Microeconomics Midterm 2- Part 1/2
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| show | Total satisfaction received from consuming a given amount of a product
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| show | Explicit costs
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| show | In the short run, some inputs are fixed and some are variable
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| show | Cannot be reduced by producing less output
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| show | Change in total cost resulting from one more unit of production
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| If a firm is a price taker, then the demand curve for the firm's product is: | show 🗑
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| show | Will earn zero profit in the long run
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| show | When the MES is very high
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| Natural monopolies are usually: | show 🗑
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| If a firm increases their inputs by 5% and outputs increase by 9%, the firm is experiencing: | show 🗑
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