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FOR LINDA 21. There is some evidence to suggest that X-inefficiency
FOR LINDA 21. There is some evidence to suggest that X-inefficiency is: Answer absent whenever two or more producers are competing with one another. not encountered in either competitive or monopolist… read more
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FOR NEO 6. http //imageshack.us/photo/my-images/97/unlednqa.jpg/ 7.
FOR NEO 6. http://imageshack.us/photo/my-images/97/unlednqa.jpg/ 7. A firm is hiring the profit-maximizing amount of an input when: Answer AVC = MC. MP = MRC. MRC = MR. MRP = MRC. 8. http://imageshack… read more
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Neo
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FOR NEO 11. Marginal resource cost is Answer the increase
FOR NEO 11. Marginal resource cost is: Answer the increase in total resource cost associated with the production of one more unit of output. the increase in total resource cost associated with the hir… read more
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Neo
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11. On a per unit basis economic profit can be determined as
11. On a per unit basis economic profit can be determined as the difference between: Answer marginal revenue and product price. product price and average total cost. marginal revenue and marginal cost… read more
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21. http //imageshack.us/photo/my-images/571/unledolr.jpg/ 22Which
21. http://imageshack.us/photo/my-images/571/unledolr.jpg/ 22Which of the following would not be expected to occur in a purely competitive market in long-run equilibrium? Answer consumer and producer … read more
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6. http //imageshack.us/photo/my-images/841/unledzpla.jpg/ 7.
6. http://imageshack.us/photo/my-images/841/unledzpla.jpg/ 7. http://imageshack.us/photo/my-images/845/unledokk.jpg/ 8. In the short run, a purely competitive firm will earn a normal profit when: Answ… read more
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1. http //imageshack.us/photo/my-images/717/unledvsu.jpg/ 2.
1. http://imageshack.us/photo/my-images/717/unledvsu.jpg/ 2. If a pure monopolist can engage in price discrimination: Answer the marginal revenue curve and the total revenue curve will now coincide. t… read more
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16. The loss of a purely competitive firm which shuts down
16. The loss of a purely competitive firm which shuts down in the short run: Answer is equal to its total variable costs. is zero. is equal to its total fixed costs. cannot be determined. 17. A compet… read more
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suppose you are the manager of a watch making firm operating
suppose you are the manager of a watch making firm operating in a competitive market. your cost of production is given by C=100+Q2 where Q is the level of output and C is total cost. a. If the price o… read more
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For Stephen Only 1. a firm produces at that output at which
For Stephen Only 1. a firm produces at that output at which marginal cost = marginal revenue: 1. of the time. 2. b. most of the time. 3. C. some of the time. 4. D. on rare occasions. 2. Which statemen… read more
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26. The most important determinant of price elasticity of supply
26. The most important determinant of price elasticity of supply is (Points: 1) price elasticity of demand technological conditions such as how rapidly costs increase when a firm increases its output … read more
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Study question help!4. Because of higher corn prices, firms
Study question help! 4. Because of higher corn prices, firms producing corn-based products have experienced A. an upward shift in their MC, AVC, and ATC curves. B. an upward shift in their AFC, AVC, a… read more
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Study question help! 4. Because of higher corn prices, firms
Study question help! 4. Because of higher corn prices, firms producing corn-based products have experienced A. an upward shift in their MC, AVC, and ATC curves. B. an upward shift in their AFC, AVC, a… read more
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The following table shows the quantity produces and average
The following table shows the quantity produces and average fixed cost (AFC) and the average variable cost (AVC) Q AFC AVC 1 $60 45 2 30 42.5 3 20 40 4 15 37.5 5 12 37 6 10 37.5 7 8.57 38.57 8 7.5 40.… read more
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Which of the following is not a barrier to entry A) economies
Which of the following is not a barrier to entry? A) economies of scale B) X-inefficiency C) patents D) ownership of essential resources 2. If a firm in a purely competitive industry is confronted wit… read more
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An analytical approach through which strategic choices can
An analytical approach through which strategic choices can be assessed is called _____. benefit-cost analysis econometric theory game theory none of the above A well-known example of an international … read more
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3. Why is the equality of marginal revenue and marginal ...
3. Why is the equality of marginal revenue and marginal cost essential for profit maximization in all market structures? Explain why price can be substituted for marginal revenue in the MR = MC rule w… read more
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MicroEconomics - Multiple Choice Questions- Part 3
If the loss-minimizing output for a perfectly competitive firm is zero, then, at all other output levels, a) price must be greater than average variable cost b) the marginal cost curve must slope down… read more
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