Older MCQs might not have the typical A, B, C,
D
choices. They
have choices 1, 2, 3, and a combination of them is the answer. Below is the key that maps such
combinations to the answer.
A
1, 2 and 3 are correct
B
1 and 2 only are correct
C
2 and 3 only are correct
D
1 only is correct
performance of firms in different market structures: revenues and revenue curves, output in the short run and the long run, profits in the short run and the long run, shutdown price in the short run and the long run, derivation of a firm’s supply curve in a perfectly competitive market, efficiency and X-inefficiency in the short run and the long run, contestable markets: features and implications, price competition and non-price competition, collusion and the Prisoner’s Dilemma in oligopolistic markets, including a two-player pay-off matrix
short-run cost function: definition and calculation of fixed costs (FC) and variable costs (VC), definition and calculation of total, average and marginal costs (TC, AC, MC), including average total cost (ATC), total and average fixed costs (TFC, AFC) and total and average variable costs (TVC, AVC), explanation of shape of short-run average cost and marginal cost curves
