Economics 130 Exam 3 Study Guide - 3071 Words

Economics 130: Exam 3 Study Guide 1) Which market model has the least number of firms? a. Pure monopoly 2) There is no control over price by firms in: a. Pure competition 3) Which is true under conditions of pure competition? a. A large number of firms b. Standardized product (meaning no product differentiation) c. Price takers (no exertion over product price) d. Free entry and exit in and out of the market e. Individual firms have a perfectly elastic demand curve, but whole industries that represent a market do not have a perfectly elastic curve (market demand) f. Ask Kaibara 4) Competitive firms are assumed to: a. See Problem 3 b. Ask Kaibara 5) The demand curve faced by a purely competitive firm: a. Is completely†¦show more content†¦This is also where AVC (average variable cost) is at its minimum. 18) Refer to the above graph. The level of output at which this firm is maximizing an economic profit is: a. Point C, where (P = MR) = MC Use the following to answer question 19: The table shows cost data for a firm that is selling in a purely competitive market. Output Average Variable Cost Average Total Cost Marginal Cost 10 5.00 15.00 3 12 4.00 13.00 4 14 4.75 11.50 6 16 5.75 9.00 9 20 9.00 12.00 14 19) Refer to the above cost chart. If the marginal revenue is $6, what output level will the firm produce? a. 14 units of output 20) The individual firm’s short-run supply curve is that part of its: a. Marginal cost curve that either equals or is above the average variable cost curve. i. (If you look at the graph for Problems 16, 17, and 18, it’s at point A.) ii. (Anything below that point would mean no output or quantity.) Use the following to answer question 21: 21) Refer to the graph on the left. To maximize profits, this firm would produce: a. Profit Maximizing Rule: MR = MC b. Point H Use the following to answer question 22: 22) Based on the graph on the left, the firm is earning: a. Zero economic profits. b. Ask Kaibara Use the following to answer questions 23 and 24: 23) Refer to the graph on the left. It represents a profit-maximizing firm producing under conditions of pure competition. When the firm is inShow MoreRelatedBenefits Of A Child s Nutrition1158 Words   |  5 PagesFruits and vegetables have a very essential role in our diet. Studies have shown the importance of sufficient fruit and vegetable consumption in stopping chronic diseases like cardiovascular diseases, cancers, diabetes and obesity. According to 2000 report, â€Å"2.7 million deaths and 1.8% all diseases worldwide could be attributed to inadequate FV intake† (Najimi, 2013). Starting to eat well when young is important. Research has proven that interventions at a young age can impact good behavior suchRead MoreCssgb7412 Words   |  30 PagesCertified Sixsigma Greenbelt Handbook Practice Questions (Selected from the past ASQ Exam questions and Study guide to match the BOK and Cognitive levels) 1. 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