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Economics 2
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Side A ------ Side B for a monopolist the maximizing rate of output occurs where ------ P=MC rising marginal cost result from ------ falling marginal physical product which of the following is equivalent to ATC ------ (FC+VC which of the following are factors of production ------ land labor, capital, entrepreneurship a firms total variable cost will depend on ------ the prices of variable resourcesthe production techniques usedthe level of output the change in total output associated with one additional unit of input is ------ the marginal physical product marginal cost ------ is the change in total cost from producing one additional unit of output the only cost which do not change with the rate of output are ------ fixed cost cost of production that change with the rate of outputare ------ variable costs a u shaped average total cost curve implies ------ first marginal cost below average total cost and then marginal cost above to the economist total cost includes ------ explicit and implicit costs including a normal profit economies of scale ------ explain why the average total costs decline as output increases in the long run the price charged by a profit maximizing monopolist in the long run occurs ------ at a price on the demand curve above the intersection where mr=mc under perfect competition in the long run ------ both allocative and productive efficiency are achieved which of the following is consistent with a competitive market ------ zero economic profit in the long run if economic profits are used in a competitve market in the long run ------ additional firms will enter the marketthe market supply curve will shift to the rightequilibrium price will fall as more firms enter examples of barriers to entry include ------ patents in the long run competitive equilibrium prices tend to fall tot he minimum of the firms long run ------ average total cost curve the demand curve confronting a competitive firm is ------ horizontal while the market demand is downward sloping the essential characteristic of a perfectly competitive firm is that ------ it is a price taker for competitive firms ------ price is equal to marginal revenue the law of diminishing returns states that beyond some point ceteris paribus ------ the marginal physical product of a factor of production diminishes as more of that factor is used diminishing returns are the result of ------ a rising ratio of variable input to fixed input short runs profits are maximized at the rate of output where ------ marginal revenue is equal to marginal cost at the profit maximizing output for a competitive firm ------ marginal cost=price the marginal cost curve ------ will be affected by changes in the price of factor inputsslopes upward to the right as output increases is the short run supply curve for a competitive firm a competitive firm should expand output when ------ P>MC WHICH OF THE FOLLOWING IS A CHARACTERISTIC OF A PERFECTLY COMPETITIVE MARKET ------ ZERO ECONOMIC PROFIT IN THE LONG RUN IN THE LONG RUN COMPETITIVE EQUILIBRIUM MARGINAL COST ------ EQUALS THE MINIMUM OF THE ATC THE COMPETITIVE FIRM SHOWN IN THE ADJACENT GRAPH ------ SHORT RUN TAKING A LOSS P=MC FOR FIRMS ONLY IN ------ PERFECTLY COMPETITIVE MARKETS IF A FIRM DECIDES TO PRODUCE NO OUTPUT IN THE SHORT RUN ITS COST WILL BE ------ ITS FIXED COSTS WHICH OF THE FOLLOWING IS CORRECT ------ A PURELY COMPETITIVE FIRM IS A PRICE TAKER WHILE A MONOPOLIST IS A PRICE MAKER THIS FIRM IN THE THE THE GRAPH IS AN ------ PERFECTLY COMPETITIVE MARKET JUST BREAKING EVEN ALL NATURAL MONOPOLY OCCURS WHEN ------ LONG RUN AVERAGE COSTS DECLINE CONTINUOUSLY THROUGH THE RANGE OF DEMAND WITH RESPECT TO THE PURE MONOPOLIST S DEMAND CURVE IT CAN BE SAID THAT ------ PRICE EXCEEDS REVENUE AT ALL OUTPUTS GREATER THAN 1 A MARKET WITH ONLY THREE OR FOUR DOMINANT FIRMS IS CALLED AN ------ OLIGOPOLY A MARKET MADE UP OF MANY FIRMS EACH OF WHICH HAS SOME DISTINCT BRAND IMAGE IS CALLED ------ MONOPOLISTIC COMPETITION TH OPPORTUNITY COST OF WORKING IS THE ------ VALUE OF LEISURE TIME THAT MUST BE GIVEN UP THE MARGINAL REVENUE PRODUCT OF LABOR IS 3 UNITS PER HOUR PRODUCT PRICE IS CONSTANT AT $12 PER UNIT AND THE WAGE RATE IS $30 PER HOUR THEN ------ AN ADDITIONAL UNIT OF LABOR SHOULD BE EMPLOYED WHICH OF THE FOLLOWING AFFECTS THE DEMAND OF LABOR ------ THE PRODUCTIVITY OF WORKERS A FIRM SHOULD HIRE WORKERS UNTIL THE ------ MRP IS EQUAL TO THE WAGE RATEmarginal revenue product AN UPWARD SLOPING SUPPLY CURVE OF LABOR INDICATES ------ SUPPLY OF LABOR AND THE WAGE RATES ARE DIRECTLY RELATED DEFINE THE TERM DERIVED DEMAND ------ THE DEMAND FOR LABOR AND OTHER FACTORS OF PRODUCTION RESULTS FROM (DEPENDS ON) THE DEMAND FOR FINAL GOODS AND SERVICES PRODUCED BY THESE FACTORS
