Econ 102 Quiz 3 UPDATED Actual Exam Questions and CORRECT Answers
8 views 0 purchase
Module
Econ 102
Institution
Econ 102
Econ 102 Quiz 3 UPDATED Actual Exam
Questions and CORRECT Answers
Conditions of a perfectly competitive market - CORRECT ANSWER- 1. No buyer or
seller is big enough to impact price
2. Sellers produce identical goods
3. Entry and exit is free in the market
3 Problems Sellers Have - CORRECT A...
Econ 102 Quiz 3 UPDATED Actual Exam
Questions and CORRECT Answers
Conditions of a perfectly competitive market - CORRECT ANSWER✔✔- 1. No buyer or
seller is big enough to impact price
2. Sellers produce identical goods
3. Entry and exit is free in the market
3 Problems Sellers Have - CORRECT ANSWER✔✔- 1. How to produce
2. What is the cost of making the product
3. How much profit can the seller make in the market
Firm - CORRECT ANSWER✔✔- Any business entity that produces and sells goods &
services
Production - CORRECT ANSWER✔✔- The process of turning inputs into outputs
Production Function - CORRECT ANSWER✔✔- Relationship between quantity of inputs
and quantity of outputs
Physical Capital - CORRECT ANSWER✔✔- Any good, including machines
Why does marginal product increase with the first workers? - CORRECT ANSWER✔✔-
Specialization; There are only a few specialized workers and there may not be enough
machines for more workers to use, so marginal production falls eventually
Why does marginal product fall - CORRECT ANSWER✔✔- Law of Diminishing Returns
Short Run: Total Cost - CORRECT ANSWER✔✔- Fixed Cost + Variable Cost
Variable Cost - CORRECT ANSWER✔✔- Cost of variable factors; changes as output
changes
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller MGRADES. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
