ECO 550 ECO/550 ECO550 Week 11 Final Exam Part 1 â€¢ Question 1 The degree of operating leverage is equal to the ____ change in ____ divided by the ____ change in ____. â€¢ Question 2 Break-even analysis usually assumes all of the following except: â€¢ Question 3 Evidence from empirical studies of long-run cost-output relationships lends support to the: â€¢ Question 4 The short-run cost function is: â€¢ Question 5 A ____ total cost function implies that marginal costs ____ as output is increased. â€¢ Question 6 In a study of banking by asset size over time, we can find which asset sizes are tending to become more prominent. The size that is becoming more predominant is presumed to be least cost. This is called: â€¢ Question 7 A “search good” is: â€¢ Question 8 In the short-run for a purely competitive market, a manufacturer will stop production when: â€¢ Question 9 Under asymmetric information, â€¢ Question 10 In the long-run, firms in a monopolistically competitive industry will â€¢ Question 11 Buyers anticipate that the temporary warehouse seller of unbranded computer equipment will â€¢ Question 12 If price exceeds average costs under pure competition, ____ firms will enter the industry, supply will ____, and price will be driven ____. â€¢ Question 13 Experience goods are products or services â€¢ Question 14 Regulatory agencies engage in all of the following activities except _______. â€¢ Question 15 ____ as practiced by public utilities is designed to encourage greater usage and therefore spread the fixed costs of the utility’s plant over a larger number of units of output. â€¢ Question 16 Declining cost industries â€¢ Question 17 The demand curve facing the firm in ____ is the same as the industry demand curve. â€¢ Question 18 The practice by telephone companies of charging lower long-distance rates at night than during the day is an example of: â€¢ Question 19 In the electric power industry, residential customers have relatively ____ demand for electricity compared with large industrial users. But contrary to price discrimination, large industrial users generally are charged ____ rates. â€¢ Question 20 A cartel is a situation where firms in the industry â€¢ Question 21 Which of the following is an example of an oligopolistic market structure? â€¢ Question 22 In the Cournot duopoly model, each of the two firms, in determining its profit-maximizing price-output level, assumes that the other firm’s ____ will not change. â€¢ Question 23 Even ideal cartels tend to be unstable because â€¢ Question 24 If a cartel seeks to maximize profits, the market share (or quota) for each firm should be set at a level such that the ____ of all firms is identical. â€¢ Question 25 In a kinked demand market, whenever one firm decides to lower its price, Economics Assignment Help, Economics Homework help, Economics Study Help, Economics Course Help
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