Microeconomics Exam 4
perfect competition - Answer-many firms, perfect subs
monopolistic competition - Answer-many firms, close subs
oligopoly - Answer-few firms
monopoly - Answer-one firm
buyers, sellers - Answer-in a perfect competition there are many ____ and _____
standardized products - Answer-in a perfect competition there are ______ or perfect subs.
information - Answer-in a perfect competition there is perfect _____
barriers - Answer-in a perfect competition there are no ______ to entry
price or quantity - Answer-in a perfect competition, no individual can affect ____or ____ of equilibrium
elasticity - Answer-in a perfect competition there is a firm ___ which means no advertising
, price takers - Answer-in a perfect competition firms are ____, ( set quantity only)
zero - Answer-in a perfect competition long run profit is equal to ___.
profit maximization - Answer-this is when a firm produces and sells an additional unit of a good, total
revenue and total cost both increase.
greater than - Answer-in profit maximization, if total revenue is ___ or equal to total cost then the unit
will be produced.
marginal cost - Answer-this is equal to the change in total cost
marginal revenue - Answer-this is equal to the change in total revenue
marginal revenue - Answer-the additional revenue earned from selling one additional unit.
demand curve - Answer-since firm in a perfect competition are price takers the price along a ___ never
changes.
constant - Answer-when price is ____, price is equal to marginal revenue for all levels of output.
perfect competition - Answer-only in _____ does demand equal marginal revenue
increase - Answer-if marginal revenue is greater than marginal cost the firm will ____ quantity
decrease - Answer-if marginal revenue is less than marginal cost the firm will _____quantity
perfect competition - Answer-many firms, perfect subs
monopolistic competition - Answer-many firms, close subs
oligopoly - Answer-few firms
monopoly - Answer-one firm
buyers, sellers - Answer-in a perfect competition there are many ____ and _____
standardized products - Answer-in a perfect competition there are ______ or perfect subs.
information - Answer-in a perfect competition there is perfect _____
barriers - Answer-in a perfect competition there are no ______ to entry
price or quantity - Answer-in a perfect competition, no individual can affect ____or ____ of equilibrium
elasticity - Answer-in a perfect competition there is a firm ___ which means no advertising
, price takers - Answer-in a perfect competition firms are ____, ( set quantity only)
zero - Answer-in a perfect competition long run profit is equal to ___.
profit maximization - Answer-this is when a firm produces and sells an additional unit of a good, total
revenue and total cost both increase.
greater than - Answer-in profit maximization, if total revenue is ___ or equal to total cost then the unit
will be produced.
marginal cost - Answer-this is equal to the change in total cost
marginal revenue - Answer-this is equal to the change in total revenue
marginal revenue - Answer-the additional revenue earned from selling one additional unit.
demand curve - Answer-since firm in a perfect competition are price takers the price along a ___ never
changes.
constant - Answer-when price is ____, price is equal to marginal revenue for all levels of output.
perfect competition - Answer-only in _____ does demand equal marginal revenue
increase - Answer-if marginal revenue is greater than marginal cost the firm will ____ quantity
decrease - Answer-if marginal revenue is less than marginal cost the firm will _____quantity
