12/4/25, 5:27 PM C211 Global Economics FINAL EXAM Questions and Answers (Verified Answers) Most Recent exam COMPLETE (2025) (Latest U…
C211 Global Economics FINAL EXAM Questions
and Answers (Verified Answers) Most Recent
exam COMPLETE (2025) (Latest Update 2026)
UPDATE!!
Save
Terms in this set (240)
Economic costs Explicit + Implicit Costs
Explicit Costs Monetary payments, material costs, wages, interest
Income you would have earned; value of the next
Implicit costs
best use; depreciation and forgone interest
Accounting profit Total revenue - explicit costs
Economic profit TR - economic costs
Economic profit TR - opportunity costs
Economic profit TR - explicit costs - implicit costs
Firms can vary their output by changing resources
The short run
used
The long run Firms can enter and exit
Total costs Fixed cost + variable costs
Average fixed cost TFC/Q
Average variable cost TVC/Q
Average total cost TC/Q or TFC/Q+TVC/Q
https://quizlet.com/1117169010/c211-global-economics-final-exam-questions-and-answers-verified-answers-most-recent-exam-complete-2025-latest-… 1/18
,12/4/25, 5:27 PM C211 Global Economics FINAL EXAM Questions and Answers (Verified Answers) Most Recent exam COMPLETE (2025) (Latest U…
Marginal cost change in TC/Q
ATC Curve U shaped
Large firms often have problems of communication
Diseconomies of Scale
and cooperation
Labor specialization, managerial specialization,
Economies of Scale
efficient capital
Zero economic profit Positive accounting profit
Maximize profit Total revenue - total cost
The goal of firms Maximize profit
The amount by which total cost would rise if output
Marginal cost
were increased by one unit
Minimum of average total The point where marginal-cost curve crosses average
cost total cost curve
Four market models Perfect, monopolistic, oligopoly, pure monopoly
large number of firms, homogenous goods, price
Perfect/pure competition
taker, free entry & exit
many firms, differentiated goods, some control over
Monopolistic competition
price, free entry & exit
few firms, homogenous/differentiated products, price
Oligopolistic competition
is interdependent, significant barriers to entry/exit
one firm, no close substitute for goods, price maker,
Monopoly
barrier to entry/exit
AR TR/Q
MR Change in TR / Change in Q
Profit maximization 1. Produce where TR-TC is greatest or 2. MR = MC
Zero economic profit Break even point (TR = TC)
Short run shut down Produce if TR < TVC or P < AVC
https://quizlet.com/1117169010/c211-global-economics-final-exam-questions-and-answers-verified-answers-most-recent-exam-complete-2025-latest-… 2/18
, 12/4/25, 5:27 PM C211 Global Economics FINAL EXAM Questions and Answers (Verified Answers) Most Recent exam COMPLETE (2025) (Latest U…
Ownership or control of essential resources, pricing
Barriers to entry or other strategic barriers, legal barriers, economies
of scale
downward sloping demand; increase sales by
Monopoly demand curve
lowering price (MR < P)
Monopoly produces MR = MC
Monopoly price above MC
marginal cost pricing rules, average cost pricing rules,
Monopoly regulation
rate of return regulation, and price cap regulation
Charge different customers different prices, charge
each customer their maximum willingness to pay,
Price discrimination
charge one price for first unit and lower price for
subsequent units
Competitive firm demand horizontal line
curve
Monopolistic competition downward sloping, highly elastic
demand curve
Monopolist competition where MR = MC
production
Monopolistic long run zero economic profit
Monopolistic competition use advertising and price competition
Monopolistic competition choose quantity of output such that MC = MR
maximize profit
Firms in perfect competition and monopolistic
Short run
competition can make profits
With free entry & exit, firms in perfect competition
Long run and monopolistic competition earn zero economic
profit
Game theory the study of how people behave in strategic situations
https://quizlet.com/1117169010/c211-global-economics-final-exam-questions-and-answers-verified-answers-most-recent-exam-complete-2025-latest-… 3/18
C211 Global Economics FINAL EXAM Questions
and Answers (Verified Answers) Most Recent
exam COMPLETE (2025) (Latest Update 2026)
UPDATE!!
