ECO 550 Final Exam (36 Questions with Correct Answers)
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Answer<br />
constant selling price per unit<br />
decreasing variable cost per unit<br />
fixed costs are independent of the output level<br />
a single product (or a constant mix of products) is being produced and sold<br />
all costs can be classified as fixed or variable<br />
Question 4<br />
A ____ total cost function implies that marginal costs ____ as output is increased.<br />
Answer<br />
linear; increase linearly<br />
quadratic; are constant<br />
cubic; increase linearly<br />
linear; are constant<br />
Long distance telephone service has become a competitive market. The average cost per call is<br />
$0.05 a minute, and it’s declining. The likely reason for the declining price for long distance<br />
service is:<br />
Answer<br />
Governmental pressure to lower the price<br />
Reduced demand for long distance service<br />
Entry into this industry pushes prices down<br />
Lower price for a barrel of crude oil<br />
Increased cost of providing long distance service<br />
What is the profit maximization point for a firm in a purely competitive environment?<br />
Answer
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