Aecn 141 - Study guides, Class notes & Summaries

AECN 141 Exam 3 Question With Correct Answers 100% Pass! 2024 For whom does the term "externality" refer? - ANS-A Third Party In the price rigidity model of oligopoly, - ANS-All of the above What is the general term for the social cost of imperfect competition? - ANS-Dead Weigh Loss Which of the following is true about oligopoly? - ANS-Firms are Interdependent Levi's Jeans are a differentiated product. This means that, - ANS-Consumers think Levi's are unique Case and John Deere typical...

Production, in reality, takes place_________ correct answers In Stage 2 You are deciding whether you should irrigate your potatoes one more time. Your data indicates production will increase from 165 to 170 cwt/acre. Currently potatoes are selling for $10/cwt. You should irrigate as long as it cost no more than_______$ correct answers 50 If the cost of irrigation (the input) increases, and the price of the output (potatoes) stays the same, and the producer was maximizing profits before the...

Economic agents correct answers Any individual or group making a choice/decision Scarcity correct answers When the quantity of a good desired by people exceeds the availability Economics correct answers The study of how agents choose to allocate scarce resources and how those choices affect society Behavioral Economics correct answers A field of economics that combines insights from psychology and other fields in an attempt to create a more realistic representation of human choice Fi...

Why use the principle of Diminishing Returns - Input Basis in production? correct answers Determines how much of a single variable input to use in the production process when all other inputs are being held constant in order to maximize net returns above the input's cost. Net returns above the cost of a single variable input will always be maximized in what stage of production? correct answers Stage II During Stage II as additional units of a variable input continue to be added to the pro...

Why use the principle of Diminishing Returns - Input Basis in production? correct answers Determines how much of a single variable input to use in the production process when all other inputs are being held constant in order to maximize net returns above the input's cost. Net returns above the cost of a single variable input will always be maximized in what stage of production? correct answers Stage II During Stage II as additional units of a variable input continue to be added to the pro...

Economic agents correct answers Any individual or group making a choice/decision Scarcity correct answers When the quantity of a good desired by people exceeds the availability Economics correct answers The study of how agents choose to allocate scarce resources and how those choices affect society Behavioral Economics correct answers A field of economics that combines insights from psychology and other fields in an attempt to create a more realistic representation of human choice Fi...

Scarcity correct answers there are just too few desired things to fully satisfy all our desires Rationing correct answers means of allocating our scarce resources Types of Criteria used to Ration correct answers 1. discrim crit 2. admin crit The Competitive Mrkt correct answers driving force behind comp is desire to fulfill our own set of prefs, all w/in bounds of relative sacrifices of things that'll fulfill those perfs Mrkt correct answers framework which price works Mrkt-orie...

Production, in reality, takes place_________ correct answers In Stage 2 You are deciding whether you should irrigate your potatoes one more time. Your data indicates production will increase from 165 to 170 cwt/acre. Currently potatoes are selling for $10/cwt. You should irrigate as long as it cost no more than_______$ correct answers 50 If the cost of irrigation (the input) increases, and the price of the output (potatoes) stays the same, and the producer was maximizing profits before the...