澳班微观经济学复习.docx

1、澳班微观经济学复习Close1. The minimum price necessary to get a labour resource owner to supply his or her labour is its_2. The amount of earnings above the opportunity cost of a Labour is called_3.All earnings are opportunity costs when the labour supply curve is _4.When the supply curve is vertical,_ determ

2、ines the equilibrium price5. A profit-maximsing firm will hire an additional worker if the wage is less than labours_6.The marginal revenue product in perfect competition is also called the_ of the marginal product7. The competitive firms demand curve for labour slopes downward because of the _8. Wh

3、en the product of one firm is identical to the product of other firms in the market, the product is said to be_9. Resources are freely_ if firms can enter and exit an industry easily.10. A firm is a _ if it faces a horizontal demand cure for its product.11. Under perfect competition, price always eq

4、uals_and_.12.As long as price at least covers variable costs, a profit-maximising firm produces where _equals_13.If marginal cost exceeds marginal revenue, the firm should_its output level.14.The short-run supply curve of a perfectly competitive firm is the portion of its_curve that lies above the m

5、inimum point of its_curve.15. Long-run equilibrium in perfect competition is characterized by_ economic profits 16.Long-run equilibrium in perfect competition, each firm produces at the _of the long-run average cost curve.17.A _-cost industry can decrease output and not see resource prices fall.18.I

6、f new firms entering an industry have higher production costs then existing firms, the industry is a (n) _cost industry19. _efficiency is achieved when firms produce the goods society values the most.20. Allocative efficiency occurs when firm produce at the rate of output where _equals_.21. is the a

7、mount a seller is paid for a good minus the sellers cost.22. economics is the study of how society its scarce resources.23. efficiency is the property of society getting the it can from its scarce resources.24. a graph that shows the combinations of output that the economy can possibly produce given

8、 the available factors of production and the available production technology. 25.Bread is a good if demand for it increases when income increases.26. claims that attempt to prescribe how the world should be.27.Two goods are complements if the cross-price elasticity of demand is .28. comparative adva

9、ntageis the comparison among producers of a good according to their 29. price ceiling is a legal on the price at which a good can be sold.30.The marginal revenue product in perfect compeltition is also called the of the marginal product. 31. If the amount producers receive for their output is greate

10、r than the minimum amount they require to produce the output, then producers receive_.True/false_1 The decisions a firm makes depend on the structure of the market in which it operates_2 Under perfect competition, each firm has only to decide how much of a good to produce_3 The product of one produc

11、er is identical to the products of all other producers in the market under perfect competition._4 Under perfect competition, a firm will not advertise its product_5 Perfectly competitive firms try to change the profit-maximising price._6 Firms compete vigorously with each other under perfect competi

12、tion_7 The slope of the perfectly competitive firms total revenue curve is the price of the good._8 For a firm in a perfectly competitive industry, marginal revenue equals the market price._9 Firms maximize prefects by producing where total revenue equals total cost_10 In the short run, perfectly co

13、mpetitive firms can make economic profits or losses._11 In the short run, a firm should never have to lose more than its fixed costs._12 IF price is greater than average variable cost for some range of output, the firm should produce in the short run._13 The firms marginal cost curve is also its sho

14、rt-run supply curve._14 If the market demand curve and the market supply curve intersect at a price of $5, the minimum point of the A VC curve must be below $5._15 In the long run, perfectly competitive firms can make economic profits. _16 In long-run equilibrium, the competitive fu-in produces at t

15、he minimum point of its long-run average_17 A decrease in market demand causes some competitive firms to leave the industry in the long run._18 The industry long-run supply curve always slopes upward._19 Where there is productive efficiency there must also be allocative efficiency._20 Producer surpl

16、us is positive only when economic profits are positive.21.Rent seeking is an important type of productivity activity. 22.The median voter model says that the policy that is the first choice of most people will be selected. 23.The Gini coefficient is a part of the Lorenz Curve analysis. 24.All monopo

17、list maximizes profit by selecting the rate of output where price equals marginal cost. 25.The firms marginal cost curve is also its short-run supply curve. 26.The difference between accounting profit and economic profit is in treatment of implicit costs. 27.Along the demand curve ,price measures th

18、e value of the marginal utility derived from the last unit of consumption. 28. If demand for a good is price elastic,the producer can increase total revenue by lowering the price of the good. 29.An increase in the price of a required resourse will cause a change in quantity demanded of the good prod

19、uced with it. 30. A natural monopoly exists when one firm controls all of a natural resource.definition of concepts1.natural monopoly: a monopoly that arises because a single firm can supply a good or service to an entire market at a smaller cost than could two or more firms.2.monopoly: a firm that

20、is the sole seller of a product without close substitutes.3.price discrimination: the business practice of selling the same good at different prices to different customers.3.Perfect(First Degree) price discrimination describes a situation where a monopolist knows exactly the willingness to pay of ea

21、ch customer and can charge each customer a different price.4.Second-degree price discrimination is pricing according to quantity consumed-or in blocks.5.Third-degree price discrimination is feasible when the seller can separate his/her market into roups who have different price elasticities of deman

22、d (e.g. business air travelers versus vacation air travelers)6. oligopoly: a market structure in which only a few sellers offer similar or identical products.7. monopolistic competition: a market structure in which many firms sell products that are similar but not identical.8. Nash equilibrium: a si

23、tuation in which economic actors interacting with one another each choose their best strategy given the strategies that all the other actors have chosen.9. game theory: the study of how people behave in strategic situations.10. prisoners dilemma: a particular game between two captured prisoners that

24、 illustrates why cooperation is difficult to maintain even when it is mutually beneficial.11. dominant strategy: a strategy that is best for a player in a game regardless of the strategies chosen by the other players.12. competitive market: a market with many buyers and sellers trading identical pro

25、ducts so that each buyer and seller is a price taker.13. marginal revenue: the change in total revenue from an additional unit sold.14.A shutdown refers to the short-run decision not to produce anything during a specified period of time because of current market conditions.15.Exit refers to a long-r

26、un decision to leave the market.One important difference is that, when a firm shuts down temporarily, it still must pay fixed costs. If a firm shuts down, it will earn no revenue and will have only fixed costs (no variable costs). Therefore, a firm will shut down if the revenue that it would get fro

27、m producing is less than its variable costs of production:Shut down if PAVC.16. sunk cost: a cost that has been committed and cannot be recovered.17. explicit costs: input costs that require an outlay of money by the firm.18. implicit costs: input costs that do not require an outlay of money by the

28、firm.19. economic profit: total revenue minus total cost, including both explicit and implicit costs.20. accounting profit: total revenue minus total explicit cost.If implicit costs are greater than zero, accounting profit will always exceed economic profit.21. production function: the relationship

29、between quantity of inputs used to make a good and the quantity of output of that good.22. marginal product: the increase in output that arises from an additional unit of input.As the amount of labor used increases, the marginal product of labor falls.23. diminishing marginal product: the property w

30、hereby the marginal product of an input declines as the quantity of the input increases.24. marginal cost: the increase in total cost that arises from an extra unit of production.25. efficient scale: the quantity of output that minimizes average total cost.26. economies of scale: the property whereb

31、y long-run average total cost falls as the quantity of output increases.27. diseconomies of scale: the property whereby long-run average total cost rises as the quantity of output increases.28. constant returns to scale: the property whereby long-run average total cost stays the same as the quantity of output changes.29. excludability: the property of a good whereby a person can be prevented from using it.30. rivalry: the property of a good whereby one persons use diminishes other peoples use.31. private goods: goods that are both excludable and rival.32. publi