Eco 550 Final Exam Answers Essay

5506 Words Mar 28th, 2015 23 Pages
ECO 550 Final Exam Answers
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The average cost per call is $0.05 a minute, and it’s declining. The likely reason for the declining price for long distance service is: Answer Governmental pressure to lower the price
Reduced demand for long distance service
Entry into this industry pushes prices down
Lower price for a barrel of crude oil
Increased cost of providing long distance service What is the profit maximization point for a firm in a purely competitive environment? Answer The output where
The output where P < MC
The output where P > MC
The output where
The output where AVC < P Question 7 The problems of asymmetric information exchange arise ultimately because Answer one party to the exchange possesses different information than another one party has more information than another one party knows nothing one party cannot independently verify the information of another information is scarce Question 8 An “experience good” is one that: Answer Only an expert can use
Has undetectable quality when purchased
Can be readily experienced simply by touching or tasting
Improves with age, like a fine wine Question 9 Of the following, which is not an economic rationale for public utility regulation? Answer production process exhibiting increasing returns to scale constant cost industry avoidance of duplication of facilities protection of consumers from price

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