Reference no: EM131046029
1) Economists generally define the short run as being
A. that period of time in which all inputs are variable.
B. that period of time in which at least one of the firm's inputs, usually plant size, is fixed.
C. any period of time less than six months.
D. any period of time less than one year.
2) Production functions indicate the relationship between
A. factor costs and output prices.
B. the value of inputs and average costs.
C. factor inputs and the quantity of output.
D. factor inputs and factor prices.
3) Which of the following is a short-run decision for a firm?
A. Expanding the firm's distribution network of long-haul freight trucks and smaller delivery trucks.
B. Firing workers
C. Downsizing the firm's manufacturing plant
D. Investing in a new addition to the firm's manufacturing plant
4) Suppose that a firm is currently producing 500 units of output. At this level of output, TVC = $1,000 and TFC = $2,500. What is the firms ATC?
A. $2
B. $7
C. $10
D. $5
5) When total product is rising,
A. marginal product must be positive.
B. variable cost must be declining.
C. marginal product must be negative.
D. fixed cost must be rising.
6) Which of the following is closest to a perfectly competitive market?
A. the pizza market
B. the market for corn
C. the market for breakfast cereal
D. the market for automobiles
7) Being a price taker essentially means
A. the firm cannot legally set its price below the market price.
B. a firm can influence the market price.
C. a firm cannot influence the market price.
D. the firm cannot legally set its price above the market price.
8) The total revenue of a perfectly competitive firm is calculated by
A. dividing price by quantity.
B. multiplying price by quantity.
C. multiplying quantity by average total cost.
D. multiplying average revenue by price.
9) The perfectly competitive firm cannot influence the market price because
A. its production is too small to affect the market.
B. it is a price maker.
C. its costs are too high.
D. it has market power.
10) If a firm is a perfect competitor, then
A. its marginal cost will exceed marginal revenue at the optimal level of output.
B. the demand curve for its product is perfectly elastic.
C. it can independently set the price of the product it sells without regard to what other firms in the market are doing.
D. it is impossible for the firm to earn short-run economic profits.
11) For a firm in a perfectly competitive market, average revenue equals
A. the market price.
B. average cost.
C. the change in total revenue.
D. price divided by quantity.
|
What does this do to the size of the ethernet lan
: Explain how to do this with subnets; give sample subnet assignments. Assume that an additional network address is not available. What does this do to the size of the Ethernet LAN?
|
|
Quantity theory of money
: What three motives for holding money did Keynes consider in his liquidity preference theory of the demand for real money balances? Briefly explain. On the basis of these motives, what variables did he think determined the demand for money?
|
|
Describe how this situation will evolve
: Suppose split horizon routers A and B somehow reach a state in which they forward traffic for a given destination X toward each other. Describe how this situation will evolve with and without the use of poison reverse.
|
|
How can weaknesses be converted into strengths
: How can weaknesses be converted into strengths? Can strengths be used to overcome threats? How? How can opportunities be maximized? How can weaknesses be minimized?
|
|
Define the short run as being
: 1) Economists generally define the short run as being 2) Production functions indicate the relationship between
|
|
What are the various types of prime books
: What are the various types of prime books?
|
|
Great lakes higher education corp
: For a period of sixteen months, Great Lakes Higher Education Corp. (Great Lakes), a not-for-profit student loan servicer, issued 224 student loan checks totaling $273,152.88.
|
|
Boundaries of the united states
: Every year, billions of dollars' worth of illegal drugs and alcohol are produced within the boundaries of the United States. Official US GDP estimates have excluded the value of this production because the data have been unavailable to the governme..
|
|
Special permission for the athletic industry
: Does there seem to be a public interest in the special permission for the athletic industry or does this appear to be a case of unfair advantage at the expense of consumers?
|