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Stack #2513402

QuestionAnswer
Economies of scale exist whenever long-run average costs Decrease as output is increased
Suppose the cost function is C(Q) = 50 + Q - 10Q2 + 2Q3. What is the variable cost of producing 10 units? 1,010
When there are economies of scope between two products which are separately produced by two firms, merging into a single firm can Accomplish a reduction in costs
An isocost line Represents the combinations of K and L that cost the firm the same amount of money
With a straight line isoquant, there is a Perfect substitutable relationship between all inputs
When the marginal cost curve is below an average cost curve, average cost is Declining with output
An L-shaped isoquant Implies inputs are used in fixed proportions
The short-run is defined as the time-frame In which there are fixed factors of production
The marginal product of an input is defined as the change in Total output attributable to the last unit of an input
For the cost function C(Q) = 1000 + 14Q + 9Q2 + 3Q3, what is the marginal cost of producing the fourth unit of output? $188
Isoquants are normally drawn with a convex shape because Inputs are not perfectly substitutable
It is profitable to hire units of labor as long as the value of marginal product Exceeds wage
The recipe that defines the maximum amount of output that can be produced with K units of capital and L units of labor is the Production function
Diminishing marginal returns occur when one input is increased and the others are held constant.
If the price of a variable input increases, then the total cost curve will shift up
As output expands from 199 to 200 units, total costs rise from $2,985 to $3,000. At this stage, the marginal cost and average cost of production are $15 and $15
Which of the following is true for a monopoly in equilibrium? P > MC
If a monopolistically competitive firm's marginal cost increases, then in order to maximize profits the firm will Reduce output and increase price
In the long-run, monopolistically competitive firms charge prices Above the minimum of average total cost
Differentiated goods are not a feature of a Perfectly competitive market and monopolistic market
One of the sources of monopoly power for a monopoly may be Patents
A perfectly competitive firm faces a: Perfectly elastic demand function
Which of the following features is common to both monopolistic markets and monopolistically competitive markets? Many buyers
Which of the following is a correct representation of the profit maximization condition for a monopoly? MC = MR
The primary difference between Monopolistic Competition and Perfect Competition is Product differentation
Firms can have market power in: Monopolistically competitive markets and monopolistic markets
Which of the following market structures would you expect to yield the greatest product variety? Monopolistic Competition
Which of the following features is common to both perfectly competitive markets and monopolistically competitive markets? Long run profits are zero
A market where a few firms produce most of the output is called a(n) oligopolistic market.
The prisoner's dilemma and the problem of the cartel are very similar. In both cases, cooperation would improve the outcome, but it rarely happens.
In a Nash equilibrium, firms are clearly strategically interdependent, and they are noncooperative in determining market outcomes.
Under what market structure do we have strategic play? Oligopoly
When marginal costs goes down so does the average costs
 

 



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