澳班微观经济学复习.docx

澳班微观经济学复习.docx

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澳班微观经济学复习

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1.Theminimumpricenecessarytogetalabourresourceownertosupplyhisorherlabourisits_____

2.TheamountofearningsabovetheopportunitycostofaLabouriscalled_____

3.Allearningsareopportunitycostswhenthelaboursupplycurveis_____

4.Whenthesupplycurveisvertical,_____determinestheequilibriumprice

5.Aprofit-maximsingfirmwillhireanadditionalworkerifthewageislessthanlabour’s_____

6.Themarginalrevenueproductinperfectcompetitionisalsocalledthe_____ofthemarginalproduct

7.Thecompetitivefirm’sdemandcurveforlabourslopesdownwardbecauseofthe______

8.Whentheproductofonefirmisidenticaltotheproductofotherfirmsinthemarket,theproductissaidtobe_____

9.Resourcesarefreely____iffirmscanenterandexitanindustryeasily.

10.Afirmisa___ifitfacesahorizontaldemandcureforitsproduct.

11.Underperfectcompetition,pricealwaysequals_____and_____.

12.Aslongaspriceatleastcoversvariablecosts,aprofit-maximisingfirmproduceswhere_____equals_____

13.Ifmarginalcostexceedsmarginalrevenue,thefirmshould____itsoutputlevel.

14.Theshort-runsupplycurveofaperfectlycompetitivefirmistheportionofits____curvethatliesabovetheminimumpointofits____curve.

15.Long-runequilibriuminperfectcompetitionischaracterizedby____economicprofits

16.Long-runequilibriuminperfectcompetition,eachfirmproducesatthe____ofthelong-runaveragecostcurve.

17.A____-costindustrycandecreaseoutputandnotseeresourcepricesfall.

18.Ifnewfirmsenteringanindustryhavehigherproductioncoststhenexistingfirms,theindustryisa（n）_____costindustry

19._____efficiencyisachievedwhenfirmsproducethegoodssocietyvaluesthemost.

20.Allocativeefficiencyoccurswhenfirmproduceattherateofoutputwhere____equals______.

21.istheamountasellerispaidforagoodminustheseller’scost.

22.economicsisthestudyofhowsocietyitsscarceresources.

23.efficiencyisthepropertyofsocietygettingtheitcanfromitsscarceresources.

24.agraphthatshowsthecombinationsofoutputthattheeconomycanpossiblyproducegiventheavailablefactorsofproductionandtheavailableproductiontechnology.

25.Breadisagoodifdemandforitincreaseswhenincomeincreases.

26.claimsthatattempttoprescribehowtheworldshouldbe.

27.Twogoodsarecomplementsifthecross-priceelasticityofdemandis

.

28.comparativeadvantageisthecomparisonamongproducersofagoodaccordingtotheir

29.priceceilingisalegalonthepriceatwhichagoodcanbesold.

30.Themarginalrevenueproductinperfectcompeltitionisalsocalledthe

ofthemarginalproduct.

31.Iftheamountproducersreceivefortheiroutputisgreaterthantheminimumamounttheyrequiretoproducetheoutput,thenproducersreceive______.

True/false

______1Thedecisionsafirmmakesdependonthestructureofthemarketinwhichitoperates

______2Underperfectcompetition,eachfirmhasonlytodecidehowmuchofagoodtoproduce

______3Theproductofoneproducerisidenticaltotheproductsofallotherproducersinthemarketunderperfectcompetition.

______4Underperfectcompetition,afirmwillnotadvertiseitsproduct

______5Perfectlycompetitivefirmstrytochangetheprofit-maximisingprice.

______6Firmscompetevigorouslywitheachotherunderperfectcompetition

______7Theslopeoftheperfectlycompetitivefirm’stotalrevenuecurveisthepriceofthegood.

______8Forafirminaperfectlycompetitiveindustry,marginalrevenueequalsthemarketprice.

______9Firmsmaximizeprefectsbyproducingwheretotalrevenueequalstotalcost

______10Intheshortrun,perfectlycompetitivefirmscanmakeeconomicprofitsorlosses.

______11Intheshortrun,afirmshouldneverhavetolosemorethanitsfixedcosts.

______12IFpriceisgreaterthanaveragevariablecostforsomerangeofoutput,thefirmshouldproduceintheshortrun.

______13Thefirm’smarginalcostcurveisalsoitsshort-runsupplycurve.

______14Ifthemarketdemandcurveandthemarketsupplycurveintersectatapriceof$5,theminimumpointoftheAVCcurvemustbebelow$5.

______15Inthelongrun,perfectlycompetitivefirmscanmakeeconomicprofits.

______16Inlong-runequilibrium,thecompetitivefu-inproducesattheminimumpointofitslong-runaverage

______17Adecreaseinmarketdemandcausessomecompetitivefirmstoleavetheindustryinthelongrun.

______18Theindustrylong-runsupplycurvealwaysslopesupward.

______19Wherethereisproductiveefficiencytheremustalsobeallocativeefficiency.

______20Producersurplusispositiveonlywheneconomicprofitsarepositive.

21.Rentseekingisanimportanttypeofproductivityactivity.

22.Themedianvotermodelsaysthatthepolicythatisthefirstchoiceofmostpeoplewillbeselected.

