econ exam #2 – Flashcards

In the above diagram the range of diminishing marginal returns is:

In the above diagram, total product will be at a maximum at:

Refer to the above diagram. At output level Q total variable cost is:

Refer to the above diagram. At output level Q total fixed cost is:

Refer to the above diagram. At output level Q total cost is:

Refer to the above diagram. At output level Q average fixed cost

Refer to the above diagram. At output level Q

Refer to the above diagram. The vertical distance between ATC and AVC reflects:

Refer to the above information. Average fixed cost is:

Refer to the above information. Average total cost is

Refer to the above information. Marginal cost is:

Refer to the above diagram, where variable inputs of labor are being added to a constant amount of property resources. The total output of this firm will cease to expand

Refer to the above diagram, where variable inputs of labor are being added to a constant amount of property resources. Marginal cost will be at a minimum for this firm when it is hiring

In the above figure, curves 1, 2, 3, and 4 represent the

In the above diagram curves 1, 2, and 3 represent:

Refer to the above diagram. This firm's average fixed costs are:

Refer to the above diagram. If labor is the only variable input, the marginal product of labor is at a:

Refer to the above diagram. If labor is the only variable input, the average product of labor is at a:

Refer to the above diagram. The profit-maximizing level of output for this firm

The above diagram shows the short-run average total cost curves for five different plant sizes of a firm. The shape of each individual curve reflects

As the firm in the above diagram expands from plant size #1 to plant size #3, it experiences:

As the firm in the above diagram expands from plant size #3 to plant size #5, it experiences:

Refer to the above short-run data. The profit-maximizing output for this firm is:

Refer to the above short-run data. Which of the following is correct?

Refer to the above diagram for a purely competitive producer. The lowest price at which the firm should produce (as opposed to shutting down) is

Refer to the above diagram for a purely competitive producer. The firm will produce at a loss at all prices:

Refer to the above diagram for a purely competitive producer. If product price is P3:

Refer to the above diagram for a purely competitive producer. The firm's short-run supply curve is:

Refer to the above diagram. To maximize profit or minimize losses this firm will produce

Refer to the above diagram. At the profit-maximizing output, total revenue will be:

Refer to the above diagram. At the profit-maximizing output, total fixed cost is equal to:

Refer to the above diagram. At the profit-maximizing output, total variable cost is equal to:

Refer to the above diagram. At the profit-maximizing output, the firm will realize:

Refer to the above data. If the market price for the firm's product is $12, the competitive firm will produce:

Refer to the above data. If the market price for the firm's product is $32, the competitive firm will produce:

Refer to the above data. If the market price for the firm's product is $28, the competitive firm will:

Refer to the above diagram. The profit-maximizing output:

Refer to the above diagram. At the profit-maximizing output, total profit is:

Refer to the above diagram. The short-run supply curve for this firm is the

Refer to the above diagram. This firm is selling its product in a(n):

Refer to the above diagram. At P2, this firm will:

Refer to the above diagram. At P1, this firm will produce:

Refer to the above diagram. At P4, this firm will

Refer to the above diagram. At P3, this firm will:

Refer to the above diagrams which pertain to a purely competitive firm producing output q and the industry in which it operates. Which of the following is correct

Refer to the above diagrams which pertain to a purely competitive firm producing output q and the industry in which it operates. In the long run we should expect

Refer to the above diagrams, which pertain to a purely competitive firm producing output q and the industry in which it operates. The predicted long-run adjustments in this industry might be offset by

Refer to the above diagram showing the average total cost curve for a purely competitive firm. At the long-run equilibrium level of output, this firm's total revenue:

Refer to the above diagram showing the average total cost curve for a purely competitive firm. At the long-run equilibrium level of output, this firm's total cost:

Refer to the above diagram. Line (1) reflects the long-run supply curve for

Refer to the above diagram. Line (2) reflects the long-run supply curve for

Refer to the above diagram. Line (1) reflects a situation where resource prices

Refer to the above diagram. Line (2) reflects a situation where resource prices

The above diagram portrays:

Refer to the above diagram. If this competitive firm produces output Q, it will

Refer to the above diagram. By producing output level Q

Refer to the above diagram. At output level Q1:

Refer to the above diagram. At output level Q1

Refer to the above diagram. At output level Q2

Refer to the above diagram. If price is reduced from P1 to P2, total revenue will

