Save
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password

Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.

Question

Implicit Costs are
click to flip
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't know

Question

Explicit Costs are
Remaining cards (18)
Know
0:00
edit
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Economics 251

Test #3

QuestionAnswer
Implicit Costs are "payments" for self-employed resources
Explicit Costs are cash expenditures a firm makes to pay for resources
The short run is a time period in which some resources are fixed and others are variable
The long run is a period of time for which the amount of all resources can be varied
At what point does Marginal Product equal Average Product? Where Average Product is equal to its maximum value
Fixed Costs are those costs which are Independent of the rate of output
Marginal Cost can defined as the Amount which one more unit of output adds to total cost
As output increases, average fixed costs Decrease
When a firm doubles its inputs and finds that its outputs has more than doubled, this is known as Economies of Scale
If all resources used in the production of a product are increased by 20 percent and output increases by 20 percent, then there must be Constant Returns to Scale
Name a feature of a purely competitive market Products are standardized and homogeneous
Competitive firms are assume to be Price Takers
In pure competition, the demand for a single firm is perfectly Elastic
In pure competition, the Marginal Revenue is always equal to Product Price
What is marginal revenue equal to in a short run purely competitive firm? Marginal Cost
The representative firm in a purely competitive industry will earn a economic profit of zero in the long run
Entry in a purely competitive industry causes movement of supply curve to the right and increase in market price
What is true of a purely competitive industry in long9run equilibrium? Economic Profit of $0
Resources are efficiently allocated when production occurs at that output at which Price equals Marginal Cost
Created by: jmartin209
 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards