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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
economic profit = accounting profit- implicit opportunity costs = total revenue- total economic costs = total revenue- explicit costs- implicit costs
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Flashcard 150918716

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
economic profit = accounting profit- implicit opportunity costs = total revenue- total economic costs = [...]- explicit costs- implicit costs
Answer
total revenue

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economic profit = accounting profit- implicit opportunity costs = total revenue- total economic costs = total revenue- explicit costs- implicit costs

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Flashcard 150918722

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
economic profit = accounting profit- implicit opportunity costs = total revenue- total economic costs = total revenue- [...]- implicit costs
Answer
explicit costs

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economic profit = accounting profit- implicit opportunity costs = total revenue- total economic costs = total revenue- explicit costs- implicit costs

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Flashcard 150918728

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
economic profit = accounting profit- implicit opportunity costs = total revenue- total economic costs = total revenue- explicit costs- [...]
Answer
implicit costs

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economic profit = accounting profit- implicit opportunity costs = total revenue- total economic costs = total revenue- explicit costs- implicit costs

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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Positive (negative) economic profit has a positive (negative) effect on the market value of equity.
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Flashcard 150918741

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
Positive (negative) economic profit has a positive (negative) effect on the [...].
Answer
market value of equity

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Positive (negative) economic profit has a positive (negative) effect on the market value of equity.

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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Economic rent to a factor of production is the difference between its earnings and its opportunity cost.
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Flashcard 150918751

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
Economic rent to a factor of production is the difference between its [...] and its opportunity cost.
Answer
earnings

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Economic rent to a factor of production is the difference between its earnings and its opportunity cost.

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Flashcard 150918757

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
Economic rent to a factor of production is the difference between its earnings and its [...].
Answer
opportunity cost

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Economic rent to a factor of production is the difference between its earnings and its opportunity cost.

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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Under perfect competition, each firm faces a horizontally constant demand curve
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Flashcard 150918770

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
Under perfect competition, each firm faces a [...] demand curve
Answer
horizontally constant

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Under perfect competition, each firm faces a horizontally constant demand curve

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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Fixed costs are those costs that do not vary directly with the quantity produced (e.g., plant and equipment).
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Flashcard 150918780

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
[...] are those costs that do not vary directly with the quantity produced (e.g., plant and equipment).
Answer
Fixed costs

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Fixed costs are those costs that do not vary directly with the quantity produced (e.g., plant and equipment).

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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Variable costs are those that vary directly with the quantity produced (e.g., labor, raw materials).
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Flashcard 150918790

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
[...] costs are those that vary directly with the quantity produced (e.g., labor, raw materials).
Answer
Variable

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Variable costs are those that vary directly with the quantity produced (e.g., labor, raw materials).

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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Total cost of a given output is equal to total fixed costs plus total variable costs.
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Flashcard 150918800

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
[...] of a given output is equal to total fixed costs plus total variable costs.
Answer
Total cost

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Total cost of a given output is equal to total fixed costs plus total variable costs.

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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Marginal cost is the increase in total variable costs for one additional unit of output.
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Flashcard 150918810

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
[...] is the increase in total variable costs for one additional unit of output.
Answer
Marginal cost

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Marginal cost is the increase in total variable costs for one additional unit of output.

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Flashcard 150918816

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
Marginal cost is the [...].
Answer
increase in total variable costs for one additional unit of output

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Marginal cost is the increase in total variable costs for one additional unit of output.

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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Average fixed cost (AFC) is fixed cost per unit of output and declines with greater quantities of output
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Flashcard 150918826

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
[...] is fixed cost per unit of output and declines with greater quantities of output
Answer
Average fixed cost (AFC)

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Average fixed cost (AFC) is fixed cost per unit of output and declines with greater quantities of output

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Flashcard 150918832

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
Average fixed cost (AFC) is fixed cost per unit of output and [increases/declines] with greater quantities of output
Answer
declines

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Average fixed cost (AFC) is fixed cost per unit of output and declines with greater quantities of output

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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
For a given level of fixed costs, marginal cost first decreases and then (at some quantity of output) begins to increase
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Flashcard 150918845

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
For a given level of fixed costs, marginal cost [describe its change with increases in output]
Answer
first decreases and then (at some quantity of output) begins to increase

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For a given level of fixed costs, marginal cost first decreases and then (at some quantity of output) begins to increase

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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Average variable cost (AVC) is variable cost per unit of output and first decreases and then increases with greater quantities.
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Flashcard 150918858

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
[name and abrreviation] is variable cost per unit of output and first decreases and then increases with greater quantities.
Answer
Average variable cost (AVC)

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Average variable cost (AVC) is variable cost per unit of output and first decreases and then increases with greater quantities.

