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

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ECO 550 ECO550 ECO/550 Week 11 Final Exam Part 1 • Question 1 In the linear breakeven model, the breakeven sales volume (in dollars) can be found by multiplying the breakeven sales volume (in units) by: • Question 2 Evidence from empirical studies of long-run cost-output relationships lends support to the: • Question 3 The short-run cost function is: • Question 4 Break-even analysis usually assumes all of the following except: • Question 5 A ____ total cost function implies that marginal costs ____ as output is increased. • 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: • Question 7 If price exceeds average costs under pure competition, ____ firms will enter the industry, supply will ____, and price will be driven ____. • Question 8 Asset specificity is largest when • Question 9 Long distance telephone service has become a competitive market. The average cost per call is $0.05 a minute, and it’s declining. The likely reason for the declining price for long distance service is: • Question 10 The problems of asymmetric information exchange arise ultimately because • Question 11 A firm in pure competition would shut down when: • Question 12 Buyers anticipate that the temporary warehouse seller of unbranded computer equipment will • Question 13 Uncertainty includes all of the following except ____. • 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 The demand curve facing the firm in ____ is the same as the industry demand curve. • Question 16 ____ 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 17 When the cross elasticity of demand between one product and all other products is low, one is generally referring to a(n) ____ situation. • Question 18 Declining cost industries • Question 19 Of the following, which is not an economic rationale for public utility regulation? • Question 20 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 21 Some market conditions make cartels MORE likely to succeed in collusion. Which of the following will make collusion more successful? • Question 22 “Conscious parallelism of action” among oligopolistic firms is an example of ____. • Question 23 Barometric price leadership exists when • Question 24 The existence of a kinked demand curve under oligopoly conditions may result in • Question 25 Which of the following is an example of an oligopolistic market structure? Economics Assignment Help, Economics Homework help, Economics Study Help, Economics Course Help

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