Side A ------ Side B for a monopolist the maximizing rate of output occurs where ------ P=MC rising marginal cost result from ------ falling marginal physical product which of the following is equivalent to ATC ------ (FC+VC which of the following are factors of production ------ land labor, capital, entrepreneurship a firms total variable cost will depend on ------ the prices of variable resourcesthe production techniques usedthe level of output the change in total output associated with one additional unit of input is ------ the marginal physical product marginal cost ------ is the change in total cost from producing one additional unit of output the only cost which do not change with the rate of output are ------ fixed cost cost of production that change with the rate of outputare ------ variable costs a u shaped average total cost curve implies ------ first marginal cost below average total cost and then marginal cost above to the economist total cost includes ------ explicit and implicit costs including a normal profit economies of scale ------ explain why the average total costs decline as output increases in the long run the price charged by a profit maximizing monopolist in the long run occurs ------ at a price on the demand curve above the intersection where mr=mc under perfect competition in the long run ------ both allocative and productive efficiency are achieved which of the following is consistent with a competitive market ------ zero economic profit in the long run if economic profits are used in a competitve market in the long run ------ additional firms will enter the marketthe market supply curve will shift to the rightequilibrium price will fall as more firms enter examples of barriers to entry include ------ patents in the long run competitive equilibrium prices tend to fall tot he minimum of the firms long run ------ average total cost curve the demand curve confronting a competitive firm is ------ horizontal while the market demand is downward sloping the essential characteristic of a perfectly competitive firm is that ------ it is a price taker for competitive firms ------ price is equal to marginal revenue the law of diminishing returns states that beyond some point ceteris paribus ------ the marginal physical product of a factor of production diminishes as more of that factor is used diminishing returns are the result of ------ a rising ratio of variable input to fixed input short runs profits are maximized at the rate of output where ------ marginal revenue is equal to marginal cost at the profit maximizing output for a competitive firm ------ marginal cost=price the marginal cost curve ------ will be affected by changes in the price of factor inputsslopes upward to the right as output increases is the short run supply curve for a competitive firm a competitive firm should expand output when ------ P>MC WHICH OF THE FOLLOWING IS A CHARACTERISTIC OF A PERFECTLY COMPETITIVE MARKET ------ ZERO ECONOMIC PROFIT IN THE LONG RUN IN THE LONG RUN COMPETITIVE EQUILIBRIUM MARGINAL COST ------ EQUALS THE MINIMUM OF THE ATC THE COMPETITIVE FIRM SHOWN IN THE ADJACENT GRAPH ------ SHORT RUN TAKING A LOSS P=MC FOR FIRMS ONLY IN ------ PERFECTLY COMPETITIVE MARKETS IF A FIRM DECIDES TO PRODUCE NO OUTPUT IN THE SHORT RUN ITS COST WILL BE ------ ITS FIXED COSTS WHICH OF THE FOLLOWING IS CORRECT ------ A PURELY COMPETITIVE FIRM IS A PRICE TAKER WHILE A MONOPOLIST IS A PRICE MAKER THIS FIRM IN THE THE THE GRAPH IS AN ------ PERFECTLY COMPETITIVE MARKET JUST BREAKING EVEN ALL NATURAL MONOPOLY OCCURS WHEN ------ LONG RUN AVERAGE COSTS DECLINE CONTINUOUSLY THROUGH THE RANGE OF DEMAND WITH RESPECT TO THE PURE MONOPOLIST S DEMAND CURVE IT CAN BE SAID THAT ------ PRICE EXCEEDS REVENUE AT ALL OUTPUTS GREATER THAN 1 A MARKET WITH ONLY THREE OR FOUR DOMINANT FIRMS IS CALLED AN ------ OLIGOPOLY A MARKET MADE UP OF MANY FIRMS EACH OF WHICH HAS SOME DISTINCT BRAND IMAGE IS CALLED ------ MONOPOLISTIC COMPETITION TH OPPORTUNITY COST OF WORKING IS THE ------ VALUE OF LEISURE TIME THAT MUST BE GIVEN UP THE MARGINAL REVENUE PRODUCT OF LABOR IS 3 UNITS PER HOUR PRODUCT PRICE IS CONSTANT AT $12 PER UNIT AND THE WAGE RATE IS $30 PER HOUR THEN ------ AN ADDITIONAL UNIT OF LABOR SHOULD BE EMPLOYED WHICH OF THE FOLLOWING AFFECTS THE DEMAND OF LABOR ------ THE PRODUCTIVITY OF WORKERS A FIRM SHOULD HIRE WORKERS UNTIL THE ------ MRP IS EQUAL TO THE WAGE RATEmarginal revenue product AN UPWARD SLOPING SUPPLY CURVE OF LABOR INDICATES ------ SUPPLY OF LABOR AND THE WAGE RATES ARE DIRECTLY RELATED DEFINE THE TERM DERIVED DEMAND ------ THE DEMAND FOR LABOR AND OTHER FACTORS OF PRODUCTION RESULTS FROM (DEPENDS ON) THE DEMAND FOR FINAL GOODS AND SERVICES PRODUCED BY THESE FACTORS
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