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MA Economics 2nd Semester Exam Paper

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@ErrFreeHafnium6163

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Questions and Answers

What is the purpose of Section A in the exam paper P-472 / MAEC-505?

To answer short answer type questions

To answer any two long answer type questions of Nineteen (19) marks each (correct)

To answer any five long answer type questions of Nineteen (19) marks each

To answer any one long answer type question of Nineteen (19) marks

In economics, what does 'total revenue' represent?

The total costs incurred by a firm in producing a given quantity of output

The average income earned by a firm from selling a given quantity of output

The additional income earned by a firm from selling one more unit of output

The total income earned by a firm from selling a given quantity of output (correct)

What is the difference between short run and long run equilibrium under monopoly?

Short run equilibrium occurs when marginal cost equals marginal revenue, while long run equilibrium does not have this condition.

Short run equilibrium involves fixed costs, while long run equilibrium does not.

Short run equilibrium allows firms to enter or exit the market, while long run equilibrium does not.

Short run equilibrium may result in economic profits or losses, while long run equilibrium always results in zero economic profit. (correct)

In economics, what is the significance of opportunity cost?

It is the cost of an alternative that must be forgone in order to pursue a certain action Signup and view all the answers

What does total revenue represent in economics?

The revenue earned from selling all units of a product Signup and view all the answers

What does marginal revenue indicate in economics?

The revenue earned from selling an additional unit of a product Signup and view all the answers

In economics, what characterizes short run equilibrium under monopoly?

Price equals average total cost and marginal cost Signup and view all the answers

What distinguishes long run equilibrium under monopoly in economics?

Price equals marginal cost but exceeds average total cost Signup and view all the answers

Study Notes

Exam Paper P-472 / MAEC-505

Section A of the exam paper P-472 / MAEC-505 has a specific purpose.

Revenue in Economics

Total revenue represents the total amount of money earned by a firm from selling its goods or services.
Total revenue is the total amount of money earned by a firm from selling its goods or services.

Marginal Revenue in Economics

Marginal revenue indicates the additional revenue earned by a firm from selling one additional unit of its product.

Equilibrium under Monopoly

In the short run, equilibrium under monopoly is characterized by the intersection of the marginal revenue curve and the marginal cost curve.
In the long run, equilibrium under monopoly is distinguished by the intersection of the long-run average cost curve and the demand curve.

Opportunity Cost

Opportunity cost is the value of the next best alternative that is forgone when a choice is made.

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Description

Test your knowledge of MA Economics 2nd Semester exam paper with this quiz based on the given text. See how well you understand the examination structure and instructions.