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Flashcard 150918864

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
Average variable cost (AVC) is [definition?] and first decreases and then increases with greater quantities.
Answer
variable cost per unit of output

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Average variable cost (AVC) is variable cost per unit of output and first decreases and then increases with greater quantities.

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Flashcard 150918870

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
Average variable cost (AVC) is variable cost per unit of output and [describe its behaviour when output increases].
Answer
first decreases and then increases with greater quantities

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Average variable cost (AVC) is variable cost per unit of output and first decreases and then increases with greater quantities.

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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Average total cost (ATC) is total cost per unit of output and is equal to average fixed costs plus average variable costs.
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Flashcard 150918883

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
[...] is total cost per unit of output and is equal to average fixed costs plus average variable costs.
Answer
Average total cost (ATC)

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Average total cost (ATC) is total cost per unit of output and is equal to average fixed costs plus average variable costs.

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Flashcard 150918889

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
Average total cost (ATC) is [...] and is equal to average fixed costs plus average variable costs.
Answer
total cost per unit of output

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Average total cost (ATC) is total cost per unit of output and is equal to average fixed costs plus average variable costs.

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Flashcard 150918895

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
Average total cost (ATC) is total cost per unit of output and is equal to [sum of what?].
Answer
average fixed costs plus average variable costs

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Average total cost (ATC) is total cost per unit of output and is equal to average fixed costs plus average variable costs.

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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
The vertical distance between the ATC and AVC curves is equal to AFC.
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Flashcard 150918908

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
The vertical distance between the [...] and AVC curves is equal to AFC.
Answer
ATC

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The vertical distance between the ATC and AVC curves is equal to AFC.

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Flashcard 150918914

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
The vertical distance between the ATC and [...] curves is equal to AFC.
Answer
AVC

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The vertical distance between the ATC and AVC curves is equal to AFC.

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Flashcard 150918920

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
The vertical distance between the ATC and AVC curves is equal to [...].
Answer
AFC

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The vertical distance between the ATC and AVC curves is equal to AFC.

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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Both AVC and ATC are at their minimum values where they are equal to marginal cost.
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Flashcard 150918930

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
Both [...] are at their minimum values where they are equal to marginal cost.
Answer
AVC and ATC

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Both AVC and ATC are at their minimum values where they are equal to marginal cost.

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Flashcard 150918936

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
Both AVC and ATC are at their minimum values where they are equal to [...].
Answer
marginal cost

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Both AVC and ATC are at their minimum values where they are equal to marginal cost.

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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Under perfect competition:
  • The breakeven quantity of production is the quantity for which price (P) = average total cost (ATC) and total revenue (TR) = total cost (TC).
  • The firm should shut down in the long run if P < ATC so that TR < TC.
  • The firm should shut down in the short run (and the long run) if P < average variable cost (AVC) so that TR < total variable cost (TVC)
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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Under perfect competition, the breakeven quantity of production is the quantity for which
  • price (P) = average total cost (ATC) and
  • total revenue (TR) = total cost (TC).
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Under perfect competition: The breakeven quantity of production is the quantity for which price (P) = average total cost (ATC) and total revenue (TR) = total cost (TC). The firm should shut down in the long run if P < ATC so that TR < TC. The firm should shut down in the short run (and the long run) if P < average variable cost (AVC) so that TR

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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Under perfect competition, the firm should shut down in the long run if P < ATC so that TR < TC.
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Under perfect competition: The breakeven quantity of production is the quantity for which price (P) = average total cost (ATC) and total revenue (TR) = total cost (TC). The firm should shut down in the long run if P < ATC so that TR < TC. The firm should shut down in the short run (and the long run) if P < average variable cost (AVC) so that TR < total variable cost (TVC)

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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Under perfect competition, the firm should shut down in the short and long run if P < average variable cost (AVC) so that TR < total variable cost (TVC).
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rfect competition: The breakeven quantity of production is the quantity for which price (P) = average total cost (ATC) and total revenue (TR) = total cost (TC). The firm should shut down in the long run if P < ATC so that TR < TC. <span>The firm should shut down in the short run (and the long run) if P < average variable cost (AVC) so that TR < total variable cost (TVC) <span><body><html>

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Flashcard 150918976

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
Under [...] competition, the breakeven quantity of production is the quantity for which price (P) = average total cost (ATC) and total revenue (TR) = total cost (TC).
Answer
perfect

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Under perfect competition, the breakeven quantity of production is the quantity for which price (P) = average total cost (ATC) and total revenue (TR) = total cost (TC).

