Test #3
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| Implicit Costs are | "payments" for self-employed resources
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| Explicit Costs are | cash expenditures a firm makes to pay for resources
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| The short run is a time period in which | some resources are fixed and others are variable
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| The long run is a period of time for which | the amount of all resources can be varied
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| At what point does Marginal Product equal Average Product? | Where Average Product is equal to its maximum value
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| Fixed Costs are those costs which are | Independent of the rate of output
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| Marginal Cost can defined as the | Amount which one more unit of output adds to total cost
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| As output increases, average fixed costs | Decrease
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| When a firm doubles its inputs and finds that its outputs has more than doubled, this is known as | Economies of Scale
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| 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
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| Name a feature of a purely competitive market | Products are standardized and homogeneous
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| Competitive firms are assume to be | Price Takers
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| In pure competition, the demand for a single firm is perfectly | Elastic
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| In pure competition, the Marginal Revenue is always equal to | Product Price
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| What is marginal revenue equal to in a short run purely competitive firm? | Marginal Cost
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| The representative firm in a purely competitive industry will | earn a economic profit of zero in the long run
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| Entry in a purely competitive industry causes | movement of supply curve to the right and increase in market price
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| What is true of a purely competitive industry in long9run equilibrium? | Economic Profit of $0
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| Resources are efficiently allocated when production occurs at that output at which | Price equals Marginal Cost
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Created by:
jmartin209