Microeconomics Midterm 2- Part 2/2
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | Decreasing returns to scale
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| show | The firm's marginal revenue is equal to its marginal cost
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| A purely competitive firm will be willing to produce even at a loss in the short run, as long as: | show 🗑
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| show | The firm will shut down in the short run, but stay in the industry in the long run if it expects the product price to rise high enough soon
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| show | Equal to MR, MC, and min ATC
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| What is true when a purely competitive market is at its long-run equilibrium? | show 🗑
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| show | The monopolist produces a product with no close substitutes
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| show | Is operating on the elastic portion of its demand curve
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| show | Sole seller
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| At the profit-maximizing level of output for a monopolist: | show 🗑
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| Many people believe that monopolies charge any price they want to without affecting sales. Instead, the output level for a profit maximizing monopoly is determined by: | show 🗑
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| Allocative efficiency happens in a monopoly because at the profit-maximizing output level: | show 🗑
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
joebouhadana
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