Term
| in the market for web design services, when more companies desire web pages, the equilibrium.... |
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Definition
| quantity of web design services increases |
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Term
| The essential signal of the market mechanism is... |
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Definition
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Term
| if the price of chocolate chip cookies rises, then... |
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Definition
| there is a movement upward along the demand curve for cookies |
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Term
| a scientific breakthrough made free solar power available in unlimited quantities in the united states. the effect of this invention would be to move the.... |
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Definition
| us production possibilities frontier outward |
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Term
| single price monopolist is inefficient because... |
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Definition
| it creates a deadweight loss |
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Term
| at a firms breakeven point, its... |
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Definition
| total revenue equals its total opportunity cost |
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Term
| charlies chimps is a perfectly competitive firm that produces cuddly chimps for children. the market price of a chimp is 10$ and charlie produces 100 chimps at a marginal cost of 9$ a chimp. charlie.... |
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Definition
| will be maximizing profit if it produces more than 100 chimps |
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Term
| if a monopolist is maximizing its profit, then it must be producing at a rate of output where marginal revenue ________ marginal cost |
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Definition
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Term
| the_________ is a period in which the quantity of some inputs cannot be changed. |
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Definition
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Term
| which of the following is true for BOTH monopoly and perfectly competitive firms? |
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Definition
| profits are maximized by producing at the level of output where marginal revenue is equal to marginal cost |
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Term
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Definition
| less in the case of a single price monopoly than in the case of a perfectly competitive industry |
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Term
| perfectly competitive firms shut down if the price of their product is |
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Definition
| less than its minimum average variable cost |
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Term
| you are considering staying in college another semester so that you can complete a major in econ. in deciding weather to stay or not you should… |
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Definition
| compare cost of staying one more semester to the benefits of staying one more semester |
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Term
| which statement refers to a movement along the demand curve? |
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Definition
| we decided to cut our prices, and the increase in our sales has been remarkable. |
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Term
| taxicab fare in yorkshire is regulated. the fare is currently charged at 6$ a ride. yorkshire taxicab drivers want to obtain a permission to lower the fare which they think will increase their total revenue. from this we can conclude that the drivers believe that the demand for a taxicab ride is… |
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Definition
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Term
| The iconic american drink maker, coke, announced plans to buy the dominant chinese fruit company for 2.5 billion. china just rolled out a new law to guard against business monopolies. how would the rent seeking behavior by coke most likely affect efficiency in the drink market? |
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Definition
| deadweight loss would increase |
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Term
| the above abel gives some cost data for peters pickles. peters fixed cost is 20$. his total cost of producing 6 barrels of pickles is….(need the table) |
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Definition
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Term
| a firm has excess capacity if its output is…. |
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Definition
| less than the quantity at which average cost is minimized |
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Term
| in a perfectly competition, firms compete on the basis of.... |
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Definition
| price, quality, and marketing |
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Term
| 8. bonnies car wash is a perfectly competitive firm. price of a carwash is 5$. the wage rate is 55$ per day, how many employees should bonnie hire to maximize her profit?( need table) |
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Definition
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Term
9. the table above shows the number of pound of bricks that can be produced by the brick company. the number of workers hired increases. Brick market is perfectly competitive. each pound of bricks sells for 25$ and workers are paid 40$ per hour.
When the company maximizes its profits it produces _______bricks and hour. |
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Definition
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Term
| if supply is unchanged, a decrease in the demand for soft drinks will cause equilibrium price to ______ |
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Definition
| fall and equilibrium quantity to fall |
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