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ECO 550 FINAL Exam
1). Evidence from empirical studies of short-run cost-output relationships lends support to the: 2). Break-even analysis usually assumes all of the following except: 3). In determining the shape of the cost-output relationship only ____ depreciation is relevant. Answer 4). In the linear breakeven model, the breakeven sales volume (in dollars) can be found by multiplying the breakeven sales volume (in units) by: 5). A firm in pure competition would shut down when:
Selected Answer: price is less than average variable cost Correct Answer: price is less than average variable cost 6). Buyers anticipate that the temporary warehouse seller of unbranded computer equipment will Answer 7). An "experience good" is one that:
8). Experience goods are products or services
9). The demand curve facing the firm in ____ is the same as the industry demand curve. 10). In the electric power industry, residential customers have relatively ____ demand for electricity compared with large industrial users. But contrary to price discrimination, large industrial users generally are charged ____ rates. 11). The practice by telephone companies of charging lower long-distance rates at night than during the day is an example of: 12). Of the following, which is not an economic rationale for public utility regulation? 13). If a cartel seeks to maximize profits, the market share (or quota) for each firm should be set at a level such that the ____ of all firms is identical. 14). Which of the following is an example of an oligopolistic market structure? 15). Some market conditions make cartels MORE likely to succeed in collusion. Which of the following will make collusion more successful? 16). Even ideal cartels tend to be unstable because
17). In making promises that are not guaranteed by third parties and in imposing penalties that are not enforced by third parties, all of the following are credibility-enhancing mechanisms except 18)....
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