Refer to the above diagram. The quantitative difference between areas A and C for reducing the price from P1 to P2 measures

This firm is selling in

Refer to the above diagram. Demand is relatively elastic:

Refer to the above diagram. Demand is relatively inelastic

Refer to the above diagram. If this somehow was a costless product (that is, the total cost of any level of output was zero), the firm would maximize profits by:

The above diagram indicates that the marginal revenue of the sixth unit of output is

Which of the above diagrams correctly portray a nondiscriminating pure monopolist's demand (D) and marginal revenue (MR) curves

Which of the above diagrams correctly portray the demand (D) and marginal revenue (MR) curves of a pure monopolist that is able to price discriminate by charging each customer their maximum willingness to pay?

Which of the above diagrams correctly portray the demand (D) and marginal revenue (MR) curves of a purely competitive seller

Refer to the above data for a nondiscriminating monopolist. This firm will maximize its profit by producing

Refer to the above data for a nondiscriminating monopolist. At its profit-maximizing output, this firm will be operating in the

Refer to the above data for a nondiscriminating monopolist. At its profit-maximizing output, this firm's price will exceed its marginal cost by ____ and its average total cost by

Refer to the above data for a nondiscriminating monopolist. At its profit-maximizing output, this firm's total costs will be

Refer to the above data. At its profit-maximizing output, this firm's total revenue will be

Refer to the above data for a nondiscriminating monopolist. At its profit-maximizing output, this firm's total profit will be

Refer to the above diagram. To maximize profits or minimize losses this firm should produce

Refer to the above diagram. At the profit-maximizing level of output, total revenue will be:

Refer to the above diagram. At the profit-maximizing level of output, total cost will be:

Refer to the above diagram. At the profit-maximizing level of output, the firm will realize:

Refer to the above diagram. If this industry is purely competitive, the profit-maximizing price and quantity will be

Refer to the above diagram. If this industry is comprised of only one seller, the profit-maximizing price and quantity will be

Refer to the above diagrams. Diagram (A) represents

Refer to the above diagrams. In diagram (B) the profit-maximizing quantity is:

Refer to the above diagrams. With the industry structure represented by diagram

Refer to the above diagrams. With the industry structure represented by diagram:

Refer to the above diagrams. The price will be _______ and the quantity will be _______ with the industry structure represented by diagram (B) compared to the one represented in (A).

Refer to the figure above. Suppose the graphs represent the demand for use of a local golf course for which there is no significant competition (it has a local monopoly); P denotes the price of a round of golf; Q is the quantity of rounds "sold" each day. If the left graph represents the demand during weekdays, and the right graph the weekend demand, this profit-maximizing golf course should:

Refer to the figure above. Suppose the graphs represent the demand for use of a local golf course for which there is no significant competition (it has a local monopoly); P denotes the price of a round of golf; Q is the quantity of rounds "sold" each day. If the left graph represents the demand during weekdays, and the right graph the weekend demand, this profit-maximizing golf course will earn how much economic profit over the course of a full seven-day week?

Refer to the above diagram for a monopolistically competitive firm in short-run equilibrium. This firm's profit-maximizing price will be:

Refer to the above diagram for a monopolistically competitive firm in short-run equilibrium. The profit-maximizing output for this firm will be

Refer to the above diagram for a monopolistically competitive firm in short-run equilibrium. This firm will realize an economic:

Refer to the above diagrams, which pertain to monopolistically competitive firms. Short-run equilibrium entailing economic loss is shown by:

Refer to the above diagrams, which pertain to monopolistically competitive firms. A short-run equilibrium entailing economic profits is shown by

Refer to the above diagrams, which pertain to monopolistically competitive firms. Long-run equilibrium is shown by

Refer to the above diagram for a monopolistically competitive firm. Long-run equilibrium price will be

Refer to the above diagram for a monopolistically competitive firm. Long-run equilibrium output will be

Refer to the above diagram for a monopolistically competitive firm. If more firms were to enter the industry and product differentiation were to weaken, then:

Refer to the above diagram for a monopolistically competitive producer. The firm is:

Refer to the above diagram for a monopolistically competitive producer. This firm is experiencing

Refer to the above diagram for a monopolistically competitive producer. If this firm were to realize productive efficiency, it would

Refer to the above diagram. Equilibrium output is:

Refer to the above diagram. Equilibrium price is

Refer to the above diagram. In equilibrium the firm