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Flashcard 150918982

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
Under perfect competition, the [...] is the quantity for which price (P) = average total cost (ATC) and total revenue (TR) = total cost (TC).
Answer
breakeven quantity of production

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Under perfect competition, the breakeven quantity of production is the quantity for which price (P) = average total cost (ATC) and total revenue (TR) = total cost (TC).

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Flashcard 150918991

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
Under perfect competition, the breakeven quantity of production is the quantity for which
  • [...] = average total cost (ATC) and
  • total revenue (TR) = total cost (TC).
Answer
price (P)

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Under perfect competition, the breakeven quantity of production is the quantity for which price (P) = average total cost (ATC) and total revenue (TR) = total cost (TC).

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Flashcard 150918997

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
Under perfect competition, the breakeven quantity of production is the quantity for which
  • price (P) = [...] and
  • total revenue (TR) = total cost (TC).
Answer
average total cost (ATC)

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Under perfect competition, the breakeven quantity of production is the quantity for which price (P) = average total cost (ATC) and total revenue (TR) = total cost (TC).

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Flashcard 150919003

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
Under perfect competition, the breakeven quantity of production is the quantity for which
  • price (P) = average total cost (ATC) and
  • [...] = total cost (TC).
Answer
total revenue (TR)

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Under perfect competition, the breakeven quantity of production is the quantity for which price (P) = average total cost (ATC) and total revenue (TR) = total cost (TC).

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Flashcard 150919009

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
Under perfect competition, the breakeven quantity of production is the quantity for which
  • price (P) = average total cost (ATC) and
  • total revenue (TR) = [...].
Answer
total cost (TC)

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Under perfect competition, the breakeven quantity of production is the quantity for which price (P) = average total cost (ATC) and total revenue (TR) = total cost (TC).

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Flashcard 150919015

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
Under [...] competition, the firm should shut down in the long run if P < ATC so that TR < TC.
Answer
perfect

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Under perfect competition, the firm should shut down in the long run if P < ATC so that TR < TC.

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Flashcard 150919021

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
Under perfect competition, the firm should shut down in the [...] run if P < ATC so that TR < TC.
Answer
long

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Under perfect competition, the firm should shut down in the long run if P < ATC so that TR < TC.

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Flashcard 150919027

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
Under perfect competition, the firm should shut down in the long run if [...] so that TR < TC.
Answer
P < ATC

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Under perfect competition, the firm should shut down in the long run if P < ATC so that TR < TC.

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Flashcard 150919033

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
Under perfect competition, the firm should shut down in the long run if P < ATC so that [...].
Answer
TR < TC

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Under perfect competition, the firm should shut down in the long run if P < ATC so that TR < TC.

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Flashcard 150919042

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
Under [...] competition, the firm should shut down in the short and long run if P < average variable cost (AVC) so that TR < total variable cost (TVC).
Answer
perfect

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Under perfect competition, the firm should shut down in the short and long run if P < average variable cost (AVC) so that TR < total variable cost (TVC).

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Flashcard 150919048

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
Under perfect competition, the firm should shut down in the [...] run if P < average variable cost (AVC) so that TR < total variable cost (TVC).
Answer
short and long

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Under perfect competition, the firm should shut down in the short and long run if P < average variable cost (AVC) so that TR < total variable cost (TVC).

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Flashcard 150919054

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
Under perfect competition, the firm should shut down in the short and long run if [...] so that TR < total variable cost (TVC).
Answer
P < average variable cost (AVC)

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Under perfect competition, the firm should shut down in the short and long run if P < average variable cost (AVC) so that TR < total variable cost (TVC).

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Flashcard 150919060

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
Under perfect competition, the firm should shut down in the short and long run if P < average variable cost (AVC) so that [...].
Answer
TR < total variable cost (TVC)

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Under perfect competition, the firm should shut down in the short and long run if P < average variable cost (AVC) so that TR < total variable cost (TVC).

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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Under imperfect competition (firm faces downward sloping demand):
  • Breakeven quantity of production is the quantity for which TR = TC.
  • The firm should shut down in the long run if TR < TC.
  • The firm should shut down in the short and long run if TR < TVC.
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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Under imperfect competition, breakeven quantity of production is the quantity for which TR = TC.
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Under imperfect competition (firm faces downward sloping demand): Breakeven quantity of production is the quantity for which TR = TC. The firm should shut down in the long run if TR < TC. The firm should shut down in the short and long run if TR < TVC.

