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Eco550 FINAL_EXAM 1 & 2 1
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  • Question 1

5 out of 5 points

   

Correct

In the linear breakeven model, the difference between selling price per unit and variable cost per unit is referred to as:

Answer

     

Selected Answer:

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contribution margin per unit

Correct Answer:

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contribution margin per unit

     
  • Question 2

0 out of 5 points

   

Incorrect

A ____ total cost function implies that marginal costs ____ as output is increased.

Answer

     

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linear; increase linearly

Correct Answer:

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linear; are constant

     
  • Question 3

5 out of 5 points

   

Correct

The short-run cost function is:

Answer

     

Selected Answer:

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relevant to decisions in which one or more inputs to the production process are fixed

Correct Answer:

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relevant to decisions in which one or more inputs to the production process are fixed

     
  • Question 4

5 out of 5 points

   

Correct

In a study of banking by asset size over time, we can find which asset sizes are tending to become more prominent.  The size that is becoming more predominant is presumed to be least cost. This is called:

Answer

     

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survivorship analysis.

Correct Answer:

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survivorship analysis.

     
  • Question 5

0 out of 5 points

   

Incorrect

In determining the shape of the cost-output relationship only ____ depreciation is relevant.

Answer

     

Selected Answer:

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time

Correct Answer:

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usage

     
  • Question 6

5 out of 5 points

   

Correct

The main difference between perfect competition and monopolistic competition is:

Answer

     
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