Economics Study guides, Class notes & Summaries

UCI Econ / IS 13 Homework 2 (100 points) Due: Check Syllabus for due date For MC Please use F288 Scantron to submit your answers For SA part, please write or type your answer on a separate s heet. Multiple Choice (1 point each) Identify the choice that best completes the statement or answers the question. ____ 1. The nation of Pineland forbids international trade. In Pineland, you can buy 1 pound of fish for 2 pounds of pineapples. In other countries, you can buy 1 pound of fish for 1.5 pounds o...

Evidence from empirical studies of short-run cost-output relationships lends support to the: Break-even analysis usually assumes all of the following except: In determining the shape of the cost-output relationship only ____ depreciation is relevant. Answer In the linear breakeven model, the breakeven sales volume (in dollars) can be found by multiplying the breakeven sales volume (in units) by: Answer A firm in pure competition would shut down when: Answer Selected Answer: price is less than av...

In the absence of any legally binding enforcement mechanism, individual cartel producers may find it advantageous to cheat on the agreements and engage in secret price concessions. When a promisor fails to put full effort into the performance of an agreement, yet the lack of effort is not independently verifiable, this lack of effort constitutes a The Herfindahl-Hirschman index is a measure of ____. In long-run equilibrium, all firms in a pure competition market situation operating under a condi...

If two small perfectly competitive firms merge, the merged firm will be: In a market characterized by many buyers and one seller, investment in informative advertising by a seller can ____ the price of a commodity to customers and lower their _____ cost of acquiring information. Which of the following industries can create barriers to the entry of new firms due to size and specificity? Which of the following activities can create an external cost? Which of the following is an aim of a price-fixi...

ECO 204 Market Structure