Microeconomics Key Concepts and Principles
THE SO-CALLED MINIMUM OPERATING UNDER PERFECT COMPETITION is given by the minimum of the AVC curve–
The point where it becomes B =- CF — The point at which Cm is equal to CMV — The point at which (px-CF-CV) less than q 0
CURVES WITH NORMAL COST METHOD OF USUAL RULE UY Lm I Cm = PERFECT COMPETITION IN THE VOLUME OF OUTPUT OPTIMAL ES: determined by the second cut point and Im Inches
The correct expression OPTIMA AS COMBINATION OF FACTORS IS: Pm1/Pm2 = q1/q2
THE RECIPROCAL THEOREM OF WELFARE ECONOMICS is expressed as: Under certain circumstances, a Pareto optimal (PO) can be competitive general equilibrium (EGS)
THE THEOREM OF EXCESS CAPACITY in Monopolistic Competition: A property of the long-run equilibrium in this type of market
VARIAN CUND the factors contained in the ceteris paribus clause, THE TYPE OF ANALYSIS OF SUPPLY AND DEMAND IS CALLED: Comparative statics
MARGINAL COSTS OF A COMPANY ARE ALWAYS: Same as average variable costs and the total average in their respective minimum
THE FUNCTIONS OF CONSUMER DEMAND are homogeneous of degree zero in price and income
IN A WORLD OF TWO Bein, the slope of the Engel curve is defined as: The variation in the quantity demanded of coming to changes in income
ARE THE CHARACTERISTICS OF MONOPOLY: With entry blocked, long-term monopoly does not necessarily use its plant optimally *** With entry blocked, long-term monopoly does not necessarily reach the minimum of its CML (FALSE: input blocked the long-term monopoly, always reaches its optimal scale)
IN A SCHEME FOR AN OFFER USUAL MARKET DEMAND, ceteris paribus, an increase in production cost of the items in the MARKET, WILL THAT: the supply curve shift to the left
IN THE COMPANY LEADER MODEL RACING COMPETITIVE WITH LARGE COMPANIES, THE END RESULT: It seems a lot to offer pure monopoly
The incentive to innovation is higher in the competitive firm in a monopoly if this does delay the innovation gives them
IF INITIAL RESOURCE ALLOCATION IN A GENERAL EQUILIBRIUM MODEL OF PURE EXCHANGE COMPETITIVE, IS ON THE CURVE OF CONTRACT: No exchange will be made
If there is a corporate outing in a market of monopolistic competition, expect the demand curve they face SE HAGA: Less elastic
THE STOCK MARKET IN A guaranteed minimum price higher than EQUILIRBIO: Generates an oversupply
THE PROBLEM OF PRODUCER OR COMPANY OF THE TECHNICAL POINT OF VIEW WILL: Reaching the isoquant curve more elevated consistent with available resources
COSES IN THE CONTEXT OF A LONG TERM: All factors are variable
FOR THE COMPANY IN PERFECT COMPETITION: The marginal revenue on the balance will be positive
IN THE CONTEXT OF PERFECT COMPETITION: The balance of the industry comes at a price which clears the market
THE MODEL IN WHICH TO COLLECT THE EMPLOYER IF ALL OF CONSUMER EXEDENTE: Monopoly with first-degree discrimination
A proposition is false RESPECT OF DEMAND FACTORS IN PERFECT COMPETITION AND THE BALANCE A) = qi VPmi B) Pm1/q1 = Pm2/q2 D) P (?X/?Y1) = q1 (FALSE Pyi / x = qi)
ONE ANSWER IS INCORRECT: THE CURVE OF Demner FACING THE INDUSTRY IS PERFECT COMPETITION: The locus of pairs PX indicating that consumer demand made at different prices. *** *** You Descending negative slope (FALSE sufficiently elastic)
WHICH OF THE EXPRESSIONS IS CORRECT AS OPTIMUM COMBINATION OF FACTORS: pm1/pm2 = q1/q2
THE RISE OF A GOOD PRICE WITH RESPECT TO SUSITUTIVO studied: shift the demand curve right wing dela
Pigou THE SOLUTION CALL IF CONFLICT IN PRESENCE OF EXTERNAL EFCTOS requires, among others: a passive part subsidy wing
THE PATH OF A COMPANY EXPANCION NOTES: The optimal imputs convinación of various levels of outpus
A PROPERTY AS DEFINED BELOW IF YOUR CLAIM: It increases with decreasing income and visversa
IN A COMPETITIVE GENERAL EQUILIBRIUM MODEL (CGE) with two goods and two agents, in exchange PURE PARATIANA optimality can be formulated as: To maximize the utility of both agents subject to resources given.
FOR THE COMPANY IN THIS PERFECT COMPETITION IN BALANCE IS Presis: which MR = MC and the slope of the first smaller than the second
DESPLASAMIENTO A RIGHT TO DEMAND CURVE OF DUTY MAY BE A FACTOR A: An increase in demand for the product of the company
FINAL BALANCE OF TRADE BALANCE IN GENERAL Optoma PARETO IF THIS BE AT ANY POINT: At any point on the curve of the contract within the initial indifference curve
RESPECT OF COMPETITION AND LONG-TERM MONOPOLY WHICH OF THE FOLLOWING STATEMENTS IS FALSE? Marginal costs equal marginal revenue always *** Any upward deviation of output from equilibrium will result in losses (FALSA. The output will be maximum)
CURVE SHORT TERM OFFER OF THE COMPANY IN PERFECT COMPETITION: The marginal cost curve from the minimum average variable costs