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Economics 251

Test #3

QuestionAnswer
Implicit Costs are "payments" for self-employed resources
Explicit Costs are cash expenditures a firm makes to pay for resources
The short run is a time period in which some resources are fixed and others are variable
The long run is a period of time for which the amount of all resources can be varied
At what point does Marginal Product equal Average Product? Where Average Product is equal to its maximum value
Fixed Costs are those costs which are Independent of the rate of output
Marginal Cost can defined as the Amount which one more unit of output adds to total cost
As output increases, average fixed costs Decrease
When a firm doubles its inputs and finds that its outputs has more than doubled, this is known as Economies of Scale
If all resources used in the production of a product are increased by 20 percent and output increases by 20 percent, then there must be Constant Returns to Scale
Name a feature of a purely competitive market Products are standardized and homogeneous
Competitive firms are assume to be Price Takers
In pure competition, the demand for a single firm is perfectly Elastic
In pure competition, the Marginal Revenue is always equal to Product Price
What is marginal revenue equal to in a short run purely competitive firm? Marginal Cost
The representative firm in a purely competitive industry will earn a economic profit of zero in the long run
Entry in a purely competitive industry causes movement of supply curve to the right and increase in market price
What is true of a purely competitive industry in long9run equilibrium? Economic Profit of $0
Resources are efficiently allocated when production occurs at that output at which Price equals Marginal Cost
Created by: jmartin209
 

 



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