# Econ test 2

Total word count: 293
Pages: 1

### Calculate the Price

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275 words
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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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