ECO550 Final Part 1 Latest 2017
Question 1
0 out of 4 points
Evidence from empirical studies of long-run cost-output relationships lends support to the:
e. none of the above
Question 2
0 out of 4 points
The short-run cost function is:
e. none of the above
Question 3
0 out of 4 points
Which of the following is not an assumption of the linear breakeven model:
e. all costs can be classified as fixed or variable
Question 4
4 out of 4 points
A ____ total cost function implies that marginal costs ____ as output is increased.
e. none of the above
Question 5
4 out of 4 points
Break-even analysis usually assumes all of the following except:
e. both c and d
Question 6
4 out of 4 points
In the linear breakeven model, the breakeven sales volume (in dollars) can be found by multiplying the breakeven sales volume (in units) by:
e. none of the XXXXX
Question X
4 out of X points
XXX main XXXXXXXXXX between XXXXXXX XXXXXXXXXXX and monopolistic XXXXXXXXXXX XX:
d. the XXXXXX of product XXXXXXXXXXXXXXX.
e. Whether it XX XXX XXXXX run or XXX XXXX run
XXXXXXXX 8
X out XX X points
XXXXXXXXXX XXXXX are products or services
a. that XXX customer XXXXXXX knows
b. whose performance XX highly XXXXXXX
c. whose XXXXXXX is XXXXXXXXXXXX XXXX XXXXXXXXX
d. not likely XX XXXXX repeat purchases
e. XXX of XXX XXXXX
XXXXXXXX 9
4 out XX X XXXXXX
XXXXXXXXXXX XXXXXXXX all of XXX following XXXXXX ____.
a. XXXXXXX effects of XXXXXXXXXX XXXXXXX
b. incomplete XXXXXXXXXXX XX XX the type XX competitor
c. random disturbances
d. XXXXXXXXXXXX XXXXXX
e. XXXXXXXXX due XX weather hazards
XXXXXXXX XX
X out XX 4 points
XXXXX XXXXXXXXXX XXXXXXXXXXX,
a. you never get XXXX you pay for
b. you sometimes get cheated
c. you always get cheated
d. XX best you get what you pay XXX
e. sellers make profits in excess of XXXXXXXXXXX XXXXXXX
XXXXXXXX 11
4 out of 4 points
A "XXXXXX XXXX" XX:
a. One XXXX depends XX how XXX product XXXXXXX over time
b. X XXXXXXX XXXXX XXXXXXX XX only found out XXXX XXXX by XXXXXXX how durable it is
c. XXXX a XXXXX XXXX XXX XX XXXXXXXX XXX XXXXX
d. XXXX a used car, XXXXX it is XXXX to determine its XXXXXXXX quality
e. None of the XXXXX
XXXXXXXX 12
4 out of 4 XXXXXX
XX price exceeds average costs XXXXX XXXX XXXXXXXXXXX, XXXX firms XXXX XXXXX the XXXXXXXX, XXXXXX XXXX ____, and price XXXX be XXXXXX ____.
a. XXXX; decrease; down
b. more; XXXXXXXX; up
c. XXXX; XXXXXXXX; down
d. more; XXXXXXXX; XX
e. none XX XXX above
Question XX
X out XX 4 XXXXXX
XXX price XXX used cars is well XXXXX XXX XXXXX XX new cars of XXX XXXX XXXXXXX quality. This is an XXXXXXX of:
a. The XXXXXX of XXXXXXXXX Leverage
b. A Lemon's Market
c. Redeployment Assets
d. XXXXXXXX Competition
e. XXX Unemployment XXXX
XXXXXXXX XX
4 out XX X XXXXXX
XXX XXXXXX curve facing the XXXX in ____ is XXX same XX XXX XXXXXXXX XXXXXX XXXXX.
a. pure XXXXXXXXXXX
b. XXXXXXXXXXXX XXXXXXXXXXX
c. XXXXXXXXX
d. XXXX XXXXXXXX
e. XXXX XX the XXXXX
XXXXXXXX 15
4 out XX X points
XXXXXXXXX XXXX XXXXXXXXXX
a. have XXXXXX rising XX curves.
b. XXXX upward XXXXXX demand curves.
c. have -XXXXXX XXXXX XXXXX.
d. have diseconomies XX XXXXX.
e. XXXX XXXXXXXX XXXX XXXXXX XXXXX their XXXXXXX XXXX curve
Question XX
4 out XX X XXXXXX
In natural XXXXXXXX, AC XXXXXXXXXXXX declines due to economies in distribution or in production, which XXXXX XX found in industries which face XXXXXXXXXX XXXXXXX to XXXXX. If price were set equal XX marginal XXXX, then:
a. price XXXXX XXXXX XXXXXXX XXXX.
b. price would XXXXXX average XXXX.
c. price XXXXX XX XXXXX average XXXX.
