PT Econ 5.0 / 5 based on 1 rating ? AllPT EconAll LevelsAll boards Created by: rebeccalittleCreated on: 15-01-20 09:34 What is total revenue? total receipts from sales of a given quantity of goods or services 1 of 10 How is total revenue calculated? by multiplying the quantity of goods sold by the price of the goods 2 of 10 How do you calculate marginal cost? divide the difference in total cost by the difference in output between 2 systems 3 of 10 What is marginal cost? the marginal cost of production is the change in total production cost that comes from making or producing one additional unit 4 of 10 Imagine a company coal town, where the coal company acts as the sole employer and therefore the sole purchaser of labor in the town. What is this? A monopsony 5 of 10 In perfect competition, an increase in price would... lead to a decline in demand 6 of 10 What is monopsony? a market situation in which there is only one buyer 7 of 10 What is an oligopoly? a state of limited competition, in which a market is shared by a small number of producers or sellers. 8 of 10 What are supernormal profits? supernormal profits are earned when total revenue is greater than the total costs 9 of 10 let's suppose a market has fifty competitors. However, the top three dominate 90% of the market. What market is this? That market is an oligopoly. 10 of 10
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