Econ 550 Final Exam Part 1

915 words - 4 pages

Econ 550 Final Part 1
4 out of 4 points
| |
| In the linear breakeven model, the breakeven sales volume (in dollars) can be found by multiplying the breakeven sales volume (in units) by: | | | |
| Selected Answer: | selling price per unit |
Correct Answer: | selling price per unit |
| | | |
 Question 2
4 out of 4 points
| |
| Theoretically, in a long-run cost function: | | | |
| Selected Answer: | all inputs are considered variable |
Correct Answer: | all inputs are considered variable |
| | | |
 Question 3
4 out of 4 points
| |
| Which of the following is not an assumption of the linear breakeven model: | | | |
| Selected Answer: | ...view middle of the document...

| | | |
| Selected Answer: | pure monopoly |
Correct Answer: | pure monopoly |
| | | |
 Question 15
4 out of 4 points
| |
| ____ as practiced by public utilities is designed to encourage greater usage and therefore spread the fixed costs of the utility's plant over a larger number of units of output. | | | |
| Selected Answer: | Block pricing |
Correct Answer: | Block pricing |
| | | |
 Question 16
4 out of 4 points
| |
| Of the following, which is not an economic rationale for public utility regulation? | | | |
| Selected Answer: | constant cost industry |
Correct Answer: | constant cost industry |
| | | |
 Question 17
4 out of 4 points
| |
| Declining cost industries | | | |
| Selected Answer: | have marginal cost curves below their average cost curve. |
Correct Answer: | have marginal cost curves below their average cost curve. |
| | | |
 Question 18
4 out of 4 points
| |
| In the electric power industry, residential customers have relatively ____ demand for electricity compared with large industrial users.  But contrary to price discrimination, large industrial users generally are charged ____ rates. | | | |
| Selected Answer: | inelastic, higher |
Correct Answer: | inelastic, higher |
| | | |
 Question 19
4 out of 4 points
| |
| The practice by telephone companies of charging lower long-distance rates at night than during the day is an example of: | | | |
| Selected Answer: | peak-load pricing |
Correct Answer: | peak-load pricing |
| | | |
 Question 20
4 out of 4 points
| |
| The existence of a kinked demand curve...

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