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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Under imperfect competition, the firm should shut down in the long run if TR < TC.
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Under imperfect competition (firm faces downward sloping demand): Breakeven quantity of production is the quantity for which TR = TC. The firm should shut down in the long run if TR < TC. The firm should shut down in the short and long run if TR < TVC.

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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Under imperfect competition, the firm should shut down in the short and long run if TR < TVC.
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Under imperfect competition (firm faces downward sloping demand): Breakeven quantity of production is the quantity for which TR = TC. The firm should shut down in the long run if TR < TC. The firm should shut down in the short and long run if TR < TVC.

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Flashcard 150919100

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
Under [...] competition, breakeven quantity of production is the quantity for which TR = TC.
Answer
imperfect (i.e. firm facing downward-sloped demand curve for its products)

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Under imperfect competition, breakeven quantity of production is the quantity for which TR = TC.

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Flashcard 150919109

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
Under imperfect competition, [...] is the quantity for which TR = TC.
Answer
breakeven quantity of production

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Under imperfect competition, breakeven quantity of production is the quantity for which TR = TC.

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Flashcard 150919121

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
Under [...] competition, the firm should shut down in the long run if TR < TC.
Answer
imperfect

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Under imperfect competition, the firm should shut down in the long run if TR < TC.

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Flashcard 150919127

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
Under imperfect competition, the firm should shut down in the [...] run if TR < TC.
Answer
long

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Under imperfect competition, the firm should shut down in the long run if TR < TC.

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Flashcard 150919133

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
Under imperfect competition, the firm should shut down in the long run if [...].
Answer
TR < TC

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Under imperfect competition, the firm should shut down in the long run if TR < TC.

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Flashcard 150919139

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
Under [...] competition, the firm should shut down in the short and long run if TR < TVC.
Answer
imperfect

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Under imperfect competition, the firm should shut down in the short and long run if TR < TVC.

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Flashcard 150919145

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
Under imperfect competition, the firm should shut down in the [...] run if TR < TVC.
Answer
short and long

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Under imperfect competition, the firm should shut down in the short and long run if TR < TVC.

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Flashcard 150919151

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
Under imperfect competition, the firm should shut down in the short and long run if [...].
Answer
TR < TVC

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Under imperfect competition, the firm should shut down in the short and long run if TR < TVC.

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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
The profit-maximizing quantity of output is the output for which the difference between total revenue and total cost (TR- TC) is at a maximum.
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Flashcard 150919161

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
The profit-maximizing quantity of output is the output for which [...] is at a maximum.
Answer
the difference between total revenue and total cost (TR- TC)

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The profit-maximizing quantity of output is the output for which the difference between total revenue and total cost (TR- TC) is at a maximum.

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Flashcard 150919167

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
The profit-maximizing quantity of output is the output for which the difference between total revenue and total cost (TR- TC) is at [...].
Answer
a maximum

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The profit-maximizing quantity of output is the output for which the difference between total revenue and total cost (TR- TC) is at a maximum.

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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
A firm should increase production as long as marginal cost is less than marginal revenue, because the addition to total costs from additional production is less than the addition to total revenue from selling the additional output.
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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
A firm should increase production as long as marginal cost is less than marginal revenue
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A firm should increase production as long as marginal cost is less than marginal revenue, because the addition to total costs from additional production is less than the addition to total revenue from selling the additional output.

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Flashcard 150919184

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
A firm should [...] production as long as marginal cost is less than marginal revenue
Answer
increase

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A firm should increase production as long as marginal cost is less than marginal revenue

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Flashcard 150919190

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
A firm should increase production as long as [...] is less than marginal revenue
Answer
marginal cost

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A firm should increase production as long as marginal cost is less than marginal revenue

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Flashcard 150919196

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
A firm should increase production as long as marginal cost is [...] marginal revenue
Answer
less than

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A firm should increase production as long as marginal cost is less than marginal revenue

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Flashcard 150919202

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
A firm should increase production as long as marginal cost is less than [...]
Answer
marginal revenue

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A firm should increase production as long as marginal cost is less than marginal revenue

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Flashcard 150919208

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
A firm should increase production as long as marginal cost is less than marginal revenue, because [...].
Answer
the addition to total costs from additional production is less than the addition to total revenue from selling the additional output

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A firm should increase production as long as marginal cost is less than marginal revenue, because the addition to total costs from additional production is less than the addition to total revenue from selling the additional output.

