Microeconomics Midterm 2- Part 1/2
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| Total utility is best defined as: | Total satisfaction received from consuming a given amount of a product
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| Cash expenditures a firm makes to pay for resources are called: | Explicit costs
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| The main difference between the short run and the long run is that: | In the short run, some inputs are fixed and some are variable
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| Fixed costs of production in the short run: | Cannot be reduced by producing less output
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| Marginal cost can be defined as the: | 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: | Perfectly elastic
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| A firm in a purely competitive industry: | Will earn zero profit in the long run
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| When is a natural monopoly achieved? | When the MES is very high
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| Natural monopolies are usually: | Utility companies
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| If a firm increases their inputs by 5% and outputs increase by 9%, the firm is experiencing: | Increasing returns to scale
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