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ECON 102 EXAM #3 PSU REVIEW NEWEST ACTUAL EXAM WITH COMPLETE QUESTIONS AND CORRECT VERIFIED ANSWERS (DETAILED ANSWERS) ALREADY GRADED A+ 100% $17.99   Add to cart

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ECON 102 EXAM #3 PSU REVIEW NEWEST ACTUAL EXAM WITH COMPLETE QUESTIONS AND CORRECT VERIFIED ANSWERS (DETAILED ANSWERS) ALREADY GRADED A+ 100%

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  • ECON 102

ECON 102 EXAM #3 PSU REVIEW NEWEST ACTUAL EXAM WITH COMPLETE QUESTIONS AND CORRECT VERIFIED ANSWERS (DETAILED ANSWERS) ALREADY GRADED A+ 100%

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  • October 3, 2024
  • 2
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • ECON 102
  • ECON 102
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docwayne5
ECON 102 EXAM #3 PSU REVIEW NEWEST ACTUAL EXAM WITH COMPLETE
QUESTIONS AND CORRECT VERIFIED ANSWERS (DETAILED ANSWERS)
ALREADY GRADED A+ 100%




fixed cost - <<ANSWER>>a cost that does not change, no matter how much of a good
is produced

marginal cost - <<ANSWER>>the cost of producing one more unit of a good

change in total cost / change in quantity

average total cost (ATC) - <<ANSWER>>TC/Q

average variable cost (AVC) - <<ANSWER>>VC/Q

total cost - <<ANSWER>>fixed costs + variable costs

Few firms and difficult to enter - <<ANSWER>>Oligopoly

Identical or Differentiated Products - <<ANSWER>>oligopoly

No government intervention , downward sloping demand curve, few large firms, elastic,
normal profit - <<ANSWER>>oligopoly

Medium to high price setter - <<ANSWER>>oligopoly

Cell Phones - <<ANSWER>>oligopoly

Many buyers and sellers - <<ANSWER>>perfect competition

horizontal demand curve - <<ANSWER>>perfect competition

easy entry, many small firms, elastic, normal profit, no government intervention -
<<ANSWER>>perfect competition

low price power - <<ANSWER>>perfect competition

agriculture - <<ANSWER>>perfect competition

1 firm - <<ANSWER>>monopoly

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