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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
The long-run average total cost (LRATC) curve shows the minimum average total cost for each level of output assuming that the plant size (scale of the firm) can be adjusted
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Flashcard 150919218

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
The [...] curve shows the minimum average total cost for each level of output assuming that the plant size (scale of the firm) can be adjusted
Answer
long-run average total cost (LRATC)

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The long-run average total cost (LRATC) curve shows the minimum average total cost for each level of output assuming that the plant size (scale of the firm) can be adjusted

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Flashcard 150919224

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
The long-run average total cost (LRATC) curve shows the [...] for each level of output assuming that the plant size (scale of the firm) can be adjusted
Answer
minimum average total cost

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The long-run average total cost (LRATC) curve shows the minimum average total cost for each level of output assuming that the plant size (scale of the firm) can be adjusted

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Flashcard 150919230

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
The long-run average total cost (LRATC) curve shows the minimum average total cost for each level of [...] assuming that the plant size (scale of the firm) can be adjusted
Answer
output

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The long-run average total cost (LRATC) curve shows the minimum average total cost for each level of output assuming that the plant size (scale of the firm) can be adjusted

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Flashcard 150919236

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
The long-run average total cost (LRATC) curve shows the minimum average total cost for each level of output assuming that [...]
Answer
the plant size (scale of the firm) can be adjusted

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The long-run average total cost (LRATC) curve shows the minimum average total cost for each level of output assuming that the plant size (scale of the firm) can be adjusted

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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
A downward-sloping segment of an LRATC curve indicates economies of scale (increasing returns to scale). Over such a segment, increasing the scale of the firm reduces ATC.
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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Over downward-sloping segment of an LRATC, increasing the scale of the firm reduces ATC.
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A downward-sloping segment of an LRATC curve indicates economies of scale (increasing returns to scale). Over such a segment, increasing the scale of the firm reduces ATC.

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Flashcard 150919253

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
Over downward-sloping segment of an LRATC, [...] the scale of the firm reduces ATC.
Answer
increasing

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Over downward-sloping segment of an LRATC segment, increasing the scale of the firm reduces ATC.

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Flashcard 150919259

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
Over downward-sloping segment of an LRATC, increasing the scale of the firm [...] ATC.
Answer
reduces

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Over downward-sloping segment of an LRATC segment, increasing the scale of the firm reduces ATC.

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Flashcard 150919265

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
Over [...]-sloping segment of an LRATC, increasing the scale of the firm reduces ATC.
Answer
downward

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Over downward-sloping segment of an LRATC segment, increasing the scale of the firm reduces ATC.

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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
A downward-sloping segment of an LRATC curve indicates economies of scale (increasing returns to scale).
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A downward-sloping segment of an LRATC curve indicates economies of scale (increasing returns to scale). Over such a segment, increasing the scale of the firm reduces ATC.

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Flashcard 150919287

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
A [...]-sloping segment of an LRATC curve indicates economies of scale (increasing returns to scale).
Answer
downward

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A downward-sloping segment of an LRATC curve indicates economies of scale (increasing returns to scale).

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Flashcard 150919293

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
A downward-sloping segment of an LRATC curve indicates [...].
Answer
economies of scale (increasing returns to scale)

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A downward-sloping segment of an LRATC curve indicates economies of scale (increasing returns to scale).

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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
An upward-sloping segment of an LRATC curve indicates diseconomies of scale, where average unit costs will rise as the scale of the business (and long-run output) increases.
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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
An upward-sloping segment of an LRATC curve indicates diseconomies of scale
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An upward-sloping segment of an LRATC curve indicates diseconomies of scale, where average unit costs will rise as the scale of the business (and long-run output) increases.

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Flashcard 150919307

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
An upward-sloping segment of an LRATC curve indicates [...]
Answer
diseconomies of scale

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An upward-sloping segment of an LRATC curve indicates diseconomies of scale

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Flashcard 150919313

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
An [...]-sloping segment of an LRATC curve indicates diseconomies of scale
Answer
upward

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An upward-sloping segment of an LRATC curve indicates diseconomies of scale

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Flashcard 150919319

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
An upward-sloping segment of an LRATC curve indicates diseconomies of scale, where [...].
Answer
average unit costs will rise as the scale of the business (and long-run output) increases

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An upward-sloping segment of an LRATC curve indicates diseconomies of scale, where average unit costs will rise as the scale of the business (and long-run output) increases.

