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Econ 201 Final Exam With 100% ACCURATE QUESTIONS AND ANSWERS GRADED A+
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Econ 201 Final Exam With 100% ACCURATE QUESTIONS AND ANSWERS GRADED A+
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JACKLINEEcon 201 Final Exam With 100% ACCURATE QUESTIONS AND ANSWERS GRADED A+
Terms in this set (185)
Which of the following most closely approximate the restrauntant industry, which is characterized by firms producing a differentiated product in
the conditions of a monopolistically a market with low entry barriers
competitive(competitive price-searcher) market?
Which of the following is a characteristic of a the firm produces a differentiated product
monopolistically competitive firm (a firm that is
competitive price searcher)?
In the short run, Fed Ex, a price searcher wishing equates marginal cost with marginal revenue
to maximize profits or minimize losses, should
produce the output that
The marginal revenue curve lies below the in order for a competitive price searcher to sell an extra unit, it must cut the price on all units.
demand curve for a competitive price searcher the lowered price offsets the additional revenue from the extra unit sold, so the marginal
because revenue is lower than the price
Which is the best example of a monopolistic The fast food industry
competitive market?
Econ 201 Final Exam
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, Which of the following is the best example of a Coffee shops
monopolistic competitive market?
-An industry with 3 firms
-Making automobiles
Which of the following is the best example of an
-Beer industry
oligopoly market?
-Computer manufacturing company
-airline industry
What is the definition of dominate strategy? A strategy that is best no matter the stratergy that the players(firms) opposition chooses.
When each player (firm) choose the best strategy, given the strategy chosen by other players
What is Nash Equilibrium?
(firms)
which of the following is the general distinction Price takers cannot raise their price without losing all their sales; price searchers can
between price takers(perfectly competitive
firms) and price searchers?
If a price searchers finds that its marginal cost raise the price of the product and reduce the output
exceeds its marginal revenue at the current rate
of output, it should...
Nominal wage ( Wn) how much you make per..(can include benefits)
Price level (Pl) price level of how much things in the economy cost (average price of stuff you buy costs)
measures how much you earn in terms of Goods
Real wage(Wr)
Note: Wr=Wn/Pl
how much more output a firm gets for one more unit of labor(we will make this 1 hour worked
Marginal Product of Labor (MPl)
by a worker)
how many more dollars(in revenue) a firm gets for one more unit of labor( we will make this
value of marginal product of labor(VMPl)
one hour worked by a worker)
A market where the firm faces a downward sloped demand curve and entry and exit from the
market is relatively easy
Monopolistic competition market
-produce differentiated products
also referred to as competitive price searcher market
Contestable Market a market where the cost of entry is low
should have lost of competition in this market and zero economic profits
Econ 201 Final Exam
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