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Thread: ECO401 Economics Solve Mid Term Paper Fall Semester December 2012

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    18 ECO401 Economics Solve Mid Term Paper Fall Semester December 2012

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    ECO401 Economics Solve Mid Term Paper Fall Semester December 2012



    A market with few entry barriers and with many firms that sell differentiated products is:

    • Purely competitive.
    • A monopoly.
    • Monopolistically competitive.
    • Oligopolistic. (correct)

    The total cost (TC) of producing computer software diskettes (Q) is given as: TC = 200 + 5Q. What is the total fixed cost?
    • 5Q.
    • 5.
    • 5 + (200/Q).
    None of the given options (correct)

    Costs determine all of the following EXCEPT:
    • Demand for a product. -(correct)
    • Firm's behavior.
    • How firms should expand?
    • Firm's profitability.

    A market with few entry barriers and with many firms that sell differentiated products is:

    ► Purely competitive.
    ► A monopoly.
    ► Monopolistically competitive.
    ► Oligopolistic. (Correct)

    Marginal profit is equal to:
    ► Marginal revenue minus marginal cost. (correct)
    ► Marginal revenue plus marginal cost.
    ► Marginal cost minus marginal revenue.
    ► Marginal revenue times marginal cost.

    If current output is less than the profit-maximizing output then which of the following must be TRUE?
    ► Total revenue is less than total cost.
    ► Average revenue is less than average cost.
    ► Marginal revenue is less than marginal cost.
    ► Marginal revenue is greater than marginal cost. (correct)

    If a simultaneous and equal percentage decrease in the use of all physical inputs leads to a larger percentage decrease in physical output, a firm’s production function is said to exhibit:

    ► Decreasing returns to scale. (correct)
    ► Constant returns to scale.
    ► Increasing returns to scale.
    ► Diseconomies of scale

    Long Question
    QNo: Long Run And Short Run
    QNo2 : A Graph below and tell about the lines
    QNo 3: Monopolistic Competition, oligopoly
    MARGINAL
    labor
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