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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
A flat portion of an LRATC curve represents constant returns to scale
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Flashcard 150919329

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
A flat portion of an LRATC curve represents constant [...]
Answer
returns to scale

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A flat portion of an LRATC curve represents constant returns to scale

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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
A firm's minimum efficient scale is represented by the minimum point on the LRATC curve and is the firm size that will minimize average unit costs.
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Flashcard 150919339

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
A firm's [...] is represented by the minimum point on the LRATC curve and is the firm size that will minimize average unit costs.
Answer
minimum efficient scale

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A firm's minimum efficient scale is represented by the minimum point on the LRATC curve and is the firm size that will minimize average unit costs.

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Flashcard 150919345

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
A firm's minimum efficient scale is represented by the minimum point on the LRATC curve and is the [say about size and cost (which?)].
Answer
firm size that will minimize average unit (total) costs

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A firm's minimum efficient scale is represented by the minimum point on the LRATC curve and is the firm size that will minimize average unit costs.

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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
In perfect competition, firms will eventually all operate at minimum efficient scale
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Flashcard 150919355

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
In perfect competition, firms will eventually all operate at [...] scale
Answer
minimum efficient

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In perfect competition, firms will eventually all operate at minimum efficient scale

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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
The short run is a time period during which quantities of some firm resources are fixed.
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Flashcard 150919365

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
The short run is a time period during which [...].
Answer
quantities of some firm resources are fixed

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The short run is a time period during which quantities of some firm resources are fixed.

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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
A firm may continue to operate in the short run with economic losses as long as price is greater than AVC because the losses are less than total fixed costs.
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Flashcard 150919375

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
perfect competition, prices: a firm may continue to operate in the short run with economic losses as long as [what about the price?] because the losses are less than total fixed costs.
Answer
price is greater than AVC

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A firm may continue to operate in the short run with economic losses as long as price is greater than AVC because the losses are less than total fixed costs.

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Flashcard 150919381

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
A firm may continue to operate in the short run with economic losses as long as price is greater than AVC because the [...] are less than total fixed costs.
Answer
losses

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A firm may continue to operate in the short run with economic losses as long as price is greater than AVC because the losses are less than total fixed costs.

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Flashcard 150919387

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
A firm may continue to operate in the short run with economic losses as long as price is greater than AVC because the losses are less than [...].
Answer
total fixed costs

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A firm may continue to operate in the short run with economic losses as long as price is greater than AVC because the losses are less than total fixed costs.

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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
In the long run, all factors of production are variable so a firm will maximize profits at the quantity for which marginal revenue equals marginal cost as long as price is greater than ATC. If price is less than ATC, the firm has economic losses and will minimize losses in the long run by going out of business and reducing ongoing losses to zero
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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
In the long run, all factors of production are variable.
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In the long run, all factors of production are variable so a firm will maximize profits at the quantity for which marginal revenue equals marginal cost as long as price is greater than ATC. If price is less than ATC, the

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Flashcard 150919404

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
In the long run, [...] factors of production are [...].
Answer
all factors of production are variable

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In the long run, all factors of production are variable.

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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
In the long run, a firm will maximize profits at the quantity for which marginal revenue equals marginal cost as long as price is greater than ATC.
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In the long run, all factors of production are variable so a firm will maximize profits at the quantity for which marginal revenue equals marginal cost as long as price is greater than ATC. If price is less than ATC, the firm has economic losses and will minimize losses in the long run by going out of business and reducing ongoing losses to zero

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Flashcard 150919420

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
In the long run, a firm will maximize profits at the [...] for which marginal revenue equals marginal cost as long as price is greater than ATC.
Answer
quantity

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In the long run, a firm will maximize profits at the quantity for which marginal revenue equals marginal cost as long as price is greater than ATC.

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Flashcard 150919426

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
In the [...] run, a firm will maximize profits at the quantity for which marginal revenue equals marginal cost as long as price is greater than ATC.
Answer
long

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In the long run, a firm will maximize profits at the quantity for which marginal revenue equals marginal cost as long as price is greater than ATC.

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Flashcard 150919432

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
In the long run, a firm will maximize profits at the quantity for which [...] equals marginal cost as long as price is greater than ATC.
Answer
marginal revenue

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In the long run, a firm will maximize profits at the quantity for which marginal revenue equals marginal cost as long as price is greater than ATC.

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Flashcard 150919438

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
In the long run, a firm will maximize profits at the quantity for which marginal revenue equals [...] as long as price is greater than ATC.
Answer
marginal cost

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In the long run, a firm will maximize profits at the quantity for which marginal revenue equals marginal cost as long as price is greater than ATC.

