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Micro- Midterm 2
Microeconomics Midterm 2- Part 1/2
| Question | Answer |
|---|---|
| Total utility is best defined as: | Total satisfaction received from consuming a given amount of a product |
| Cash expenditures a firm makes to pay for resources are called: | Explicit costs |
| The main difference between the short run and the long run is that: | In the short run, some inputs are fixed and some are variable |
| Fixed costs of production in the short run: | Cannot be reduced by producing less output |
| Marginal cost can be defined as the: | Change in total cost resulting from one more unit of production |
| If a firm is a price taker, then the demand curve for the firm's product is: | Perfectly elastic |
| A firm in a purely competitive industry: | Will earn zero profit in the long run |
| When is a natural monopoly achieved? | When the MES is very high |
| Natural monopolies are usually: | Utility companies |
| If a firm increases their inputs by 5% and outputs increase by 9%, the firm is experiencing: | Increasing returns to scale |
Created by:
joebouhadana
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