Use the following to answer questions -(Exhibit: Supply: Short and Long Run)S1 is a short-run supply curve and is the _______ of individual firms' _______ .

A) sum; average total costs B) sum; marginal cost curves C) average; marginal cost D) market average; total costs A) sum; average total costs B) sum; marginal cost curves C) average; marginal cost D) market average; total costs

Exam 9: The Nature and Creation of Money

Explore all topics

Use the following to answer questions -(Exhibit: Profit Maximizing)The exhibit shows cost curves for a firm operating in a perfectly competitive market.Curve M must cross curves N and O:

(Multiple Choice)

4.8/5

(38)

Question 21

Use the following to answer questions -(Exhibit: Profit Maximizing)The exhibit shows cost curves for a firm operating in a perfectly competitive market.Curve N is the _______ curve.

(Multiple Choice)

4.8/5

(39)

Question 22

A perfectly competitive firm's short-run supply curve is its:

(Multiple Choice)

4.9/5

(35)

Question 23

Suppose that the market for candy canes operates under conditions of perfect competition, that it is initially in long-run equilibrium, and that the price of each candy cane is $0.10.Now suppose that the price of sugar rises, increasing the marginal and average total costs of producing candy canes by $0.05.Based on the information given, we can conclude that in the short run a typical producer of candy canes will be making:

(Multiple Choice)

4.7/5

(37)

Question 24

Use the following to answer questions -(Exhibit: Supply: Short and Long Run)S₁ is a short-run supply curve and is the _ of individual firms' _ .

(Multiple Choice)

4.9/5

(31)

Question 25

Perfect competition is characterized by:

(Multiple Choice)

4.8/5

(45)

Question 26

Suppose that the market for haircuts in a community is a perfectly competitive constant-cost industry and that the market is initially in long-run equilibrium.Subsequently, an increase in population increases the demand for haircuts.In the long run, we expect that:

(Multiple Choice)

4.8/5

(34)

Question 27

Marginal revenue is a firm's:

(Multiple Choice)

4.9/5

(39)

Question 28

Use the following to answer questions -(Exhibit: Profit Maximizing)The exhibit shows cost curves for a firm operating in a perfectly competitive market.At quantity q₅, AVC is the same as: _______ .

(Multiple Choice)

4.9/5

(36)

Question 29

A perfectly competitive firm's supply curve in the short run is the rising portion of the marginal cost curve:

(Multiple Choice)

5.0/5

(40)

Question 30

MC must cross ATC and AVC at their minimums.

(True/False)

4.7/5

(36)

Question 31

If a perfectly competitive firm is producing a quantity that generates MC = MR, then profit:

(Multiple Choice)

4.8/5

(42)

Question 32

People in the eastern part of Beirut are prevented by border guards from traveling to the western part of Beirut to shop for food.This situation violates the perfect competition assumption of:

(Multiple Choice)

4.9/5

(38)

Question 33

A curve that shows the quantity of a good or service supplied at various prices after all long-run adjustments to a price change have been completed is a long-run:

(Multiple Choice)

4.9/5

(40)

Question 34

Charges that are paid for factors of production are called implicit costs.

(True/False)

4.9/5

(49)

Question 35

An economic profit of zero is _______ the firm.

(Multiple Choice)

4.8/5

(44)

Question 36

Use the following to answer questions 129-135: -(Exhibit: A Perfectly Competitive Firm in the Short Run)The firm's total revenue from the sale of its most profitable level of output is:

(Multiple Choice)

4.9/5

(36)

Question 37

Total economic profit is (price minus average total cost)times quantity.

(True/False)

4.9/5

(34)

Question 38

Accounting costs include both explicit and implicit costs.

(True/False)

4.8/5

(32)

Question 39

If a perfectly competitive firm is producing a quantity that generates P > MC, then profit:

(Multiple Choice)

4.8/5

(48)

Question 40

Showing 21 - 40 of 267

Exam 9: The Nature and Creation of Money

Use the following to answer questions -(Exhibit: Profit Maximizing)The exhibit shows cost curves for a firm operating in a perfectly competitive market.Curve M must cross curves N and O:

Use the following to answer questions -(Exhibit: Profit Maximizing)The exhibit shows cost curves for a firm operating in a perfectly competitive market.Curve N is the _______ curve.

A perfectly competitive firm's short-run supply curve is its:

Use the following to answer questions -(Exhibit: Supply: Short and Long Run)S1 is a short-run supply curve and is the _______ of individual firms' _______ .

Perfect competition is characterized by:

Suppose that the market for haircuts in a community is a perfectly competitive constant-cost industry and that the market is initially in long-run equilibrium.Subsequently, an increase in population increases the demand for haircuts.In the long run, we expect that:

Marginal revenue is a firm's:

Use the following to answer questions -(Exhibit: Profit Maximizing)The exhibit shows cost curves for a firm operating in a perfectly competitive market.At quantity q5, AVC is the same as: _______ .

A perfectly competitive firm's supply curve in the short run is the rising portion of the marginal cost curve:

MC must cross ATC and AVC at their minimums.

If a perfectly competitive firm is producing a quantity that generates MC = MR, then profit:

People in the eastern part of Beirut are prevented by border guards from traveling to the western part of Beirut to shop for food.This situation violates the perfect competition assumption of:

A curve that shows the quantity of a good or service supplied at various prices after all long-run adjustments to a price change have been completed is a long-run:

Charges that are paid for factors of production are called implicit costs.

An economic profit of zero is _______ the firm.

Use the following to answer questions 129-135: -(Exhibit: A Perfectly Competitive Firm in the Short Run)The firm's total revenue from the sale of its most profitable level of output is:

Total economic profit is (price minus average total cost)times quantity.

Accounting costs include both explicit and implicit costs.

If a perfectly competitive firm is producing a quantity that generates P > MC, then profit:

Economics: the Study of Choice

Confronting Scarcity: Choices in Production

Demand and Supply

Applications of Demand and Supply

Macroeconomics: the Big Picture

Measuring Total Output and Income

Aggregate Demand and Aggregate Supply

Economic Growth

Monopoly

The World of Imperfect Competition

Wages and Employment in Perfect Competition

Interest Rates and the Markets for Capital and Natural Resources

Imperfectly Competitive Markets for Factors of Production

Public Finance and Public Choice

Inflation and Unemployment

International Trade

The Economics of the Environment

Inequality, Poverty, and Discrimination

Macroeconomics: the Big Picture

Measuring Total Income and Output

Aggregate Demand and Aggregate Supply

Economic Growth

The Nature and Creation of Money

Financial Markets and the Economy

Monetary Policy and the Fed

Government and Fiscal Policy

Consumption and the Aggregate Expenditures Model

Investment and Economic Activity

Net Exports and International Finance

Macro Inflation and Unemployment

Macro a Brief History of Macroeconomic Thought and Policy

Economic Development

Socialist Economies in Transition

Filters

Use the following to answer questions -(Exhibit: Supply: Short and Long Run)S₁ is a short-run supply curve and is the _ of individual firms' _ .

Use the following to answer questions -(Exhibit: Profit Maximizing)The exhibit shows cost curves for a firm operating in a perfectly competitive market.At quantity q₅, AVC is the same as: _______ .