economics

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1.
1 point
which total cost measures are affected by marginal costs?
2.
1 point
at which points does the marginal cost intersect the average variable and average total costs?
3.
1 point
what is the area above the supply curve but below the equilibrium price called?
4.
1 point
when total product is maximized, what is true of marginal product?
5.
1 point
what economic conditions are necessary for the strategy to be employed?
6.
1 point
What measure of utility generally rises with consumption?
7.
1 point
Given Q=16-2P, and assuming supply crosses demand at the midpoint. At equilibrium what is total revenue?
8.
1 point
which measure of cost never changes?
9.
1 point
what is another name for this condition? (utility maximization)
10.
1 point
what is the limit to ones buying power known as?
11.
1 point
which measure of costs rises with output?
12.
1 point
what is the condition for utility maximization?
13.
1 point
which stage of production should generally be avoided?
14.
1 point
what is meant by the phrase "pricing is done at the margin"?
15.
1 point
Given Q=16-2P, and assuming supply crosses demand at the midpoint. At equilibrium what is the consumer surplus?
16.
1 point
what technique would producers likely attempt that would lead to a reduced consumers surplus?
17.
1 point
In the long run, if a business gets more cost effective as it grows in capacity, what is it called?
18.
1 point
when average product is maximized, what is true of MP?
19.
1 point
what is the ratio of marginal to average product called?
20.
1 point
Given Q=16-2P, and assuming supply crosses demand at the midpoint. At equilibrium what would consumers be willing and able to pay?
21.
1 point
what measure of utility generally falls as consumption rises?
22.
1 point
how does diminishing marginal utility differ from diminishing marginal product?
23.
1 point
under what conditions does maximum production lead to maximum profit?