Econ 101: Chapter 11 Exam | Questions with 100%
Correct Answers | Verified | Latest Update
2026/2027
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Practice questions for this set
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as one industry grows, suppliers of inputs move to be close
- cost reductions are temporary
Choose an answer
What are the characteristics of a
1 2 what are variable costs
perfectly competitive market
3 What are Economic costs 4 What is a decreasing cost industry
Don't know?
Terms in this set (41)
, What are the characteristics of a 1) Large # of seller
perfectly competitive market 2) Large # of Buyers
3) Each seller provides a similar product
4) easy to enter into market, no significant barriers
to entry
What does max profit equal π
how do you find max profit Total Revenue (TR) - Total Cost (TC)
What are explicit costs Obvious costs, require monetary payment
(accounting costs)
(equipment costs)
(rent)
What are Economic costs explicit costs + implicit costs
What are implicit costs? Costs that do not require money spending. (Time,
Opportunity Cost)
What is accounting profit revenue - accounting cost
what is including in accounting cost just explicit cost
how do you find economic profit revenue - economic cost
What are the characteristics of short -at least on fixed-point
run -no entry of exit of firms
what are the types of costs -fixed costs
-variable costs
-total costs
Correct Answers | Verified | Latest Update
2026/2027
Save
Practice questions for this set
Learn 1 /7 Study using Learn
as one industry grows, suppliers of inputs move to be close
- cost reductions are temporary
Choose an answer
What are the characteristics of a
1 2 what are variable costs
perfectly competitive market
3 What are Economic costs 4 What is a decreasing cost industry
Don't know?
Terms in this set (41)
, What are the characteristics of a 1) Large # of seller
perfectly competitive market 2) Large # of Buyers
3) Each seller provides a similar product
4) easy to enter into market, no significant barriers
to entry
What does max profit equal π
how do you find max profit Total Revenue (TR) - Total Cost (TC)
What are explicit costs Obvious costs, require monetary payment
(accounting costs)
(equipment costs)
(rent)
What are Economic costs explicit costs + implicit costs
What are implicit costs? Costs that do not require money spending. (Time,
Opportunity Cost)
What is accounting profit revenue - accounting cost
what is including in accounting cost just explicit cost
how do you find economic profit revenue - economic cost
What are the characteristics of short -at least on fixed-point
run -no entry of exit of firms
what are the types of costs -fixed costs
-variable costs
-total costs
