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Mic-Eco Final Review

Final Review for Micro-Economics - Summer

QuestionAnswer
A monopolist charges a price that is _______ and produces _______ than a perfect competitor. higher; less
Marginal factor cost is computed as... change in the toal cost of the resource / change in the amount of the resource being used
For a monopolist, its marginal revenue is always... less than price
The first move in the case of price leadership in an oligopolistic industry is uaually taken by the dominant or larger firm
Derived demand is... the demand for the resources that are used to make the products
In the perfectly competitive world, if P > MC, then... too few of the product is being made
Collective bargaining is... bargaining between unions and management.
Economies of scale means that... the long-run average total cost curve is downwawrd sloping
When oligopolistic companies engage in collusion, the companies are involved in a... cooperative game
The time frame in which all factors of production can vary is... the long run
A monopolistic firm will shut down if... P < AVC for every level of output
When a cartel breaks down and its members start cheating, the industry becomes a... noncoopoerative game
When a firm dexperiences declining long-run average total costs as it produces more outputs, it is known as a... natural monopoly
What is the short run? a period of time during which at least on input cannot be changed
The demand curve for a monopolist is... the industry demand curve
The wage rate for labor in a competitive market, absent government interference, is established by... the supply and demand for labor
In game theory, actions such as cheating that focus solely on short-run gains are considered to be... opportunistic behavior
A monopolistic firm will shut down if... P < AVC for every level of output
When a cartel breaks down and its members start cheating, the industry becomes a... noncoopoerative game
When a firm dexperiences declining long-run average total costs as it produces more outputs, it is known as a... natural monopoly
What is the short run? a period of time during which at least on input cannot be changed
The demand curve for a monopolist is... the industry demand curve
The wage rate for labor in a competitive market, absent government interference, is established by... the supply and demand for labor
In game theory, actions such as cheating that focus solely on short-run gains are considered to be... opportunistic behavior
The individual curve for a monopolistic competitor... slopes downward
When an American industry outsources some of its production... both demand and wahes in the industry fall
A firm that is only a seller of a good with no close substitutes is a(n)... monopolist
If a retail food chain merged with a meat packing company, this would be an example of a... vertical merger
When total product is increasing at an increasing rate, marginal product is... positive and increasing
Advertising intended to reach as many consumers as possible, typically through television, newspaper, or magazine ads is referred to as... mass marketing
A company finds that MC = MR at $15, MC = ATC at $20, and MC = MR at $17. Your advice to the firm is... to continue production at a loss
The most significant difference between perfect competition and monopolistic competition is that... in perfect competition the products are homogenous
Market failure occurs when... the price system fails to generate an efficient allocation of resources
Positive externalities arise when... production of a goodgenerates benefits that spill over to thrid parties
An economic activity where benefits or costs affect third parties is called... an externality
If a corporation were forced to absorb the cost of a spillover from the production of a good, this would likely cause the supply curve for the good to... shift out
Why does our governmentenforce antitrust legislation? Because monopolies are known to be unfair to their stockholders
The exclusion principle means no one can be excluded from the benefits of a public good, even if the person does not pay for it
The average tax rate is defined as... total tax due / total taxable income
The US Social Security tax is an example of a... redressive tax
The tax that brings in the most revenue in the USA is the... personal income tax
State and local governments recieve most of their revenue from... sales and excise taxes, revenue from the federal government, and property taxes
The three possible sources of government funding include... explicit fees, taxes, and borrowings
The tax base is... the sum of all incomes earned in the US
Medicare and Social Security are examples of... transfer payment programs
The two basic types of government regulation are... social regulation and heatlh & safety regulation
The two most important rationales for government intervention in nonmonopolistic markets are... market failure and assymetric information
The theory of regulatory behavior which say that the "regulators" will become eventually controlled by the "regulated" is called... the demand-pull hypothesis
In a court decision in 2001, the Federal District Court of Appeals in Washington DC found that Microsoft had violated the... Sherman Act
A typical measure of monopoly power that uses the percentage of a particular market that a firm supplies is known as the... FTC Test
The wealthiest 10 percent of the population owns about ___ percent of all the wealth in the USA. 70
Poverty is a measure of... the standard of living
International trade is based on the existence of... comparitive advantage
A government imposed restriction on the quantity of a specific good that may be imported to and sold in the US is called a... quota system
Created by: punisher42
 

 



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