2010澳班微观经济学复习.doc
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1、Close1. The minimum price necessary to get a labour resource owner to supply his or her labour is its_2. The amount of earnings above the opportunity cost of a Labour is called_3.All earnings are opportunity costs when the labour supply curve is _4.When the supply curve is vertical,_ determines the
2、equilibrium price5. A profit-maximsing firm will hire an additional worker if the wage is less than labours_6.The marginal revenue product in perfect competition is also called the_ of the marginal product7. The competitive firms demand curve for labour slopes downward because of the _8. When the pr
3、oduct of one firm is identical to the product of other firms in the market, the product is said to be_9. Resources are freely_ if firms can enter and exit an industry easily.10. A firm is a _ if it faces a horizontal demand cure for its product.11. Under perfect competition, price always equals_and_
4、.12.As long as price at least covers variable costs, a profit-maximising firm produces where _equals_13.If marginal cost exceeds marginal revenue, the firm should_its output level.14.The short-run supply curve of a perfectly competitive firm is the portion of its_curve that lies above the minimum po
5、int of its_curve.15. Long-run equilibrium in perfect competition is characterized by_ economic profits 16.Long-run equilibrium in perfect competition, each firm produces at the _of the long-run average cost curve.17.A _-cost industry can decrease output and not see resource prices fall.18.If new fir
6、ms entering an industry have higher production costs then existing firms, the industry is a (n) _cost industry19. _efficiency is achieved when firms produce the goods society values the most.20. Allocative efficiency occurs when firm produce at the rate of output where _equals_.21. is the amount a s
7、eller is paid for a good minus the sellers cost.22. economics is the study of how society its scarce resources.23. efficiency is the property of society getting the it can from its scarce resources.24. a graph that shows the combinations of output that the economy can possibly produce given the avai
8、lable factors of production and the available production technology. 25.Bread is a good if demand for it increases when income increases.26. claims that attempt to prescribe how the world should be.27.Two goods are complements if the cross-price elasticity of demand is .28. comparative advantageis t
9、he comparison among producers of a good according to their 29. price ceiling is a legal on the price at which a good can be sold.30.The marginal revenue product in perfect compeltition is also called the of the marginal product. 31. If the amount producers receive for their output is greater than th
10、e minimum amount they require to produce the output, then producers receive_.True/false_1 The decisions a firm makes depend on the structure of the market in which it operates_2 Under perfect competition, each firm has only to decide how much of a good to produce_3 The product of one producer is ide
11、ntical to the products of all other producers in the market under perfect competition._4 Under perfect competition, a firm will not advertise its product_5 Perfectly competitive firms try to change the profit-maximising price._6 Firms compete vigorously with each other under perfect competition_7 Th
12、e slope of the perfectly competitive firms total revenue curve is the price of the good._8 For a firm in a perfectly competitive industry, marginal revenue equals the market price._9 Firms maximize prefects by producing where total revenue equals total cost_10 In the short run, perfectly competitive
13、 firms can make economic profits or losses._11 In the short run, a firm should never have to lose more than its fixed costs._12 IF price is greater than average variable cost for some range of output, the firm should produce in the short run._13 The firms marginal cost curve is also its short-run su
14、pply curve._14 If the market demand curve and the market supply curve intersect at a price of $5, the minimum point of the A VC curve must be below $5._15 In the long run, perfectly competitive firms can make economic profits. _16 In long-run equilibrium, the competitive fu-in produces at the minimu
15、m point of its long-run average_17 A decrease in market demand causes some competitive firms to leave the industry in the long run._18 The industry long-run supply curve always slopes upward._19 Where there is productive efficiency there must also be allocative efficiency._20 Producer surplus is pos
16、itive only when economic profits are positive.21.Rent seeking is an important type of productivity activity. 22.The median voter model says that the policy that is the first choice of most people will be selected. 23.The Gini coefficient is a part of the Lorenz Curve analysis. 24.All monopolist maxi
17、mizes profit by selecting the rate of output where price equals marginal cost. 25.The firms marginal cost curve is also its short-run supply curve. 26.The difference between accounting profit and economic profit is in treatment of implicit costs. 27.Along the demand curve ,price measures the value o
18、f the marginal utility derived from the last unit of consumption. 28. If demand for a good is price elastic,the producer can increase total revenue by lowering the price of the good. 29.An increase in the price of a required resourse will cause a change in quantity demanded of the good produced with
19、 it. 30. A natural monopoly exists when one firm controls all of a natural resource.definition of concepts1.natural monopoly: a monopoly that arises because a single firm can supply a good or service to an entire market at a smaller cost than could two or more firms.2.monopoly: a firm that is the so
20、le seller of a product without close substitutes.3.price discrimination: the business practice of selling the same good at different prices to different customers.3.Perfect(First Degree) price discrimination describes a situation where a monopolist knows exactly the willingness to pay of each custom
21、er and can charge each customer a different price.4.Second-degree price discrimination is pricing according to quantity consumed-or in blocks.5.Third-degree price discrimination is feasible when the seller canseparate his/her market into roups who have different price elasticities of demand (e.g. bu
22、siness air travelers versus vacation air travelers)6. oligopoly: a market structure in which only a few sellers offer similar or identical products.7. monopolistic competition: a market structure in which many firms sell products that are similar but not identical.8. Nash equilibrium: a situation in
23、 which economic actors interacting with one another each choose their best strategy given the strategies that all the other actors have chosen.9. game theory: the study of how people behave in strategic situations.10. prisoners dilemma: a particular game between two captured prisoners that illustrat
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- 2010 微观经济学 复习
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