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BUS 207 Final Exam Questions with Verified Answers
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average cost - Answer-- the total cost divided by the units of output produced - AC = TC/Q average fixed cost - Answer-- the fixed cost divided by the units of output produced - AFC = FC/Q average variable cost - Answer-- the variable cost divided by the units of output produced - AVC = VC...

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  • August 29, 2024
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  • 2024/2025
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  • bus 207 final exam questions with verified answers
  • average cost answer the total cost divided by

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BUS 207 Final Exam Questions with
Verified Answers
average cost - Answer-- the total cost divided by the units of output produced
- AC = TC/Q

average fixed cost - Answer-- the fixed cost divided by the units of output produced
- AFC = FC/Q

average variable cost - Answer-- the variable cost divided by the units of output
produced
- AVC = VC/Q

bandwagon effect - Answer-the situation in which a person places greater value on a
good as more and more other people possess it.

Nash-Bertrand equilibrium - Answer-A set of prices such that, holding the prices of all
other firms constant, no firm can obtain a higher profit by choosing a different price.

bundling - Answer-a type of sale in which two or more goods or services are combined
and offered at a single price.

cartel - Answer-a group of firms that explicitly agree (collude) to coordinate setting
prices or quantities.

total cost - Answer-- the sum of a firm's variable cost and fixed cost
- TC = FC + VC

Nash-Cournot Equilibrium - Answer-a set of quantities chosen by firms such that,
holding the quantities of all other firms constant, no firm can obtain a higher profit by
choosing a different quantity.

deadweight loss (DWL) - Answer-the net reduction in total surplus from a loss of surplus
by one group that is not offset by a gain to another group from an action that alters a
market equilibrium.

diseconomies of scale - Answer-the property of a cost function whereby the average
cost of production rises when output increases.

duopoly - Answer-An oligopoly with only two firms

durable good - Answer-a product that is usable for a long period, perhaps for many
years

, economically efficient (for a producer) - Answer-minimizing the cost of producing a
specified output level.

economies of scale - Answer-the property of a cost function whereby the average cost
of production falls as output expands.

economies of scope - Answer-the situation in which it is less expensive to produce
goods jointly than separately.

fixed cost - Answer-- a production expense that does not vary with output.
- costs primarily used in the the pizza industry

group price discrimination - Answer-- a situation in which a firm charges each group of
customers a different price.
- third degree price discrimination

isocost line - Answer-all the combinations of inputs that require the same (iso-) total
expenditure (cost).

learning by doing - Answer-the productive skills and knowledge that workers and
managers gain from experience.

learning curve - Answer-the relationship between average cost and cumulative output.

Lerner Index - Answer-the ratio of the difference between price and marginal cost to the
price

marginal cost (MC) - Answer-- The amount by which a firm's cost changes if the firm
produces one more unit of output.
- The derivative of Total Cost

market failure - Answer-a non-optimal allocation of resources such that total surplus in a
market is not maximized.

market power - Answer-the ability of a firm to significantly affect the market price

monopolistic competition - Answer-- a market structure in which firms have market
power, but free entry occurs in the long run until no additional firm can enter and earn a
positive long-run profit.
- Characterized by product differentiation and price-setting firms

monopoly - Answer-the sole supplier of a good that has no close substitute

Nash Equilibrium - Answer-a set of strategies such that, holding the strategies of all
other players constant, no player can obtain a higher pay off by choosing a different
strategy.

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