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Flashcard 150919444

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
In the long run, a firm will maximize profits at the quantity for which marginal revenue equals marginal cost as long as price is [...].
Answer
price is greater than ATC

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In the long run, a firm will maximize profits at the quantity for which marginal revenue equals marginal cost as long as price is greater than ATC.

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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
In the long run, if price is less than ATC, the firm has economic losses and will minimize losses in the long run by going out of business and reducing ongoing losses to zero.
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head><head>In the long run, all factors of production are variable so a firm will maximize profits at the quantity for which marginal revenue equals marginal cost as long as price is greater than ATC. If price is less than ATC, the firm has economic losses and will minimize losses in the long run by going out of business and reducing ongoing losses to zero<html>

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Flashcard 150919457

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
In the [...] run, if price is less than ATC, the firm has economic losses and will minimize losses in the [...] run by going out of business and reducing ongoing losses to zero.
Answer
long

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In the long run, if price is less than ATC, the firm has economic losses and will minimize losses in the long run by going out of business and reducing ongoing losses to zero.</

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Flashcard 150919463

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
In the long run, if price is [...], the firm has economic losses and will minimize losses in the long run by going out of business and reducing ongoing losses to zero.
Answer
less than ATC

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In the long run, if price is less than ATC, the firm has economic losses and will minimize losses in the long run by going out of business and reducing ongoing losses to zero.

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Flashcard 150919469

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
In the long run, if price is less than ATC, the firm has economic losses and will minimize losses in the long run by [...] and reducing ongoing losses to zero.
Answer
going out of business

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In the long run, if price is less than ATC, the firm has economic losses and will minimize losses in the long run by going out of business and reducing ongoing losses to zero.

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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
For a decreasing-cost industry, as industry output increases, input (factor) prices decrease as the industry demand for inputs increases. This results in a negatively sloped long-run industry supply curve.
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Flashcard 150919479

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
For [...] industry, as industry output increases, input (factor) prices decrease as the industry demand for inputs increases. This results in a negatively sloped long-run industry supply curve.
Answer
a decreasing-cost

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For a decreasing-cost industry, as industry output increases, input (factor) prices decrease as the industry demand for inputs increases. This results in a negatively sloped long-run indust

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Flashcard 150919485

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
For a decreasing-cost industry, as industry output [...], input (factor) prices decrease as the industry demand for inputs increases. This results in a negatively sloped long-run industry supply curve.
Answer
increases

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For a decreasing-cost industry, as industry output increases, input (factor) prices decrease as the industry demand for inputs increases. This results in a negatively sloped long-run industry supply curve. </

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Flashcard 150919491

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
For a decreasing-cost industry, as industry output increases, [...] as the industry demand for inputs increases. This results in a negatively sloped long-run industry supply curve.
Answer
input (factor) prices decrease

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For a decreasing-cost industry, as industry output increases, input (factor) prices decrease as the industry demand for inputs increases. This results in a negatively sloped long-run industry supply curve.

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Flashcard 150919497

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
For a decreasing-cost industry, as industry output increases, input (factor) prices decrease as the industry [...] for inputs increases. This results in a negatively sloped long-run industry supply curve.
Answer
demand

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For a decreasing-cost industry, as industry output increases, input (factor) prices decrease as the industry demand for inputs increases. This results in a negatively sloped long-run industry supply curve.

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Flashcard 150919503

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
For a decreasing-cost industry, as industry output increases, input (factor) prices decrease as the industry demand for inputs increases. This results in a [...] sloped long-run industry supply curve.
Answer
negatively

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For a decreasing-cost industry, as industry output increases, input (factor) prices decrease as the industry demand for inputs increases. This results in a negatively sloped long-run industry supply curve.

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Flashcard 150919509

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
For a decreasing-cost industry, as industry output increases, input (factor) prices decrease as the industry demand for inputs increases. This results in a negatively sloped long-run industry [...] curve.
Answer
supply

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For a decreasing-cost industry, as industry output increases, input (factor) prices decrease as the industry demand for inputs increases. This results in a negatively sloped long-run industry supply curve. <html>

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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
For a constant-cost industry, the price of resources does not change as industry output expands, resulting in a horizontal long-run industry supply curve.
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Flashcard 150919519

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
For a [...], the price of resources does not change as industry output expands, resulting in a horizontal long-run industry supply curve.
Answer
constant-cost industry

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For a constant-cost industry, the price of resources does not change as industry output expands, resulting in a horizontal long-run industry supply curve.

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Flashcard 150919525

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
For a constant-cost industry, the price of resources [...] as industry output expands, resulting in a horizontal long-run industry supply curve.
Answer
does not change

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For a constant-cost industry, the price of resources does not change as industry output expands, resulting in a horizontal long-run industry supply curve.

