Eco 201 exam 2 - Study guides, Class notes & Summaries

ECO 201 Exam 2 questions wiuth correct answers

ECO 201 Exam 3 Questions And Answers What are the assumptions underlying perfectly competitive markets? - ANS 1. Large number of buyers and sellers 2. Identical products 3. Easy entry and exit 4. Perfect information (buyers know price of all sellers) If marginal cost begins below average cost and is everywhere increasing, what is true about the shape of the average cost cover? - ANS Average cost intersects marginal cost at its lowest point possible. Marginal Revenue (MR) - ANS ...

consumer surplus Answer the sum (of each unit sold) of the difference between what the buyer is willing to pay (given by the height of the demand curve) and the price the buyer actually pays (market price) how is consumer surplus calculated? Answer area beneath the demand curve and above market price for the number of units sold 1/2 base * height producer surplus Answer the difference between the price received by the seller (market price) and the minimum price the seller is willing to ...

BUSN 201 Midterm Exam Questions With Revised Answers Business Entity - answerCommercial endeavours Organizational culture and formalized decision-making structure Employee interaction Company-centric side - answer"the business system" which reflects the underlying mechanics as to how the business is structured. key partners (backward and forward relationships) key resources (assets, labour, capital, and management acumen) market-centric side - answerHow the business is connected to th...

ECO 201 Miami University Exam 3 Latest Update Questions with Correct Answers Download and Get A Perfect Score "shut down" price - Answer -when P=AVC=MC (min of AVC) -the lowest price at which the firm will still operate in the short run 2 part pricing - Answer --best for products with high fixed costs -charge annual one time access fee = CS -charge per unit price = MC 2nd or 3rd degree price discrimination - Answer --groups of consumers are charged different prices ex: pricing on an ...