03 Jun Question 1Part I. Matching (3 Points Each)
Question
1Part I. Matching (3 Points Each)
____Economies of Scale
____Short Run
____Shutdown Point
____Marginal Revenue
____Opportunity Cost
____Monopolistic Industry
____Price Taker
____Sunk Cost
____Marginal Cost
____Diseconomies of Scale
____Total Cost
____Barriers to Entry
A.
The cost of changing the level of output by one unit.
B.
A period of time when a firm is unable to change all of its factor inputs.
C.
A firm facing the entire market demand curve is in what industry?
D.
Any conditions that prevent other firms from entering a market.
E.
Sum of fixed costs and variable costs.
F.
Firm or individual who takes the market price as given.
G.
The foregone benefit of the next-best alternative.
H.
A decrease in per-unit cost as a result of an increase in output.
I.
The added revenue from selling an additional unit of output.
J.
A cost that has already been paid and cannot be recovered.
K.
Point at which the firm will gain more by ceasing operations than it will by staying
in business.
L.
Technological conditions under which long-run average cost increases as output
increases.
2
Part II. Multiple Choice (5 Points Each)
1.
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