Eco 550 Final Exam (Part 1 and 2) - Updated 2014 Essay

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ECO 550 Final Exam (Part 1 And 2) - Updated 2014

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ECO 550 final exam part 1
Question 1
A ____ total cost function implies that marginal costs ____ as output is increased.
Answer

linear; increase linearly quadratic; are constant cubic; increase linearly linear; are constant
Question 2
Which of the following is not an assumption of the linear breakeven model:
Answer

constant selling price per unit decreasing variable cost per unit fixed costs are
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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
Question 8
In the long-run, firms in a monopolistically competitive industry will
Answer

earn substantial economic profits tend to just cover costs, including normal profits seek to increase the scale of operations seek to reduce the scale of operations
Question 9
In the purely competitive case, marginal revenue (MR) is equal to:
Answer

cost profit price total revenue
Question 10
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 11
Buyers anticipate that the temporary warehouse

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