deck_18250026

Question 1

Market structures

A market structure with only one seller.

Answer 1

Monopoly

Question 2

Market structures

A market structure with a few sellers.

Answer 2

Oligopoly

Question 3

Market structures

A market structure with many sellers selling differentiated products.

Answer 3

Monopolistic competition

Question 4

Market structures

A market structure with many sellers selling identical products.

Answer 4

Pure competition

Question 5

Total cost formula?

Answer 5

Fixed cost + Variable cost

Question 6

Average Fixed cost Formula

Answer 6

Fixed cost / Quantity

Question 7

Average Variable cost formula

Answer 7

Variable Cost / Quantity

Question 8

Average Total cost formula

Answer 8

Total cost / Quantity

Question 9

Marginal cost formula

Answer 9

ΔTC/ ΔQ

Question 10

Marginal Revenue formula

Answer 10

∆TR/∆Q

Question 11

Total Revenue formula

Answer 11

Price×Q

Question 12

Determinants of pricing demands

Availability of substitute + increase

Answer 12

Elastic

Question 13

Availability of substitute + decrease

Answer 13

= inelastic

Question 14

Luxury =

Answer 14

Elastic

Question 15

Necessity =

Answer 15

Inelastic

Question 16

Time horizon (duration on shift for alternative)

Short time =

Answer 16

Elastic

Question 17

Time horizon (duration on shift for alternative)

Long time =

Answer 17

Inelastic

Question 18

Determinants of pricing supply

Availability of inputs + increase =

Answer 18

Elastic

Question 19

Availability of inputs + decrease =

Answer 19

inelastic

Question 20

Time period ( how much would take to adjust in production

Fast Transition =

Answer 20

Inelastic

Question 21

Time period ( how much would take to adjust in production

Slow Transition =

Answer 21

Elastic

Question 22

Flexibility + increase =

Answer 22

Elastic

Question 23

Flexibility + decrease =

Answer 23

Inelastic