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Econ 200 Exam #2 Verified Study Questions And Answers
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Econ 200 Exam #2 Verified Study Questions And Answers
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Econ 200 Exam #2 Verified StudyQuestions And Answers
marginal factor cost CORRECT ANSWERS additional cost of the capital labor,
at labor market when marginal revenue is equal to four forms of competition
sunk costs CORRECT ANSWERS costs irrelevant to the current decision making
process
long run CORRECT ANSWERS all costs are variable costs
price war CORRECT ANSWERS consumer benefit,
encourages new development,
competing with low prices,
collusion is illegal
stock CORRECT ANSWERS ownership in the corporation
short run CORRECT ANSWERS at least one fixed cost and one variable cost
corporation IPO CORRECT ANSWERS Investment bank gives financial capital and
sells stock in the firm
Average Variable Costs CORRECT ANSWERS variable cost/quantity
explicit costs CORRECT ANSWERS costs of acquiring something not owed
marginal product CORRECT ANSWERS The extra output from hirring an extra worker.
change in quantity/change in labor
monopolies CORRECT ANSWERS government must give you the right to have one
implicit costs CORRECT ANSWERS opportunity costs of something already owed when
you could have normally earned it doing the next best alternative
characteristics of oligopoly CORRECT ANSWERS few firms,
high barriers to entry,
similar products,
interdependance- price changing,
price searchers
marginal revenue profit CORRECT ANSWERS additional revenue taken in for,
price multiplied by marginal product
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