d. XXXXX would XX XX XXX XXXXXX maximizing level XXX natural XXXXXXXX
e. all XX the above
XXXXXXXX 17
X out XX X XXXXXX
The practice by XXXXXXXXX XXXXXXXXX of charging lower XXXX-XXXXXXXX XXXXX XX XXXXX XXXX XXXXXX the day XX an example of:
a. inverted block pricing
b. second-degree XXXXX discrimination
c. peak-XXXX pricing
d. first-XXXXXX price XXXXXXXXXXXXXX
e. XXXX XX the above
Question 18
4 out of 4 points
XX XXX electric XXXXX XXXXXXXX, XXXXXXXXXXX customers XXXX XXXXXXXXXX ____ XXXXXX XXX XXXXXXXXXXX XXXXXXXX with large industrial users. But XXXXXXXX to XXXXX discrimination, large industrial XXXXX XXXXXXXXX are XXXXXXX XXXX rates.
a. similar, similar
b. XXXXXXX, lower
c. elastic, higher
d. inelastic, lower
e. XXXXXXXXX, higher
XXXXXXXX 19
X out of X points
____ XX XXXXXXXXX XX XXXXXX XXXXXXXXX XX XXXXXXXX XX XXXXXXXXX greater XXXXX XXX XXXXXXXXX spread the fixed costs XX XXX XXXXXXX's plant over a XXXXXX number XX XXXXX XX XXXXXX.
a. XXXX load XXXXXXX
b. Inverted block pricing
c. Block XXXXXXX
d. First XXXXXX XXXXX discrimination
e. XXXX XX the XXXXX
XXXXXXXX XX
X out XX 4 XXXXXX
“Conscious parallelism XX XXXXXX” XXXXX XXXXXXXXXXXXX firms XX an XXXXXXX XX XXXX.
a. intense rivalry
b. a XXXXXX XXXXXXXXX agreement
c. informal, or tacit, cooperation
d. a XXXXXX
e. XXXX of XXX above
XXXXXXXX 21
X out XX X XXXXXX
Barometric price leadership XXXXXX when
a. one firm in XXX XXXXXXXX initiates a XXXXX XXXXXX and XXX others XXXXXX it as a XXXXXX XX changes in XXXX or XXXXXX in XXX industry.
b. XXX firm XXXXXXX its best price XX XXX XXXX of the industry.
c. XXX XXXXX agree to change XXXXXX simultaneously.
d. XXX XXXXXXX XXXXX a price umbrella XXX all others.
e. the firms are all colluding
XXXXXXXX 22
4 out of X XXXXXX
If a XXXXXX seeks to XXXXXXXX XXXXXXX, XXX XXXXXX XXXXX (or XXXXX) for each XXXX should be XXX at a level such that XXX XXXX of XXX XXXXX is identical.
a. average total cost
b. average XXXXXX
c. marginal profit
d. marginal XXXX
e. marginal revenue
XXXXXXXX XX
X out of 4 points
X(n) XXXX is characterized by a relatively XXXXX number of firms producing a XXXXXXX.
a. monopoly
b. syndicate
c. XXXXXXXXXXX
d. XXXXXXXXX
e. XXXX of the XXXXX
XXXXXXXX XX
X out XX X XXXXXX
XX a kinked XXXXXX XXXXXX, whenever one XXXX decides XX XXXXX its XXXXX,
a. other XXXXX XXXX automatically XXXXXX.
b. XXXX of XXX other firms will follow.
c. XXX half XX the firms XXXXXX XXX one half of the XXXXX don't follow XXX price cut.
d. other XXXXX all decide XX exit XXX XXXXXXXX
e. XXX of the other XXXXX XXXXX XXXXX prices.
Question XX
X out of X XXXXXX
XX the Cournot duopoly XXXXX, XXXX XX XXX XXX XXXXX, in XXXXXXXXXXX XXX profit-XXXXXXXXXX XXXXX-output XXXXX, assumes that XXX other XXXX's ____ will not change.
a. price
b. XXXXXX
c. marketing XXXXXXXX
d. inventory
e. none of the above
XXXXXX
1.XXXXXXXXXX XXXX total costs XXXXXXXX linearly over some XXXXXXXXXXXX range of output examined
2. relevant to decisions in XXXXX XXX or XXXX inputs to the production XXXXXXX XXX fixed
X. XXXXXXXXXX variable XXXX XXX XXXX
4. quadratic; XXXXXXXX XXXXXXXX
5. in the XXXXX XXX, there XX XX distinction XXXXXXX variable and fixed costs.
X. contribution XXXXXX per unit
X. XXX degree XX XXXXXXX differentiation.
X. XXXXX XXXXXXX XX XXXXXXXXXXXX when purchased
X. XXXXXXXXXXXX XXXXXX
XX. XX best you XXX XXXX you XXX for
11. XXXX a XXXXX that can XX XXXXXXXX for XXXXX
12. XXXX; XXXXXXXX; down
XX. X Lemon's Market
14. pure monopoly
XX. have XXXXXXXX cost XXXXXX XXXXX their XXXXXXX cost curve
XX. XXXXX would be XXXXX XXXXXXX cost.
17. XXXX-load pricing
18. XXXXXXXXX, higher
XX. Block XXXXXXX
XX. XXXXXXXX, or XXXXX, XXXXXXXXXXX
21. XXX firm in XXX XXXXXXXX initiates a price change and the XXXXXX follow it XX a signal of changes in XXXX or demand in XXX XXXXXXXX.
22. XXXXXXXX XXXX
XX. XXXXXXXXX
XX. XXXXX XXXXX will XXXXXXXXXXXXX follow.
XX. XXXXXX
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