NDSU ECON 201 EXAM 4 Questions with correct Answers
7 views 0 purchase
Course
NDSU
Institution
NDSU
NDSU ECON 201 EXAM 4 Questions with correct Answers
why are perfectly competitive firms allocatively efficient?
because price equals marginal cost
Nate owns a tattoo parlor in downtown Fargo. on Sunday, he expects to bring in $200 in revenue and his costs are projected to be $440 for TFC a...
NDSU ECON 201 EXAM 4 Questions with
correct Answers
why are perfectly competitive firms allocatively efficient? - answer because price
equals marginal cost
Nate owns a tattoo parlor in downtown Fargo. on Sunday, he expects to bring in $200 in
revenue and his costs are projected to be $440 for TFC and $325 for TVC. He will: -
answer earn a loss and should shut down for the day
For a perfectly competitive firm the demand curve facing the firm will be - answer a
horizontal line on the graph
if production is occurring where marginal cost exceeds price, the perfectly competitive
firm will: - answer fail to maximize profit and resources will be over-allocated to the
product
in the short run a perfectly competitive firm's supply curve ins that segment of the: -
answer marginal cost curve lying above the average variable cost curve
I think the perfect competition model should be called heaven instead - answer true, I
said it in class
T/F...for a perfectly competitive firms the marginal revenue curve is the same as the
average revenue curve - answer true
T/F...in class we agreed that producing 300 million plastic novelty hats would be a good
use of resources in this country - answer false
which characteristic would best be associated with perfect competition? - answer
price taker
in perfect competition: - answer new firms are free to enter
a business firm is earning profits if, at the profit maximizing quantity: - answer price >
average total cost
if a business is earning losses at the profit maximizing quantity, it should stay open if: -
answer price > average variable cost
for a simple monopolistic the demand curve facing the firm will be: - answer a
horizontal line on the graph
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
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 Pogba119. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.49. You're not tied to anything after your purchase.
