Miscellaneous Quiz / MicroeconomicsTest2

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Can you name the MicroeconomicsTest2?

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HintAnswer
A curve showing the relationship between the quantity of labor and the quantity of output produced
The change in long-run cost resulting from a one-unit increase in output
Variable cost divided by the quantity produced
As one input increases while the other inputs are held fixed, output increases at a decreasing rate
A curve showing the relationship between the price charged by a specific firm and the quantity the firm can sell
A situation in which the long-run average cost of production decreases as output increases
Total Revenue minus economic cost
There are no barriers to entry, so there are many firms and each sells a slightly different product
The total cost of production when a firm is perfectly flexible in choosing its inputs
An opportunity cost that does not involve a monetary payment. EX: Time
To maximize profit, produce the quantity where price equals what?
A situation in which the long-run total cost increases proportionately with output, so average cost is constnat
A market with many sellers and buyers of a homogenous product and no barriers to entry
Fifth feature of a Perfectly Competitive Market
The change in short-run total cost resulting from a one-unit increase in output
The explicit cost of production. Also known as explicit cost.
The long-run cost divided by the quantity produced
The change in output from one additional unit of labor
A buyer or seller that takes the market price as given
First feature of a Perfectly Competitive Market
An input that cannot be scaled down to produce a smaller quantity of output. EX: Steel company needs a furnace not a toaster oven
HintAnswer
The markets consists of just a few firms because economies of scale or government policies limit the number of firms
A monetary payment; EX: Labor, Capital, and Materials
Short-run total cost divided by the quantity produced; equal to AFC + AVC
If price is less than average variable cost then you should
Cost that varies with the quantity produced
If price is greater than average variable cost then you should...
The price at which economic profit is zero; price equals average total cost
The opportunity cost of the inputs used in the production process; equal to explicit cost plus implicit cost
A cost that a firm has already paid or committed to pay, so it cannot be recovered.
Fourth feature of a Perfectly Competitive Market
Third feature of a Perfectly Competitive Market
Second feature of a Perfectly Competitive Market
Total revenue minus accounting cost
Fixed cost divided by the quantity by the quantity produced
The change in total revenue from selling one more unit of output
A situation in which the long-run average cost of production increases as output increases
The output at which scale economies are exhausted
Cost that does not vary with the quantity produced
A single firm serves the entire market
The total cost of production when at least one input is fixed; equal to fixed cost plus variable cost

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