Microeconomics Econ Test Study Guide Graded A+

In a monopolistic competition, do they use non-pricing power? {Ans: }What is a labor hour? {Ans: 1 hour of work by one worker}example of oligopoly competition {Ans: airlines, cars}In a monopoly competition, how many firms are there? {Ans: one}example of monopoly competition {Ans: diamond industry}What is the income effect? {Ans: any change in the quantity of labor supplied as a result of a change in income}In a oligopoly competition, how many firms are there? {Ans: few}In a monopoly competition, do they use non-pricing power? {Ans: use it (advertising EX)}For a worker, if their additional marginal cost is less than the additional marginal benefit, what would you do? {Ans: hire the worker}What is the marginal product of labor? {Ans: The increase in total output that results from hiring an additional worker}How do you calculate total revenue (TR)? {Ans: PxQ}In a monopoly competition, how easy is it to enter the market? {Ans: difficult}What is the law of diminishing returns? {Ans: Additional units of variable inputs provide less and less additional product in the short-run}In a perfect/pure competition, do they use non-pricing power? {Ans: it is not profitable in