Reference no: EM13243901
1 . Purely competitive firms increase total revenue by
2 . What are two ways for a competitive firm to determine the optimal level of production, that is, the level of production that will maximize profit or minimize losses?
3 . Suppose that a firm determines that its marginal revenue is greater than its marginal cost, it would be better to
4 . It is profitable for a firm to continue employing additional resources as long as
5 . As additional units are produced, the marginal revenue product falls for all firms because marginal product decreases. For firms operating in industries that are not perfectly competitive, marginal revenue product also falls because
6 . All things being equal, an increase in demand for a product,
7 . Marginal cost can be defined as the addition to _____ of one more unit of output.
8 . If a firm starts small and, over time, builds successively larger plant sizes or adds additional work space in an office, average total costs are most likely to
9 . Demand for resources, including labor, depend on its
10 . The primary difference between increasing- and decreasing-cost industries lies in
11 . When adding labor or other factors of production, businesses may see their total product rise, but see their per-unit increase in return for each additional unit diminish. This phenomenon
12 . In the short run, firms should shut down if
13 . When you are considering the value of a resource in its next best use, you are considering its
14 . Of the four major market structures-perfectly competitive, monopolistic competition, oligopoly, monopoly- reducing variable costs of production
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Find the bullets momentum as it leaves the barrel
: A 60.0 g bullet is fired from a muzzle velocity of 525 m/s from a gun with mass 4.50 kg and a barrel length of 55.0 cm, Find the bullet's momentum as it leaves the barrel
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Which factor characterizes the competitive relationship
: A firm's cost-reduction strategies may span multiple stages, from acquisition of production input factors to product service and maintenance. When seeking to lower cost in the short term, firms should
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How changes in equilibrium occur as result of changes
: Identify and discuse the IS-LM framework(determination of income and interest rate) and the wquivalentAD-AS framework (determination of price level andincome) and how changes in equilibrium occur as a result of changes in fiscal and money policy..
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What are the joggers average speed
: A jogger jogs from one end to the other of a straight 300m track( from point A to point B) in 2.50 min and then turn around, What are the jogger's average speed and average velocities in going
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All things being equal an increase in demand for a product
: If a firm starts small and, over time, builds successively larger plant sizes or adds additional work space in an office, average total costs are most likely to
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What is the income elasticity of steak for chad
: Chad's income went from $1000 per week to $1500 per week.As a result he increased his consumption of steak from 1 pound aweek to 3 pounds a week. Based on his consumption patterns,what is the income elasticity of steak for Chad.
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Is this point likely to be a bivariate outlier
: One of the points is suspected of being a bivariate outlier. When this point is removed, the new correlation is r = -.833. Is this point likely to be a bivariate outlier?
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What is the initial acceleration of the shuttle
: A machine has an 650 g steel shuttle that is pulled along a square steel rail by an elastic cord (see figure below). The shuttle is released when the elastic cord has 16 N tension at a 45° angle
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What was its initial velocity
: An object glides on a horizontal tabletop with a coefficient of kinetic friction of 0.3. If it comes to rest after 1.3 seconds, what was its initial velocity
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