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economics data bank




Question;Complete each statement.;1. The demand for labor is considered to be;because it is preconditioned by the;demand for the end product that labor produces.;2. In perfectly competitive factor market the price of the;factor equals _____________________.;3. A factor exhibits _______________________ if the increase;in output generated from an additional unit;of input decreases as the quantity of the input increases.;4. If prisoners? dilemma game is played once, the;for both players is to confess.;5. If a group of oligopolists fail to collude the price will;be lower than the price under ________________ but higher than the price under;6. ___________________ firms produce at less than efficient;scale and charge prices in excess of marginal cost.;7. A _____________________ is a firm whose business requires;so large initial fixed cost that its average total cost curve continually;declines at least to the quantity that satisfies the entire market.;8. The height of the supply curve at any quantity is equal;to the seller?s __________________.;9. An increase in price will increase total revenue if the;demand is ______________.;10. If Europeans import cars, it is because the;of producing them elsewhere is lower than in Europe.;True/False;Indicate whether the statement is true or false.;11. The principle of comparative advantage states that;regardless of the price at which trade takes place, everyone will benefit from;trade if they specialize in the production of the good for which they have a;comparative advantage.;12. An increase in the price of pizza will shift the;demand curve for pizza to the left.;13. The willingness to pay is the maximum amount that a;buyer will pay for a good and measures how much the buyer values the good.;14. Although economists and accountants treat many;costs differently, they both treat the cost of capital the same.;15. The economic field of industrial organization;examines how firms? decisions about prices and quantities depend on the market;conditions they face.;16. In order to calculate the value of the marginal;product of labor, a manager must know the marginal product of labor and the;wage rate of the worker.;17. When two goods are perfect complements, the;indifference curves are right angles.;18. A profit-maximizing firm in a competitive market;will increase production when average revenue exceeds marginal cost.;19. Even with market power, monopolists cannot achieve;any level of profit they desire because they will sell lower quantities at;higher prices.;20. Monopolistic competition is;characterized by many buyers and sellers, product differentiation, and barriers


Paper#57932 | Written in 18-Jul-2015

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