Econ 200 certification Study guides, Class notes & Summaries

Economies of scaleA natural monopoly achieves ____ over the entire range of market supply: the maximum amount of output attainable from a given combination of factor inputsA production function describes: Marginal Physical ProductThe change in total output that results from one additional unit of input is the: Diminishing ReturnsIf more of an input factor is used, while holding other inputs constant, a firm will eventually experience: Total revenue and Total cost (Total revenue - Tot...

ECON 705 Mod. 6 Self-Assessment Test with Solutions 1. The ability of a firm to raise its price while still maintaining a certain amount of sales means that the firm Select one: a. produces a complementary good. b. faces perfectly elastic demand for its product. c. produces a perfect substitute for the other products in the industry. 2. All of the following could be a barrier to entry except Select one: a. large economies of scale. b. occupational licenses (e.g., teac...

Economies of scaleA natural monopoly achieves ____ over the entire range of market supply: the maximum amount of output attainable from a given combination of factor inputsA production function describes: Marginal Physical ProductThe change in total output that results from one additional unit of input is the: Diminishing ReturnsIf more of an input factor is used, while holding other inputs constant, a firm will eventually experience