Podcast
Questions and Answers
What is the underlying reason behind the increasing steepness of the short-run marginal cost curve?
What is the underlying reason behind the increasing steepness of the short-run marginal cost curve?
- The law of diminishing marginal returns (correct)
- The law of increasing marginal returns
- The law of variable marginal returns
- The law of constant marginal returns
What is the term for the phenomenon where rivals match price decreases but not increases in an oligopoly market?
What is the term for the phenomenon where rivals match price decreases but not increases in an oligopoly market?
- Kinked demand curve model (correct)
- Monopsony model
- Perfect competition model
- Monopolistic competition model
What is the primary reason why fixed costs occur in the short run?
What is the primary reason why fixed costs occur in the short run?
- The law of diminishing marginal returns
- Some inputs are fixed in the short run (correct)
- Some inputs are variable in the long run
- The law of increasing marginal returns
What is the term for a section of an organization where revenue and costs can be traced to determine profits?
What is the term for a section of an organization where revenue and costs can be traced to determine profits?
What is the term for the value to society of all resources used in the production of an item?
What is the term for the value to society of all resources used in the production of an item?
For a monopolist, what is the relationship between marginal revenue and price?
For a monopolist, what is the relationship between marginal revenue and price?
Why does the short-run marginal cost curve have an increasingly steeper slope?
Why does the short-run marginal cost curve have an increasingly steeper slope?
What type of merger occurs between firms operating in different sectors of the economy?
What type of merger occurs between firms operating in different sectors of the economy?
What is the term for the combination of two or more companies at different stages in the value chain?
What is the term for the combination of two or more companies at different stages in the value chain?
When should a firm in perfect competition cease production in the short run?
When should a firm in perfect competition cease production in the short run?
What is the characteristic of the demand curve facing a monopolist?
What is the characteristic of the demand curve facing a monopolist?
What is the term for the combination of two or more companies in the same business, carrying out the same process or production?
What is the term for the combination of two or more companies in the same business, carrying out the same process or production?
What happens to the short-run marginal cost curve due to the law of diminishing marginal returns?
What happens to the short-run marginal cost curve due to the law of diminishing marginal returns?
What is the outcome of a dominant firm in an industry?
What is the outcome of a dominant firm in an industry?
What is the characteristic of a well-organized cartel?
What is the characteristic of a well-organized cartel?
What does an economic profit of zero imply?
What does an economic profit of zero imply?
What is the term for the prices at which goods and services are bought and sold between divisions or subsidiaries within a group of companies?
What is the term for the prices at which goods and services are bought and sold between divisions or subsidiaries within a group of companies?
What is the term for the series of activities within a firm that serve to create value for the customer?
What is the term for the series of activities within a firm that serve to create value for the customer?
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