23.TheGinicoefficientisapartoftheLorenzCurveanalysis.

24.Allmonopolistmaximizesprofitbyselectingtherateofoutputwherepriceequalsmarginalcost.

25.Thefirm’smarginalcostcurveisalsoitsshort-runsupplycurve.

26.Thedifferencebetweenaccountingprofitandeconomicprofitisintreatmentofimplicitcosts.

27.Alongthedemandcurve,pricemeasuresthevalueofthemarginalutilityderivedfromthelastunitofconsumption.

28.Ifdemandforagoodispriceelastic,theproducercanincreasetotalrevenuebyloweringthepriceofthegood.

29.Anincreaseinthepriceofarequiredresoursewillcauseachangeinquantitydemandedofthegoodproducedwithit.

30.Anaturalmonopolyexistswhenonefirmcontrolsallofanaturalresource.

definitionofconcepts

1.naturalmonopoly:

amonopolythatarisesbecauseasinglefirmcansupplyagoodorservicetoanentiremarketatasmallercostthancouldtwoormorefirms.

2.monopoly:

afirmthatisthesolesellerofaproductwithoutclosesubstitutes.

3.pricediscrimination:

thebusinesspracticeofsellingthesamegoodatdifferentpricestodifferentcustomers.

3.Perfect（FirstDegree）pricediscriminationdescribesasituationwhereamonopolistknowsexactlythewillingnesstopayofeachcustomerandcanchargeeachcustomeradifferentprice.

4.Second-degreepricediscriminationispricingaccordingtoquantityconsumed--orinblocks.

5.Third-degreepricediscriminationisfeasiblewhenthesellercanseparatehis/hermarketintoroupswhohavedifferentpriceelasticitiesofdemand（e.g.businessairtravelersversusvacationairtravelers）

6.oligopoly:

amarketstructureinwhichonlyafewsellersoffersimilaroridenticalproducts.

7.monopolisticcompetition:

amarketstructureinwhichmanyfirmssellproductsthataresimilarbutnotidentical.

8.Nashequilibrium:

asituationinwhicheconomicactorsinteractingwithoneanothereachchoosetheirbeststrategygiventhestrategiesthatalltheotheractorshavechosen.

9.gametheory:

thestudyofhowpeoplebehaveinstrategicsituations.

10.prisoners’dilemma:

aparticular"game"betweentwocapturedprisonersthatillustrateswhycooperationisdifficulttomaintainevenwhenitismutuallybeneficial.

11.dominantstrategy:

astrategythatisbestforaplayerinagameregardlessofthestrategieschosenbytheotherplayers.

12.competitivemarket:

amarketwithmanybuyersandsellerstradingidenticalproductssothateachbuyerandsellerisapricetaker.

13.marginalrevenue:

thechangeintotalrevenuefromanadditionalunitsold.

14.Ashutdownreferstotheshort-rundecisionnottoproduceanythingduringaspecifiedperiodoftimebecauseofcurrentmarketconditions.

15.Exitreferstoalong-rundecisiontoleavethemarket.

Oneimportantdifferenceisthat,whenafirmshutsdowntemporarily,itstillmustpayfixedcosts.Ifafirmshutsdown,itwillearnnorevenueandwillhaveonlyfixedcosts（novariablecosts）.Therefore,afirmwillshutdowniftherevenuethatitwouldgetfromproducingislessthanitsvariablecostsofproduction:

ShutdownifP

16.sunkcost:

acostthathasbeencommittedandcannotberecovered.

17.explicitcosts:

inputcoststhatrequireanoutlayofmoneybythefirm.

18.implicitcosts:

inputcoststhatdonotrequireanoutlayofmoneybythefirm.

19.economicprofit:

totalrevenueminustotalcost,includingbothexplicitandimplicitcosts.

20.accountingprofit:

totalrevenueminustotalexplicitcost.

Ifimplicitcostsaregreaterthanzero,accountingprofitwillalwaysexceedeconomicprofit.

21.productionfunction:

therelationshipbetweenquantityofinputsusedtomakeagoodandthequantityofoutputofthatgood.

22.marginalproduct:

theincreaseinoutputthatarisesfromanadditionalunitofinput.

Astheamountoflaborusedincreases,themarginalproductoflaborfalls.

23.diminishingmarginalproduct:

thepropertywherebythemarginalproductofaninputdeclinesasthequantityoftheinputincreases.

24.marginalcost:

theincreaseintotalcostthatarisesfromanextraunitofproduction.

25.efficientscale:

thequantityofoutputthatminimizesaveragetotalcost.

26.economiesofscale:

thepropertywherebylong-runaveragetotalcostfallsasthequantityofoutputincreases.

27.diseconomiesofscale:

thepropertywherebylong-runaveragetotalcostrisesasthequantityofoutputincreases.

28.constantreturnstoscale:

thepropertywherebylong-runaveragetotalcoststaysthesameasthequantityofoutputchanges.

29.excludability:

thepropertyofagoodwherebyapersoncanbepreventedfromusingit.

30.rivalry:

thepropertyofagoodwherebyoneperson’susediminishesotherpeople’suse.

31.privategoods:

goodsthatarebothexcludableandrival.

32.publi