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econ 528 final || WITH COMPLETE ANSWERS
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  • Econ 528
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  • Econ 528

_________ is the cost associated with fixed input correct answers Fixed cost Fixed costs are unrelated to _________. correct answers output Fixed costs are zero in the __________. correct answers long run __________ is the cost that does not vary across decision correct answers Sunk cost ...

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  • August 18, 2024
  • 2
  • 2024/2025
  • Exam (elaborations)
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  • is the cost associated with fixed input

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  • Econ 528
  • Econ 528

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econ 528 final || WITH COMPLETE ANSWERS
_________ is the cost associated with fixed input correct answers Fixed cost

Fixed costs are unrelated to _________. correct answers output

Fixed costs are zero in the __________. correct answers long run

__________ is the cost that does not vary across decision correct answers Sunk cost

_____________ is the time period in which the availability of at least one input is fixed or the
quantity of at least one input cannot be changed. correct answers Short-run

____________ is the time period in which the availability of all inputs can change or the
quantity of all inputs can be changed. correct answers Long run

A firm has the cost elasticity of εc < 1, εc > 1 or εc = 1, then the production process exhibits
an ____________ returns to scale, a ___________ return to scale or a _____________ return
to scale respectively. correct answers increasing; decreasing; constant

A firm's ____________ is defined as the output level where its short-run average costs are
minimized. correct answers capacity

A firm's ______________ is defined as the output level where its long-run average costs are
minimized. correct answers minimum efficient scale

A firm faces a ______________ demand curve in a perfectly competitive market and a
_____________ sloping demand curve in all other markets (e.g. monopoly, duopoly,
oligopoly, and monopolistically competitive markets). correct answers horizontal; downward

In the short run, a perfectly competitive firm will shut down and produce nothing if the
__________________________. correct answers price is less than the average variable cost.

In a perfectly competitive market, the firm's __________________. correct answers P = MR
= AR = AC = MC.

In the short run, a ________________ firm will produce the output where, MR = MC. correct
answers monopolisitically competitive

In the long run, a monopolisitically competitive firm will produce the output where, P = AC,
that is, where _____________________. correct answers the slope of the demand curve is
equal to the slope of the average cost curve

A price floor usually causes a ____________. correct answers surplus

A price ceiling usually causes a ____________. correct answers shortage

An industry is called a _____________, if the demand equals supply at a point where the
industry long-run average cost curve is still declining. correct answers natural monopoly

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