Eco 550 Final Exam 36 Question and Answers

ECO 550 Final Exam 36 question and answers

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(1) The short-run cost function is:

(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:

(3) Which of the following is not

an assumption of the linear breakeven model:

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

(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:

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

(7) The problems of asymmetric information exchange arise ultimately because

(8) An “experience good” is one that:

(9) Of the following, which is not

an economic rationale for public utility regulation?

(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.

(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:

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

(13) In the Cournot duopoly model, each of the two firms, in determining its profit-maximizing price-output level, assumes that the other firm’s ____ will not change

(14) Barometric price leadership exists when

(15) A(n) ____ is characterized by a relatively small number of firms producing a product.

(16) Even...