Do you know anything about microeconomics, and do you think you can pass this quiz? Microeconomics is a branch of economics that studies people's behavior in making decisions concerning the distribution of scarce resources and the connections among these individuals. The main goal of economics is to examine the market processes that establish prices and services. If you want to learn more about microeconomics, take this quiz!
Period of time in which all factors of production are variable
Period in time in which all factors of production are fixed
Period of time in which at least one factor of production is fixed
400m hurdles
Total cost
Total revenue
Total product
Total queuing
Total cost of a firm's fixed assets in a given time period
The complete costs of producing output
Costs to a firm as all of its factors of production are variable
True
False
Socially efficient
Productively efficient
Allocatively efficient
Oligopolistically efficient
Normal profit
Accounting profit
Abnormal profit
Accounting cost
(a) and (b)
Only b
(b) and (c)
(a), (b), and (c)
Oligopoly is where a few firms dominate an industry
In most oligopolies, there are distinct barriers to entry
In oligopolies, firms are generally interdependent
In oligopolies, the largest firms generally have a relatively low percentage market share
When suppliers are producing at the lowest possible average cost
When suppliers are making just enough revenue to cover its variable costs in the short-run
When suppliers are producing the optimal mix of goods and services required by consumers
When suppliers are making just enough revenue to avoid frictional unemployment
Relative to the size of the industry, the firms are small
There are very low barriers to entry
The firms tend to be productively, but not allocatively efficient
Product differentiation is present
Monopoly
Oligopoly
Monopolistic competition
Monopsony
Technical economies
Managerial economies
Labor force
Forced labor
Both are "tools" that may lead to economies of scale
Both are concerned with with using factors of production more efficiently
Both are concerned with decreasing average costs of production to enable a greater output
Both are concerned with getting the most out of existing capital
Law of eventually diminishing returns
Theory of contestable markets
Theory of queuing
Competitive behavior
Costs that have nothing to do with the next best thing you did not buy
Costs which must be covered to make normal profits
Costs which have a money value
Accounting cost + Normal profit
Total revenue - Total cost
Total revenue - Accounting cost
Fixed cost + Variable cost
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