Eco 550 Final Exam Solutions - 100% Score

ECO 550 Final Exam Solutions - 100% Score

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ECO 550 Final Exam Solutions

Question 1

The short-run cost function is:

Question 2

In a study of banking by asset size over time, we can find which asset sizes are tending to become more prominent. The size that is becoming more predominant is presumed to be least cost. This is called:

Question 3

Which of the following is not

an assumption of the linear breakeven model:

Question 4

A ____ total cost function implies that marginal costs ____ as output is increased.

Question 5

Long distance telephone service has become a competitive market. The average cost per call is $0.05 a minute, and it’s declining. The likely reason for the declining price for long distance service is:

Question 6

What is the profit maximization point for a firm in a purely competitive environment?

Question 7

The problems of asymmetric information exchange arise ultimately because

Question 8

An "experience good" is one that:

Question 9

Of the following, which is not

an economic rationale for public utility regulation?

Question 10

____ as practiced by public utilities is designed to encourage greater usage and therefore spread the fixed costs of the utility's plant over a larger number of units of output.

Question 11

In natural monopoly, AC continuously declines due to economies in distribution or in production, which tends to found in industries which face increasing returns to scale. If price were set equal to marginal cost, then:

Question 12

Regulatory agencies engage in all of the following activities except _______.

Question 13

In the Cournot duopoly model, each of the two firms, in determining its profit-maximizing price-output level,...