Save
Terms in this set (240)
Economic costs Explicit + Implicit Costs
Explicit Costs Monetary payments, material costs, wages, interest
Income you would have earned; value of the next
Implicit costs
best use; depreciation and forgone interest
Accounting profit Total revenue - explicit costs
Economic profit TR - economic costs
Economic profit TR - opportunity costs
Economic profit TR - explicit costs - implicit costs
Firms can vary their output by changing resources
The short run
used
The long run Firms can enter and exit
Total costs Fixed cost + variable costs
Average fixed cost TFC/Q
Average variable cost TVC/Q
Average total cost TC/Q or TFC/Q+TVC/Q
https://quizlet.com/1117169010/c211-global-economics-final-exam-questions-and-answers-verified-answers-most-recent-exam-complete-2025-latest-… 1/18
,12/4/25, 5:27 PM C211 Global Economics FINAL EXAM Questions and Answers (Verified Answers) Most Recent exam COMPLETE (2025) (Latest U…
Marginal cost change in TC/Q
ATC Curve U shaped
Large firms often have problems of communication
Diseconomies of Scale
and cooperation
Labor specialization, managerial specialization,
Economies of Scale
efficient capital
Zero economic profit Positive accounting profit
Maximize profit Total revenue - total cost
The goal of firms Maximize profit
The amount by which total cost would rise if output
Marginal cost
were increased by one unit
Minimum of average total The point where marginal-cost curve crosses average
cost total cost curve
Four market models Perfect, monopolistic, oligopoly, pure monopoly
large number of firms, homogenous goods, price
Perfect/pure competition
taker, free entry & exit
many firms, differentiated goods, some control over
Monopolistic competition
price, free entry & exit
few firms, homogenous/differentiated products, price
Oligopolistic competition
is interdependent, significant barriers to entry/exit
one firm, no close substitute for goods, price maker,
Monopoly
barrier to entry/exit
AR TR/Q
MR Change in TR / Change in Q
Profit maximization 1. Produce where TR-TC is greatest or 2. MR = MC
Zero economic profit Break even point (TR = TC)
Short run shut down Produce if TR < TVC or P < AVC
https://quizlet.com/1117169010/c211-global-economics-final-exam-questions-and-answers-verified-answers-most-recent-exam-complete-2025-latest-… 2/18
, 12/4/25, 5:27 PM C211 Global Economics FINAL EXAM Questions and Answers (Verified Answers) Most Recent exam COMPLETE (2025) (Latest U…
Ownership or control of essential resources, pricing
Barriers to entry or other strategic barriers, legal barriers, economies
of scale
downward sloping demand; increase sales by
Monopoly demand curve
lowering price (MR < P)
Monopoly produces MR = MC
Monopoly price above MC
marginal cost pricing rules, average cost pricing rules,
Monopoly regulation
rate of return regulation, and price cap regulation
Charge different customers different prices, charge
each customer their maximum willingness to pay,
Price discrimination
charge one price for first unit and lower price for
subsequent units
Competitive firm demand horizontal line
curve
Monopolistic competition downward sloping, highly elastic
demand curve
Monopolist competition where MR = MC
production
Monopolistic long run zero economic profit
Monopolistic competition use advertising and price competition
Monopolistic competition choose quantity of output such that MC = MR
maximize profit
Firms in perfect competition and monopolistic
Short run
competition can make profits
With free entry & exit, firms in perfect competition
Long run and monopolistic competition earn zero economic
profit
Game theory the study of how people behave in strategic situations
https://quizlet.com/1117169010/c211-global-economics-final-exam-questions-and-answers-verified-answers-most-recent-exam-complete-2025-latest-… 3/18
