POST ECO202 final EXAM

A student might describe information about the costs of production as

To an economist, the field of industrial organization answers which of the following questions?

Economists assume that the typical person who starts her own business does so with the intention of

How long does it take a firm to go from the short run to the long run?

When a firm experiences constant returns to scale,

When a firm experiences diseconomies of scale,

A key characteristic of a competitive market is that

In a competitive market,

Which of the following firms is the closest to being a perfectly competitive firm?

For a competitive firm,

Economists assume that monopolists behave as

Deadweight loss

Which of the following pairs illustrates the two extreme examples of market structures?

The general term for market structures that fall somewhere between monopoly and perfect competition is

Monopolistic competition is characterized by which of the following attributes?

In a monopolistically competitive market,

In monopolistic competition as well as in monopoly,

A firm in a monopolistically competitive market faces a

The theory of oligopoly provides another reason that free trade can benefit all countries because

The likely outcome of the standard prisoners' dilemma game is that

In a game, a dominant strategy is

Because a firm's demand for a factor of production is derived from its decision to supply a good in the market, it is called a

The purchase price of capital is

Which of the following accurately describes how earnings from capital eventually get paid to households?

Labor-market discrimination is evident when