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Econ 190 Microeconomics Study Guide Test II Things you will need to explain: Marginal Utility Total utility Budget constraints Costs Implicit Explicit Fixed Variable Total Average Variable Marginal...

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Econ 190 Microeconomics
Study Guide
Test II
Things you will need to explain: Marginal Utility Total utility Budget constraints Costs
Implicit Explicit Fixed Variable Total Average Variable Marginal
Law of diminishing returns Marginal product Economies of scale Perfect Competition Monopolistic Competition Oligopoly Monopoly With respect to: Number of firms Ease of entry Type of product Profit Maximization Long Run Profits Pricing Level of production Efficiency Game Theory Demand for resources Labor supply Labor demand Wages
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Econ 190 Microeconomics Study Guide Test II Things you will need to explain: Marginal Utility Total utility Budget constraints Costs Implicit Explicit Fixed Variable Total Average Variable Marginal Law of diminishing returns Marginal product Economies of scale Perfect Competition Monopolistic Competition Oligopoly Monopoly With respect to: Number of firms Ease of entry Type of product Profit Maximization Long Run Profits Pricing Level of production Efficiency Game Theory Demand for resources Labor supply Labor demand Wages

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Answered Same Day Dec 20, 2021

Solution

David answered on Dec 20 2021
125 Votes
Q1.
TRUE
Marginal utility represents the change in total utlity when a consumer increases consumption by 1 unit.
Q2
TRUE
AFC= TFC/ Q as Q rises TFC are fixed so that the ratio will keep falling as output rises.
Q3.
TRUE
The long run is the period by definition where no input is fixed. All inputs can be changed .
Q4.
FALSE
We can increase output by adding a variable input till a certain point.after that output starts falling and marginal product becomes negative. This is the third stage of production in the short run.
Q7.
TRUE
This is the rule for profit maximisation. The next unit of output must produce additional revenue that equals...
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