JTCC Micro Final Exam

Front

Economists use the term imperfect competition to describe

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those markets that are not purely competitive.

Front

Price is constant to the individual firm selling in a purely competitive market because

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each seller supplies a negligible fraction of total supply.

Front

The marginal revenue curve for a monopolist

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becomes negative when output increases beyond some particular level.

Front

The restaurant, legal assistance, and clothing industries are each illustrations of

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monopolistic competition.

Front

The price paid for the use of money is called

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interest.

Front

Income mobility

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makes lifetime income inequality among income receivers in the United States less than income inequality in any single year.

Front

Economic rent refers to the price paid for land and other natural resources that

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are fixed in total supply.

Front

The "time-value of money" refers to the fact that

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a given amount of money is more valuable the sooner it is obtained.

Front

Marginal revenue product measures the

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amount by which the addition of one more worker increases a firm's total revenue.

Front

If two resources are highly substitute for one another,

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an increase in the price of one will increase the demand for the other.