Four market models
Pure competition defined; demand curve
Profit maximizing in short run
Profit maximizing in long run
Pure competition and efficiency
Micro Chapter 23 Practice Problems #1 Key
1. Which is a characteristic of monopolistic competition?
standardized product C)
absence of nonprice competition
a relatively small number of firms
relatively easy entry
2. In which industry is
The Costs of Production
Costs: explicit and implicit
Short run versus long run
Law of diminishing returns
UNIT 4 PRACTCE TEST
Directions: Do this test quickly and skip the questions you do not know the answers to. This will allow
you to isolate the topics that you need to devote the most time to studying and give us more time in class
to review them.
1. In wh
Monopoly Practice Quiz
Directions-Place a piece of paper on your screen to cover the answers as you quiz yourself
The nondiscriminating monopolist's demand curve:
A) is less elastic than a purely competitive firm's demand curve.
B) is perfectly elastic.
Which of the following is not a barrier to entry?
A) economies of scale
D) ownership of essential resources
2. If a firm in a purely competitive industry is confronted with an equilibrium price of $5, its
Week 8 Concept Questions
Env S& 100
Questions to Guide Your Study
1. What are the benefits of recyclin
Chapter 1 Handout
Data: are collections of observations (such as measurements, genders, animals, plants and people)
Statistics: is the study of procedures for collecting, describing and drawing conclusions form information.