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ECO 550 ECO550 ECO/550 Week 11 Final Exam Part 1

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ECO 550 Week 11 Final Exam Part 1 • Question 1 The short-run cost function is: • Question 2 Theoretically, in a long-run cost function: • Question 3 Which of the following is not an assumption of the linear breakeven model: • Question 4 The degree of operating leverage is equal to the ____ change in ____ divided by the ____ change in ____. • Question 5 A ____ total cost function implies that marginal costs ____ as output is increased. • Question 6 George Webb Restaurant collects on the average $5 per customer at its breakfast & lunch diner. Its variable cost per customer averages $3, and its annual fixed cost is $40,000. If George Webb wants to make a profit of $20,000 per year at the diner, it will have to serve__________ customers per year. • Question 7 Experience goods are products or services • Question 8 The price for used cars is well below the price of new cars of the same general quality. This is an example of: • Question 9 If price exceeds average costs under pure competition, ____ firms will enter the industry, supply will ____, and price will be driven ____. • Question 10 The problems of asymmetric information exchange arise ultimately because • Question 11 In the purely competitive case, marginal revenue (MR) is equal to: • Question 12 An “experience good” is one that: • Question 13 Buyers anticipate that the temporary warehouse seller of unbranded computer equipment will • Question 14 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. • 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. • Question 16 When the cross elasticity of demand between one product and all other products is low, one is generally referring to a(n) ____ situation. • Question 17 The practice by telephone companies of charging lower long-distance rates at night than during the day is an example of: • Question 18 Of the following, which is not an economic rationale for public utility regulation? • Question 19 Regulatory agencies engage in all of the following activities except _______. • Question 20 Which of the following is an example of an oligopolistic market structure? • Question 21 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. • Question 22 In a kinked demand market, whenever one firm decides to lower its price, • Question 23 Some market conditions make cartels MORE likely to succeed in collusion. Which of the following will make collusion more successful? • Question 24 Some industries that have rigid prices. In those industries, we tend to • Question 25 A(n) ____ is characterized by a relatively small number of firms producing a product. Economics Assignment Help, Economics Homework help, Economics Study Help, Economics Course Help

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