2 Econ B-251 Final Exam Questions And Correct Answers | Latest Update

explicit costs {Ans: paid by firms to produce a good/service}hurdle method of price discrimination {Ans: multi-tiered pricing system which allows buyers to self-select}Perfect Competition Characteristics {Ans: Homogeneous goods Firms are price takers Many buyers and sellers No barriers to entry/exit Perfect information Firms profit maximize, consumers maximize utility}firm definition {Ans: organization that gathers all the resources to produce the goods and services society wants}single-price monopolist {Ans: a monopolist that offers its product to all consumers at the same price}incentive system (organization system) {Ans: encourage workers to maximize firm's profit}