Econ test 2

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Fixed Cost is:

any cost which doesnt not change when the firm changes its output

The Marginal cost curve for a firm intersects:

the minimum of the average variable cost and average total cost curves.

Consumer Surplus is:

To the economist total cost includes:

Explicit and implicit costs which includes a normal profit.

In the Long Run:

All costs are variable costs.

For a purely competitive firm, total revenue:

is the price times the quantity sold.

Public goods cause a free rider problem because:

Once a public good has been provided, other consumers cant be excluded form the benefits of the good.

If a firm decides to shutdown in the short run and produce no output, its costs will be:

It’s fixed costs.

The formula for calculating marginal cost is:

The change in total cost (TC) over the change in total output when the change in output is equal to 1.

Market Failure is:

The inability of some unregulated markets to allocate resources efficiently.

Marginal Cost is:

The change in total cost that results from producing one more unit of output.

To the economist total cost includes:

Explicit and implicit costs which includes a normal profit.

Consumer Surplus is:

The difference between what consumers are willing to pay for a good or service and what they actually pay (the market price).

An example of a Public good is:

National defense.

Marginal Revenue for a firm is:

The increase in total revenue when it sells one additional unit of output.

Diminishing marginal utility means that:

as more and more of a good is consumed the rate at which total utility increases starts to diminish.

Profit max:

@ Q where MR=MC

A Cartel:

A group of producers who act in concert in order to make monopoly.

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