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Econ exam 3

micro economics exam 3

QuestionAnswer
Which of the following best defines a public good? A good that is non-excludable and non-rivalrous in consumption
Which of the following is an example of a public good? National defense
Which term describes the situation where individuals benefit from a public good without contributing to its production or provision? Free rider problem
The Tragedy of the Commons can be eliminated by taxing use of a common resource.
The motivating behavior we assume to drive ALL firm behavior is maximizing profit
Marginal product of labor is defined as the additional output generated from employing 1 more unit of labor
At Ramsay's Cookie Store, 4 workers can bake 44 cookies in one hour, while 5 workers can bake 70 cookies in one hour. The marginal product of the 5th worker is 26 cookies
Diminishing returns to labor, or diminishing marginal product of labor, implies that holding other inputs fixed, eventually output rises by less and less as we add more units of labor
The short-run production function assumes that at least one input is held fixed or constant
The long-run production function assumes that all inputs are free to vary
Economic profits are normally _____ than accounting profits because ____ lower; economic costs are greater than accounting costs
Marginal Cost (MC) can be thought of as the change in total cost from producing one more unit of output.
Because the amount of labor can be changed in the short run, it is known as a(n) variable cost.
What happens to fixed costs (FC) as the firm increases production in the short-run? FC remain constant
What happens to average fixed costs (AFC) as the firm increases production in the short-run? AFC continually decrease
Created by: alabamalecker
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