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Eco 550 final exam 2 different one plus bonus questions 100% correct ( Strayer)

FINAL Question 1 Evidence from empirical studies of short-run cost-output relationships lends support to the: Answer Question 2 Break-even analysis usually assumes all of the following except: Answer Question 3 In determining the shape of the cost-output relationship only ____ depreciation is relevant. Answer Question 4 In the linear breakeven model, the breakeven sales volume (in dollars) can be found by multiplying the breakeven sales volume (in units) by: Answer Question 5 A firm in pure competition would shut down when: Answer Question 6 Buyers anticipate that the temporary warehouse seller of unbranded computer equipment will Answer Question 7 An "experience good" is one that: Answer Question 8 Experience goods are products or services Answer Question 9 The demand curve facing the firm in ____ is the same as the industry demand curve. Answer Question 10 In the electric power industry, residential customers have relatively ____ demand for electricity compared with large industrial users.  But contrary to price discrimination, large industrial users generally are charged ____ rates. Answer Question 11 The practice by telephone companies of charging lower long-distance rates at night than during the day is an example of: Answer Question 12 Of the following, which is not an economic rationale for public utility regulation? Answer Question 13 If a cartel seeks to maximize profits, the market share (or quota) for each firm should be set at a level such that the ____ of all firms is identical. Answer Question 14 Which of the following is an example of an oligopolistic market structure? Answer Question 15 Some market conditions make cartels MORE likely to succeed in collusion.  Which of the following will make collusion more successful? Answer Question 16 Even ideal cartels tend to be unstable because Answer Question 17 In making promises that are not guaranteed by third parties and in imposing penalties that are not enforced by third parties, all of the following are credibility-enhancing mechanisms except Answer Question 18 The Prisoner’s Dilemma involves two spies who are held in separate soundproof rooms.  But even if the two spies could communicate, what makes it difficult for them to achieve the cooperative solution (both not confessing)? Answer Question 19 When airlines post prices on an electronic bulletin board at 8:00 a.m. each morning, the decision-makers are engaged in Answer Question 20 To trust a potential cooperator until the first defection and then never cooperate thereafter is Answer Question 21 Vacation tours to Europe invariably package visits to disparate regions:  cities, mountains, and the seaside.  Bundling, a type of second degree price discrimination, is most profitable when: Answer Question 22 Firms that have a cover charge for their customers and charge for each item they purchase as well are exhibiting Answer Question 23 The optimal mark-up is:  / (E+1).  When the mark-up on cookware equals 50%, then demand elasticity (E) for cookware is: Answer Question 24 Third-degree price discrimination exists whenever: Answer Question 25 Governance mechanisms are designed Answer Question 26 Vertical integration may be motivated by all of the following except: Answer Question 27 Agency problems appear in many settings within a firm. All of the following are examples, except which is NOT a good example of this problem? Answer Question 28 Reliant assets are always all of the following except: Answer Question 29 ____ occurs whenever a third party receives or bears costs arising from an economic transaction in which the individual (or group) is not a direct participant. Answer Question 30 The lower the barriers to entry and exit, the more nearly a market structure fits the ____ market model. Answer Question 31 The ____ is equal to the some of the squares of the market shares of all the firms in an industry. Answer Question 32 ____ yields the same results as the theory of perfect competition, but requires substantially fewer assumptions than the perfectly competitive model. Answer Question 33 In determining the optimal capital budget, one should choose those project's whose ____ exceeds the firm's ____ cost of capital. Answer Question 34 The ____ method assumes that the cash flows over the life of the project are reinvested at the ____. Answer Question 35 Any current outlay that is expected to yield a flow of benefits beyond one year in the future is: Answer Question 36 Capital expenditures: Answer


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