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1When new firms enter a perfectly competitive market, what will be the likely result?
The short-run market supply curve shifts right.
2In the long run all a firm’s costs are variable. In this ca, what is the exit criterion for a profit-maximizing firm?
babyface
price is less than average total cost.
What type of monopoly are patent and copyright laws major sources of?
government-created monopolies
When a firm has little ability to influence market prices, it is said to be in what kind of a market?
Competitive
In reference to tting the production level, what do we know about a firm’s cost curves?
By themlves, they do not tell us what decisions the firm will make.
Why does inefficiency ari from a monopoly?
angels
Some buyers will refrain from buying the good, due to the high price.
13
1Which statement best applies to the long run?
All costs can vary.
2Which of the following is an example of explicit costs?
payments made by the firm to others
3Which of the following is an example of implicit costs?
opportunity cost of resources owned by the firm
4Which statement applies when marginal cost equals average total cost?
Average total cost is at its minimum.
5What would be subtracted from a firm's revenue to measure economic profit?
opportunity costs
6A firm has $300 million in revenues and explicit costs of $100 million. Its owners have invested $100 million in the company. This could have been invested at 10 percent per year. What is the firm's economic profit?
$190 million
7Which of the following is an example of variable cost in the short run?
raw materials, energy costs, and hourly labour
8Which statement best characterizes fixed costs?
They are costs that do not vary with output.
9What is marginal cost?
the change in total cost that comes from a change in output
10Which statement best explains economies of scale?find my way
Average cost declines in the long run
11Becau no money flows out of the business to pay for opportunity costs, they never show up on the financial statements. Therefore, which of the statements follows?
This must be an economist's analysis of the business.
12As production increas, how does a unit's share of fixed costs change?
It continually decreas as output increas.
13What is average total cost?
total cost divided by the quantity of output
14Marginal cost equals average total cost when average total cost is at a minimum.对
六年级数学应用题
15霸气的英文名Diminishing marginal product occurs when the average product of an input declines as the quantity of the input increas.错
16保镖主题曲The quantity of output that minimizes the average variable cost is called the efficient scale of the firm.错
cataclysm17heirMarginal cost is the increa in total cost that aris from an extra unit of production.对
18Diconomies of scale ari when the long-run average total cost is diminishing as the quantity of output increas.错
1906世界杯主题曲The marginal product is esntially the additional unit of output per unit of input.对
20The wonderful thing about labour is that the more people you hire, the more units you can make.错
14
1Which statement best applies to a perfectly competitive firm with a positive economic profit?
It will attract new firms into the industry in the long run.
2What is a short-run supply curve for a perfectly competitive firm?
the portion of the firm's marginal-cost curve that lies above the average-variable-cost curve
3What is a characteristic of a perfectly competitive market?
Marginal revenue equals average revenue.
4When a perfectly competitive firm produces another unit of output, what equals its marginal revenue?price
5A perfectly competitive firm is producing pencils for 10 cents each. If the firm produces 1500 pencils, what is its total revenue?￥150
6In the short run, what is the level of output a profit-maximizing price taker should choo?
P = MC, but only if P ≥ AVC
7If prices tend to increa as industry output increas in the long run, which term best describes the long-run supply curve?slopes upward
8What is the industry supply curve? the sum of firms' marginal-cost curves
9Which of the following is the condition for a perfectly competitive market?
There are many llers and buyers, and the products produced in the market are similar.
