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ACC 568 Final Exam Guide Part 1 Question 1 Which of the following is not an assumption of the linear breakeven model: Question 2 George Webb Restaurant collects on the average $5 per customer at its breakfast & lunch diner. Its variable cost per customer averages $3, and its annual fixed cost is $40,000. If George Webb wants to make a profit of $20,000 per year at the diner, it will have to serve__________ customers per year. Question 3 In the linear breakeven model, the breakeven sales volume (in dollars) can be found by multiplying the breakeven sales volume (in units) by: Question 4 In the linear breakeven model, the difference between selling price per unit and variable cost per unit is referred to as: Question 5 In a study of banking by asset size over time, we can find which asset sizes are tending to become more prominent. The size that is becoming more predominant is presumed to be least cost. This is called: Question 6 Theoretically, in a long-run cost function:
Question 7 The price for used cars is well below the price of new cars of the same general quality. This is an example of: Question 8 Experience goods are products or services Question 9 Long distance telephone service has become a competitive market. The average cost per call is $0.05 a minute, and it’s declining. The likely reason for the declining price for long distance service is: Question 10 All of the following are mechanisms which reduce the adverse selection problem except ____. Question 11 In the short-run for a purely competitive market, a manufacturer will stop production when: Question 12 Uncertainty includes all of the following except ____. Question 13 An "experience good" is one that: Question 14 The practice by telephone companies of charging lower long-distance rates at night than during the day is an example of: Question 15 Of the following, which is not an economic rationale for public utility regulation? Question 16 Regulatory agencies engage in all of the following activities except _______.
Question 17 Declining cost industries Question 18 The demand curve facing the firm in ____ is the same as the industry demand curve. Question 19 In the electric power industry, residential customers have relatively ____ demand for electricity compared with large industrial users. But contrary to price discrimination, large industrial users generally are charged ____ rates.
Question 20 Barometric price leadership exists when Question 21 A cartel is a situation where firms in the industry Question 22 Even ideal cartels tend to be unstable because Question 23 In the Cournot duopoly model, each of the two firms, in determining its profitmaximizing price-output level, assumes that the other firm's ____ will not change. Question 24 Some industries that have rigid prices. In those industries, we tend to Question 25 In a kinked demand market, whenever one firm decides to lower its price,