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I Clicker Questions Test 3 1 The Marginal Social Benefit curve of a public good is the of the individual Marginal Private Benefit curve 2 Private provision of a public good results in Underproduction 3 Public provision of a public good results in Overproduction 4 The short run is one year anything longer is long run False 5 No fixed costs in long run the calendar length of the short run is different for different businesses True 6 Marginal cost curve is U shaped 7 Which of the following is always true When average total cost is decreasing marginal cost is less than average total cost 8 If marginal cost is less than average variable cost average variable cost is Decreasing 9 At the current quantity marginal cost is increasing but it is less than average total cost What happens to average total cost if there is a small marginal increase in quantity Decreases 10 Accounting profit is total revenue total explicit cost 11 Economic profit is total explicit total implicit 12 For perfectly competitive markets the market demand curve is Each seller s marginal revenue curve is Negatively sloped horizontal 13 In a perfectly competitive market an individual seller s marginal revenue each quantity is the price Equal to 14 In the short run perfect comp supplier shuts down sells no output if the market price is less than Average variable cost 15 Perfectly competitive sellers supply curve is the segment of the marginal cost curve that lies above the curve Average variable cost 16 Which are characteristics of perfectly competitive markets More buyers sellers product homogeneity unrestricted long run entry exit 17 Perfectly competitive market demand curve is negative True 18 A monopolists equilibrium quantity is the quantity at which MR MC 19 In a perfectly competitive markets marginal revenue price Equals 20 In monopoly marginal revenue is price Less than 21 In which market model is the short run equilibrium quantity the quantity at which marginal revenue marginal cost Perfect comp monopoly 22 In both perfect competition and monopoly economic profit can be Positive negative or zero in the short run 23 Which of the following constitutes economic price discrimination Charging different prices For different units of the same good when theres no difference in costs to different consumers when there is no difference in cost 24 Can sometimes improve efficiency by economizing on scarce resources Price Discrimination 25 In monopolistic competition the demand curve facing each seller is Negatively sloped 26 In monopolistic competition marginal revenue is the price and marginal revenue curve is the demand curve Less than below 27 In monopolistic competition equilibrium quantity is where equals Marginal revenue Average total cost 28 Equilibrium price refer to above question is shown by the Demand curve 29 Short run economic profits are Eithers positive negative or zero 30 Long run economic profits are Zero 31 The equilibrium price in an oligopoly market is Between the monopoly equilibrium price and the perfect competitive equilibrium price 32 The equilibrium quantity is Between the monopoly equilibrium quantity and the perf Competitive equilibrium quantity 33 Oligopoly A few large sellers homogenous or differentiated products substantial economic or legal barriers to entry of new competition 34 What is not a necessary condition for a cartel to be successful Engage in price discrimination economic profit Cartel 35 Group of suppliers acting together to limit output raise price and increase 36 The key to insuring comp behavior in any market is the absence of Barriers to entry into the market in the long run


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FSU ECO 2023 - Test 3

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