may be positive, negative or zero

question

when compared with the purely competitive industry with identical costs of production, monopolists will produce

answer

less output and charge a higher price

question

the economic incentive for price discrimination depends on

answer

differences among buyers demand elasticities

question

To practice long run price discrimination , a monopolist must

answer

be able to separate buyers into different markets with different price elasticities

question

which would definitely not be an example of price discrimination

answer

An electric power company

question

successful price discrimination requires that

answer

buyers with inelastic demand be charged higher prices than buyers with elastic demand

question

laws and government actions designed to prevent monopoly and promote competition are the focus of

answer

antitrust policy

question

which id not a form of product differentiation for the monopolistically competitive firm

answer

standard weekends and weekend hours

question

A monopolistically competitive industry is like a pure competitive industry in that

answer

neither industry has significant barriers to entry

question

which assumption is part of the model of monopolistic competition

answer

there are few buyers and sellers

question

which would be a characteristic of monopolistic competition

answer

relatively small market share for each other

question

in which industry is monopolistic competition most likely to be found

answer

retail trade

question

a feature of monopolistic competition is

answer

nonprice competition

question

the goal of product differentiation and advertising in monopolistic competition is to make

answer

price less of a factor and product differences more of a factor in consumer purchases

question

A monopolistically competitive company is operation at a short run level

answer

make no changes in the level of outputs

question

assume that in a monopolistically competitive industry, firms are earning economic profit. this situation will

answer

attract the excess capacity in the industry as firms expand production

question

in long run equilibrium in a monopolistically competitive industry

answer

P>minimum AC

question

monopolistic competition is characterized by excess capacity because

answer

firms produce at an output level less than the least cost output

question

in monopolistic competition, we usually observe

answer

a large number of firms, each operating with excess capacity

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