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Flashcard 150919536

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
For a constant-cost industry, the price of resources does not change as industry output expands, resulting in a [...] long-run industry supply curve.
Answer
horizontal

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For a constant-cost industry, the price of resources does not change as industry output expands, resulting in a horizontal long-run industry supply curve.

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Flashcard 150919543

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
For a constant-cost industry, the price of resources does not change as industry output expands, resulting in a horizontal long-run industry [...] curve.
Answer
supply

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For a constant-cost industry, the price of resources does not change as industry output expands, resulting in a horizontal long-run industry supply curve.

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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
For an increasing-cost industry, as industry output increases, input (factor) prices increase as the industry demand for inputs increases. This results in a positively sloped long-run industry supply curve.
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Flashcard 150919553

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
For [...] industry, as industry output increases, input (factor) prices increase as the industry demand for inputs increases. This results in a positively sloped long-run industry supply curve.
Answer
an increasing-cost

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For an increasing-cost industry, as industry output increases, input (factor) prices increase as the industry demand for inputs increases. This results in a positively sloped long-run indus

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Flashcard 150919559

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
For an increasing-cost industry, as industry output increases, input (factor) prices [...] as the industry demand for inputs increases. This results in a positively sloped long-run industry supply curve.
Answer
increase

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For an increasing-cost industry, as industry output increases, input (factor) prices increase as the industry demand for inputs increases. This results in a positively sloped long-run industry supply curve.

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Flashcard 150919565

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
For an increasing-cost industry, as industry output increases, input (factor) prices increase as the industry demand for inputs [...]. This results in a positively sloped long-run industry supply curve.
Answer
increases

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For an increasing-cost industry, as industry output increases, input (factor) prices increase as the industry demand for inputs increases. This results in a positively sloped long-run industry supply curve.

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Flashcard 150919571

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
For an increasing-cost industry, as industry output increases, input (factor) prices increase as the industry demand for inputs increases. This results in a [...] sloped long-run industry supply curve.
Answer
positively

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For an increasing-cost industry, as industry output increases, input (factor) prices increase as the industry demand for inputs increases. This results in a positively sloped long-run industry supply curve.

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Con il termine rosolia si identifica una malattia infettiva che vede come agente eziologico un virus ad RNA del genere "Rubivirus" appartenente alla famiglia dei
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Rosolia - Wikipedia
o esantema della rosolia, piccole maculo-papule di colorito roseo-rossastro non confluenti. Specialità Infettivologia Classificazione e risorse esterne ( EN ) ICD-9-CM 056 ICD-10 B06 MeSH D012409 MedlinePlus 001574 eMedicine 802617 e 966220 <span>Con il termine rosolia si identifica una malattia infettiva che vede come agente eziologico un virus ad RNA del genere "Rubivirus" appartenente alla famiglia dei "Togaviridae". Tale malattia esantematica colpisce prevalentemente in età pediatrica, e si trasmette principalmente per contagio per via aerea. Ha solitamente un decorso beni




Flashcard 150919586

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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
For an increasing-cost industry, as industry output increases, input (factor) prices increase as the industry demand for inputs increases. This results in a positively sloped [...]-run industry supply curve.
Answer
long

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For an increasing-cost industry, as industry output increases, input (factor) prices increase as the industry demand for inputs increases. This results in a positively sloped long-run industry supply curve.

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Flashcard 150919592

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[default - edit me]
Answer
Con il termine rosolia si identifica una malattia infettiva che vede come agente eziologico un virus ad RNA del genere " Rubivirus " appartenente alla famiglia dei

statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill
Rosolia - Wikipedia
o esantema della rosolia, piccole maculo-papule di colorito roseo-rossastro non confluenti. Specialità Infettivologia Classificazione e risorse esterne ( EN ) ICD-9-CM 056 ICD-10 B06 MeSH D012409 MedlinePlus 001574 eMedicine 802617 e 966220 <span>Con il termine rosolia si identifica una malattia infettiva che vede come agente eziologico un virus ad RNA del genere "Rubivirus" appartenente alla famiglia dei "Togaviridae". Tale malattia esantematica colpisce prevalentemente in età pediatrica, e si trasmette principalmente per contagio per via aerea. Ha solitamente un decorso beni







#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Total product of labor (TPL) is the total output of a firm that uses a specific amount of capital (i.e., plant and equipment are fixed).
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Flashcard 150919647

Tags
#english #polish
Question

statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill