Econ 1100 exam 2 - Study guides, Class notes & Summaries

UNT ECON 1100 EXAM 2: DADRES A perfectly competitive firm producing where P = MR = MC = ATC in the short run is: - ANSWER-making an economic profit equal to zero. Costs that must be paid in the short run even when no output is produced are called - ANSWER-total fixed costs. When output sells for a price that is higher than its marginal cost to the seller (the minimum price the seller is willing to accept), the seller: - ANSWER-enjoys a producer surplus. In a perfectly competitive m...

UNT ECON 1100 Exam 1 The primary difference between a change in supply and a change in the quantity supplied is: - a change in quantity supplied is caused by a change in the price of the good itself, and a change in supply is caused by a change in a non-price determinant of supply Which of the following will cause a decrease in the demand for batteries? - An increase in the price of digital cameras, a complement for batteries Based on the information in the table below, the opportuni...

UNT ECON 1100 Exam 1 | Questions and Correct Answers Latest Update The primary difference between a change in supply and a change in the quantity supplied is: - Answer -a change in quantity supplied is caused by a change in the price of the good itself, and a change in supply is caused by a change in a non-price determinant of supply Which of the following will cause a decrease in the demand for batteries? - Answer -An increase in the price of digital cameras, a complement for batteries B...

UNT ECON 1100 EXAM 2 DADRES Written Questions and Verified Answers A perfectly competitive firm producing where P = MR = MC = ATC in the short run is: ANSWER making an economic profit equal to zero. Costs that must be paid in the short run even when no output is produced are called ANSWER total fixed costs. When output sells for a price that is higher than its marginal cost to the seller (the minimum price the seller is willing to accept), the seller: ANSWER enjoys a producer surplus. ...

UNT ECON 1100 EXAM 3 | Questions and Correct Solutions 2024 A firm gains monopoly power when: - Answer -barriers to entry can be erected and maintained. A natural monopoly can: - Answer -supply the entire market at a lower cost than many competing firms. A monopolist maximizes short-run profit by producing the level of output where: - Answer -MR = MC. A monopolist that earns positive economic profit in the short run will: - Answer -earn positive economic profit in the long run if it can ma...

Microeconomics Exam 2 UNT ECON 1100 Questions and Answers long run ANSWER period of time in which all factor of production are variable short run ANSWER period of time in which one or more factors of production are held constant explicit costs ANSWER monetary costs implicit costs ANSWER opportunity costs Profit ANSWER Total Revenue - Total Cost Total Revenue ANSWER Price * Quantity Economic Cost ANSWER Explicit Cost + Implicit Cost Accounting Profit ANSWER Total Revenue -...

UNT Econ 1100 Exam 2 Practice Questions and Correct Answers Marginal cost on a supply and demand function is: ANSWER Supply Marginal benefit on a supply and demand function is: ANSWER Demand Assuming no externalities exist in the market, the efficient level of output is where: ANSWER Point where supply curve intersects with demand curve Ceteris Paribus, an increase in the supply of a product leads to a(n) _ in the price of the product and a(n) _. ANSWER Decrease; increase in consumer...

UNT ECON 1100 Exam 2 Review Questions and Answers Price controls such as price ceilings and price floors: ANSWER cause surpluses and shortages to persist since price cannot adjust to the market equilibrium price. Ceteris paribus, an effective (binding) price floor for a good leads to: ANSWER surpluses of the good. The efficient level of an activity is at the point where: ANSWER marginal benefit is equal to marginal cost. Marginal cost is: ANSWER the cost of producing one more unit of...

Brett has agreed to sell a rare comic book to a collector who offered to pay $125. Brett's producer surplus is - $50 if the minimum price he would have accepted is actually $75 Government policies that interfere with the market mechanism and cause price to be different from equilibrium are - inefficient because they reduce total surplus The difference between the maximum price consumers are willing to pay and the actual price consumers pay in the market measure - consumer surplus A demand...

UNT ECON 1100 EXAM 2_ DADRES with complete solution