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True or False (O or X)
( ) 1. Opportunity cost is
included in the accounting cost.
( ) 2. Marginal Cost(MC) and Average Cost(AC) meet at the lowest MC.
( ) 3. Economies of Scope decreases production cost by increasing production.
( ) 4. Economies of Scale is the case for decreasing Long-Run Average Cost.
( ) 5. Production Function’s Independent Variable is the Output.
( ) 6. Profit Function’s Independent Variable is the Output.
( ) 7. Cost Function’s Independent Variable is the Output.
( ) 8. Cost Equation’s Independent Variable is the Output.
( ) 9. Marginal Revenue is the Price in all cases.
( ) 10. Firm’s Supply Curve is the average Cost Curve.
( ) 11. Consumer Surplus is a surplus vale of buying less than market price.
( ) 12. Producer Surplus is a surplus value of selling higher than market price.
( ) 13. De Bears Diamonds Co. is the Natural Monopoly.
( ) 14. Copy right are the Natural Monopoly.
( ) 15. Water supply is the Natural Monopoly.
( ) 16. Monopoly Price is the same level where MR meets MC.
( ) 17. Monopoly Demand is the Average Revenue.
( ) 18. Airline Ticket is the Peak-Load Pricing.
( ) 19. Electricity is the Intertemporal Pricing.
( ) 20. Amusement Park fees are the Two-Parts Tariffs.
( ) 21. Oligopoly Price is the same level where MR and MC meet.
( ) 22. Oligopoly Price is the same level where MR and MC meet.
( ) 23. Reaction Curve is the producer’s production reaction to consumption.
( ) 24. Dominant Strategy Game is a game where one side considers other side.
( ) 25. Monopolistic Competition is where few sellers compete with same output.
( ) 26. Demand for labor is a Derived Demand.
( ) 27. As Bond Price increases, Bond Yield increases.
( ) 28. Agents have less information than principal.
( ) 29. Externalities are not good always to market economy
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