Vwl at TU München

Flashcards and summaries for Vwl at the TU München

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Study with flashcards and summaries for the course Vwl at the TU München

Exemplary flashcards for Vwl at the TU München on StudySmarter:

A natural monopoly is characterized by:

Select the correct answers:

  1. Increasing marginal costs

  2. Decreasing returns to scale

  3. Decreasing average costs

  4. Decreasing total costs

Exemplary flashcards for Vwl at the TU München on StudySmarter:

Which of the following statements about equilibrium price p* and MC is true?

Select the correct answers:

  1. In competitive markets p* = MC; in monopolistic markets p* = MC

  2. In competitive markets p* = MC; in monopolistic markets p* > MC

  3. In competitive markets p* = MC; in monopolistic markets p* < MC

  4. In competitive markets p* > MC; in monopolistic markets p* = MC

Exemplary flashcards for Vwl at the TU München on StudySmarter:

The burden of the tax falls mostly on consumers if:

Select the correct answers:

  1. Producers have to transfer the tax to the government

  2. Supply is very elastic relative to demand

  3. Demand is very elastic relative to supply

  4. Consumers have to transfer the tax to the government

Exemplary flashcards for Vwl at the TU München on StudySmarter:

How does a quota (below market equilibrium) impact quantity and price of goods
supplied?

Select the correct answers:

  1. They increase the quantity supplied and increase the price

  2. They increase the quantity supplied and decrease the price

  3. They decrease the quantity supplied and increase the price

  4. They decrease the quantity supplied and decrease the price

Exemplary flashcards for Vwl at the TU München on StudySmarter:

A positive externality exists when:

Select the correct answers:

  1. Marginal social cost is higher than marginal cost

  2. Marginal economic cost is larger than marginal cost

  3. Markets produce larger q than socially desirable

  4. Marginal social benefit is higher than demand

Exemplary flashcards for Vwl at the TU München on StudySmarter:

When demand and supply is neither perfectly elastic, nor perfectly inelastic, a
positive demand shock will…

Select the correct answers:

  1. …increase both quantity and price

  2. …decrease quantity but increase price

  3. …decrease both quantity and price

  4. …increase quantity but decrease price

Exemplary flashcards for Vwl at the TU München on StudySmarter:

If the quantity of Glühwein supplied is greater than the quantity of Glühwein
demanded, then:

Select the correct answers:

  1. Glühwein is for sure a normal good

  2. There is a surplus of Glühwein

  3. There is a shortage of Glühwein

  4. There is for sure a supply shock

Exemplary flashcards for Vwl at the TU München on StudySmarter:

For a competitive firm, marginal revenue…

Select the correct answers:

  1. …is average revenue divided by the quantity sold

  2. …depends on the quantity sold

  3. …is equal to the market price of the good

  4. …always equals total revenue

Exemplary flashcards for Vwl at the TU München on StudySmarter:

Which of the following characteristics describes perfectly competitive markets?

Select the correct answers:

  1. Firms are price-setters

  2. There are barriers to enter or exit

  3. Firms generate large economic profit in the long run

  4. Products offered are homogenous

Exemplary flashcards for Vwl at the TU München on StudySmarter:

If a firm is operating at its minimum LAC:

Select the correct answers:

  1. It has achieved minimum efficiency

  2. Expanding production yields diseconomies of scale

  3. It should decrease production to save costs

  4. It should expand production to save costs

Exemplary flashcards for Vwl at the TU München on StudySmarter:

Which of the following would not contribute to economies of scale?

Select the correct answers:

  1. Division of labor

  2. Bulk buying

  3. Alienation of employees

  4. Better use of machines

Exemplary flashcards for Vwl at the TU München on StudySmarter:

Which of the following statements about price discrimination is not true?

Select the correct answers:

  1. Big data can enable price discrimination

  2. Consumers are charged different prices.

  3. Price discrimination increases monopolist`s profits

  4. Price discrimination reduces overall welfare

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Exemplary flashcards for Vwl at the TU München on StudySmarter:

Vwl

A natural monopoly is characterized by:

  1. Increasing marginal costs

  2. Decreasing returns to scale

  3. Decreasing average costs

  4. Decreasing total costs

Vwl

Which of the following statements about equilibrium price p* and MC is true?

  1. In competitive markets p* = MC; in monopolistic markets p* = MC

  2. In competitive markets p* = MC; in monopolistic markets p* > MC

  3. In competitive markets p* = MC; in monopolistic markets p* < MC

  4. In competitive markets p* > MC; in monopolistic markets p* = MC

Vwl

The burden of the tax falls mostly on consumers if:

  1. Producers have to transfer the tax to the government

  2. Supply is very elastic relative to demand

  3. Demand is very elastic relative to supply

  4. Consumers have to transfer the tax to the government

Vwl

How does a quota (below market equilibrium) impact quantity and price of goods
supplied?

  1. They increase the quantity supplied and increase the price

  2. They increase the quantity supplied and decrease the price

  3. They decrease the quantity supplied and increase the price

  4. They decrease the quantity supplied and decrease the price

Vwl

A positive externality exists when:

  1. Marginal social cost is higher than marginal cost

  2. Marginal economic cost is larger than marginal cost

  3. Markets produce larger q than socially desirable

  4. Marginal social benefit is higher than demand

Vwl

When demand and supply is neither perfectly elastic, nor perfectly inelastic, a
positive demand shock will…

  1. …increase both quantity and price

  2. …decrease quantity but increase price

  3. …decrease both quantity and price

  4. …increase quantity but decrease price

Vwl

If the quantity of Glühwein supplied is greater than the quantity of Glühwein
demanded, then:

  1. Glühwein is for sure a normal good

  2. There is a surplus of Glühwein

  3. There is a shortage of Glühwein

  4. There is for sure a supply shock

Vwl

For a competitive firm, marginal revenue…

  1. …is average revenue divided by the quantity sold

  2. …depends on the quantity sold

  3. …is equal to the market price of the good

  4. …always equals total revenue

Vwl

Which of the following characteristics describes perfectly competitive markets?

  1. Firms are price-setters

  2. There are barriers to enter or exit

  3. Firms generate large economic profit in the long run

  4. Products offered are homogenous

Vwl

If a firm is operating at its minimum LAC:

  1. It has achieved minimum efficiency

  2. Expanding production yields diseconomies of scale

  3. It should decrease production to save costs

  4. It should expand production to save costs

Vwl

Which of the following would not contribute to economies of scale?

  1. Division of labor

  2. Bulk buying

  3. Alienation of employees

  4. Better use of machines

Vwl

Which of the following statements about price discrimination is not true?

  1. Big data can enable price discrimination

  2. Consumers are charged different prices.

  3. Price discrimination increases monopolist`s profits

  4. Price discrimination reduces overall welfare

Sign up for free to see all flashcards and summaries for Vwl at the TU München

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For your degree program Technology And Management-Oriented Business Administration (Tum-Bwl) at the TU München there are already many courses on StudySmarter, waiting for you to join them. Get access to flashcards, summaries, and much more.

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