100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
ECON 101 Final Exam A+ $7.99   Add to cart
Quickly navigate to
Preview
  2.  
  3. University
  4.  
  5. ECON 101 Final Exam A

Exam (elaborations)

ECON 101 Final Exam A+

1 review
 198 views  3 purchases
  • Course
  • ECON 101 Final Exam A
  • Institution
  • University

ECON 101 Final Exam A Part 1 of 1 - 99.99999 Points Question 1 of 20 4.45 Points The representative firm in a purely competitive industry: A.Will always earn a profit in the short run B.May earn either an economic profit or a loss in the long run C.Will always earn an economic pro...

[Show more]

Preview 2 out of 8  pages

Document information

  • June 17, 2020
  • 8
  • 2019/2020
  • Exam (elaborations)
  • Questions & answers

Subjects

  • econ 101 final exam a

Written for

  • University
  • ECON 101 Final Exam A
All documents for this subject (1)

1  review

review-writer-avatar

By: namursh • 2 year ago

Seller

avatar-seller
solutions

Reviews received

Content preview

Part 1 of 1 - 99.99999 Points


Question 1 of 20 4.45 Points
The representative firm in a purely competitive industry:

A.Will always earn a profit in the short run

B.May earn either an economic profit or a loss in the long run

C.Will always earn an economic profit in the long run

D.Will earn an economic profit of zero in the long run


Answer Key: D
Feedback: See page 240.

Question 2 of 20 4.45 Points
An example of a monopolistically competitive industry would be:

A.Steel

B.Soybeans

C.Electricity

D.Retail clothing


Answer Key: D
Feedback: See page 275 - 276.

Question 3 of 20 4.45 Points
Firms in an industry will not earn long-run economic profits if:

A.Fixed costs are zero

B.The number of firms in the industry is fixed

, C.There is free entry and exit of firms in the industry

D.Production costs for a given level of output are minimized


Answer Key: C
Feedback: See page 240.

Question 4 of 20 4.45 Points
Marginal product is:

A.the increase in total output attributable to the employment of one more worker.

B.the increase in total revenue attributable to the employment of one more worker.

C.the increase in total cost attributable to the employment of one more worker.

D.total product divided by the number of workers employed.


Answer Key: A
Feedback: See page 201.

Question 5 of 20 4.45 Points
The law of diminishing returns indicates that:

A.as extra units of a variable resource are added to a fixed resource, marginal product
will decline beyond some point.

B.because of economies and diseconomies of scale a competitive firm's long-run
average total cost curve will be U-shaped.

C.the demand for goods produced by purely competitive industries is downsloping.

D.beyond some point the extra utility derived from additional units of a product will
yield the consumer smaller and smaller extra amounts of satisfaction.


Answer Key: A
Feedback: See page 204.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller solutions. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $7.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

76669 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$7.99  3x  sold
  • (1)
  Add to cart