Cost functions Final Exam Essay

1. The degree of operating leverage is mates to the ____ change in ____ shared out by the ____ change in ____.2. The short-run cost function is3. Theoretically, in a long haul cost function4. Evidence from empirical studies of long-run cost-output relationships lends support to the5. In the linear breakeven model, the breakeven sales volume (in dollars) can be found by multiplying the breakeven sales volume (in units) by6. In a study of banking by asset size over time, we can come about which asset sizes are tending to become more prominent. The size that is bonnie more predominant is presumed to be least cost. This is called7. Buyers anticipate that the temporary store seller of unbranded computer equipment will8. In the long-run, firms in a monopolistically competitive industry will9. In the short-run for a stringently competitive market, a manufacturer will stop production when10. A firm in pure competition would shut down when11. asset specificity is largest when12. Uncert ainty includes all of the following except ____.13. Experience goods are products or services14. Declining cost industries15. Of the following, which is not an economic rationale for public usefulness regulation?16. ____ as dedicated by public utilities is designed to encourage greater usage and therefore spread the fixed costs of the goods plant over a larger number of units of output.17. The practice by teleph i companies of charging lower long-distance rates at iniquity than during the day is an example of18. When the cross elasticity of demand between one product and all other products is low, one is generally referring to a(n) ____ situation.19. In subjective monopoly, AC continuously declines due to economies in distribution or in production, which tends to found in industries which face increasing returns to scale. If price were set equal to marginal cost, then20. A cartel is a situation where firms in the industry21. The existence of a kinked demand curve under oligop oly conditions whitethorn result in22. Which of the following is an example of an oligopolistic market structure?23. counterbalance ideal cartels tend to be unstable because24. In a kinked demand market, whenever one firm decides to lower its price,25. Some industries that have rigid prices. In those industries, we tend to