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MT445 Unit 10 Review Part 2

MT445 Unit 10 Review Part 2
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MT445 / MT 445
Managerial Economics
Kaplan University (KU Campus)

William A. McEachern
Economics: A Contemporary Introduction, 8e
Hoboken, NJ: John Wiley & Sons.

Unit 10: Monetary Policy and International Trade

Unit 10 Review / Quiz Answers / Final Exam Part 2

26. If supply is perfectly elastic, the supply curve is (Points: 1)

27. Substitutes are pairs of products with (Points: 1)

28. Unlike implicit costs, explicit costs (Points: 1)

29. Normal profit is defined as (Points: 1)

30. Marginal product is defined as (Points: 1)

31. If labor is a firm's only variable input, marginal cost ultimately depends on (Points: 1)

32. As output increases, diseconomies of scale (Points: 1)

33. Which of the following is likely to be present in a perfectly competitive market? (Points: 1)

34. Average revenue is (Points: 1)

35. If price is less than its minimum average variable cost, a perfectly competitive firm that continues to produce in the short run (Points: 1)

36. The short-run supply curve of a perfectly competitive firm is (Points: 1)

37. In long-run equilibrium, (Points: 1)

38. The term allocative efficiency refers to (Points: 1)

39. In the monopoly market structure, new firms (Points: 1)

40. The demand curve a monopolist faces (Points: 1)

41. Which of the following does a monopoly control, that a perfectly competitive firm does not control? (Points: 1)

42. A monopolist (Points: 1)

43. The main reason a monopolist can earn long-run economic profit, whereas a perfectly

44. Price discrimination occurs when a monopolist charges (Points: 1)

45. The demand curve facing a firm will be more elastic, (Points: 1)

46. In which of the following market structures is a firm most likely to advertise extensively and fear entry of new firms? (Points: 1)

47. Tacit collusion occurs in industries that (Points: 1)

48. Game theory is most useful in understanding the decision-making behavior of firms in which type of industry? (Points: 1)

49. Game theory focuses on (Points: 1)

50. The term strategy in terms of game theory refers to (Points: 1)



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