Micro Mocks at FHNW - Fachhochschule Nordwestschweiz | Flashcards & Summaries

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TESTE DEIN WISSEN

which one of the following causes the demand curve for a normal good to shift to the left?

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TESTE DEIN WISSEN

a rise in the price of a complementary good

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TESTE DEIN WISSEN

The demand for a product tends to be price elastic if...

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TESTE DEIN WISSEN

sustitutes are easily available

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Accounting profits...

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TESTE DEIN WISSEN

ignore implicit costs

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In the short-run...

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not all of the input factors are variable. Mostly, it is assumed that capital input (machinery, equipment) is fixed and cannot be altered.

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In competitive markets firms maximise profit where...

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TESTE DEIN WISSEN

marginal cost equals marginal revenue

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The consumer's reservation price for a good is...

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the consumer's maximum willingness to pay for the good

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Which of the following statements is correct?

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the monopolistic competition model assumes that firms produce differentiated products.

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TESTE DEIN WISSEN

Which one of the following statements is correct?

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TESTE DEIN WISSEN

under the conditions of monopolistic competition marginal revenue is not constant. it decreases with an increase in the quantity sold

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TESTE DEIN WISSEN

Which-one of the following statements is correct?


A company introduces a new product. The product is patented, therefore they are the only supplier. Given a constant marginal cost of 10, and an estimated price elasticity of demand of -1.5, the unit price, according to the inverse elasticity pricing rule, should be:

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TESTE DEIN WISSEN

30

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TESTE DEIN WISSEN

Which one of the following statements is correct?

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TESTE DEIN WISSEN

Screening describes a process for sorting consumers based on a consumer characteristic that (1) the firm can see (such as age or status) and (2) is strongly related to a consumer characteristc that the firm cannot see but would like to observe (such as willingness to pay or elasticity demand)

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TESTE DEIN WISSEN

Which one of the following statements is correct?

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The Cournot and Bertrand models make different predictions about the quantities, prices, and profits that will arise under oligopolistic competition. This is partly due to the fact that they make different assumptions about how a firm expects its rival to react to its competitive moves.

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TESTE DEIN WISSEN

Which of the following statements is correct?

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A reaction function shows a firm's best response (i.e., profit-maximising output choice) to the output level of a rival firm.

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Q:

which one of the following causes the demand curve for a normal good to shift to the left?

A:

a rise in the price of a complementary good

Q:

The demand for a product tends to be price elastic if...

A:

sustitutes are easily available

Q:

Accounting profits...

A:

ignore implicit costs

Q:

In the short-run...

A:

not all of the input factors are variable. Mostly, it is assumed that capital input (machinery, equipment) is fixed and cannot be altered.

Q:

In competitive markets firms maximise profit where...

A:

marginal cost equals marginal revenue

Mehr Karteikarten anzeigen
Q:

The consumer's reservation price for a good is...

A:

the consumer's maximum willingness to pay for the good

Q:

Which of the following statements is correct?

A:

the monopolistic competition model assumes that firms produce differentiated products.

Q:

Which one of the following statements is correct?

A:

under the conditions of monopolistic competition marginal revenue is not constant. it decreases with an increase in the quantity sold

Q:

Which-one of the following statements is correct?


A company introduces a new product. The product is patented, therefore they are the only supplier. Given a constant marginal cost of 10, and an estimated price elasticity of demand of -1.5, the unit price, according to the inverse elasticity pricing rule, should be:

A:

30

Q:

Which one of the following statements is correct?

A:

Screening describes a process for sorting consumers based on a consumer characteristic that (1) the firm can see (such as age or status) and (2) is strongly related to a consumer characteristc that the firm cannot see but would like to observe (such as willingness to pay or elasticity demand)

Q:

Which one of the following statements is correct?

A:

The Cournot and Bertrand models make different predictions about the quantities, prices, and profits that will arise under oligopolistic competition. This is partly due to the fact that they make different assumptions about how a firm expects its rival to react to its competitive moves.

Q:

Which of the following statements is correct?

A:

A reaction function shows a firm's best response (i.e., profit-maximising output choice) to the output level of a rival firm.

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