Microeconomics Exam
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| show | A payment that must be made to obtain and retain the services of a resource; the income a firm must provide to a resource supplier to attract the resource from an alternative use.
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| show | The monetary payment made by a firm to an outsider to obtain a resource.
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| show | The monetary income a firm sacrifices when it uses a resource it owns rather than supplying the resource in the market; includes a normal profit.
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| show | The total revenue of a firm less its explicit costs; the profit (or net income) that appears on accounting statements for tax purposes.
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| show | The payment made by a firm to obtain and retain entrepreneurial ability.
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| Economic profit | show 🗑
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| Short run | show 🗑
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| Long run | show 🗑
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| Total product (TP) | show 🗑
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| Marginal product (MP) | show 🗑
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| Average product (AP) | show 🗑
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| show | As successive units of a variable resource (say, labor) are added to a fixed resource (say, land or capital), beyond some point the extra, or marginal, product that can be attributed to each additional unit will decline.
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| show | Any cost that in total does change when a firm changes its output.
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| Variable costs | show 🗑
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| show | The sum of fixed costs and variable costs.
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| show | A firm's total fixed costs divided by its output.
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| Average variable cost (AVC) | show 🗑
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| show | A firm's total cost divided by it's output.
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| Marginal cost (MC) | show 🗑
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| show | When a firm's ATC of producing a product decreases in the long run as a firm increases its output.
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| show | When a firm's ATC of producing a product increases in the long run as a firm increases its output.
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| show | When a firm's ATC of producing a product remains unchanged in the long run as a firm varies the size of its output.
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| show | The lowest level of output at which a firm can minimize long run ATC.
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| Natural Monopoly | show 🗑
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| show | Very large number of firms; standardized product; easy entry/exit; very low barriers; seller has no control over the price (price taker);
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| show | One firm sells a unique product, into which entry in blocked; control over price (price maker).
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| Monopolistic competition | show 🗑
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| Oligopoly | show 🗑
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| Imperfect competition | show 🗑
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| Price taker | show 🗑
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| show | Total revenue from the sale of a product divided by the quantity of the product sold.
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| show | The total of number of dollars received by a firm (or firms) from the sale of a product.
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| show | The change in total revenue that results in the sale of 1 additional unit of a firm's product.
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| show | An output at which a firm makes a normal profit (total revenue=total cost) but not an economic profit.
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| MR = MC rule | show 🗑
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| show | Shows the quantity of a product a firm in a purely competitive industry will offer to sell at various prices in the short run.
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| show | Price vs. quantities of a product in the long run.
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| Constant-cost industry | show 🗑
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| Increasing-cost industry | show 🗑
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| show | Expansion through the entry of firms lowers the prices that firms in the industry must pay for the resources and therefore decreases their production cocsts.
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| Productive efficiency | show 🗑
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| Allocative efficiency | show 🗑
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| show | The difference between the maximum price a consumer is willing to pay for an additional unit of a product and its market price.
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| show | The difference between the actual price a producer receives and the minimum acceptable price.
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| show | Hypothesis that the creation of new products and production methods destroys the market power of existing monopolies.
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| show | Anything that artificially prevents firms from entering an industry.
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| Simultaneous consumption | show 🗑
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| Network effects | show 🗑
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| show | The production of output, whatever its level, at a higher average (and total) cost than is necessary for producing that level of output.
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| show | The actions by persons, firms, or unions to gain special benefits from government at the taxpayers' expense or someone else's expense.
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| Price discrimination | show 🗑
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| Socially optimal price | show 🗑
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| show | For natural monopolies subject to price regulation, the price that would allow the regulated monopoly to earn a normal profit; a price equal to ATC.
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| show | Plant resources that are underused when imperfectly competitive firms produce less output than that associated with achieving minimum average total costs.
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| show | A change in price strategy (or some other strategy) by one firm will affect the sales and profit of another firms (or firms). Any firm that makes a change can expect its rivals to react to such change.
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| Interindustry competition | show 🗑
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| Import competition | show 🗑
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| show | Study of how people behave in strategic situation in which individuals must take into account not only their own possible actions but those of others.
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| Collusion | show 🗑
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| Kinked-demand curve | show 🗑
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| Price war | show 🗑
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| show | A formal agreement among firms (or countries) in an industry to set the price of a product and establish the outputs of individual firms (or countries) to divide the market for the product geographically.
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| show | An informal method that firms in an oligopoly may employ to set the price of their product. One firm (leader) is the first to announce a change in price, and the other firms soon announce identical or similar changes.
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