Test#2 Study Guide
Test#2 will consist of 20 True/False questions each worth 5 points. You will have one hour and 20 minutes to take the test.
The following topics will be covered on the second test broken down by each module:
Module 18/52
- Explicit cost
- Implicit cost
- Accounting profit
- Economic profit
Module 18 continued/53
- Total revenue
- Profit
- Marginal revenue
Module 21
- Long run
- Short run
- Marginal product of labor
- Diminishing returns
Module 22
- Total cost curve
- Marginal cost curve
- Average fixed cost curve
Module 23
- Scale effects
- Sunk cost
Module 24
- Price-takers
- Market share
Module 25
- The price-taking firm's optimal output rule
- The break-even price
Module 26
- Fixed cost and short-run production
- The shut-down price in the short-run