Unit 3: Production, Cost, and the Perfect Competition Model

/ Unit 3: Production, Cost, and the Perfect Competition Model

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Question Difficulty:

Question	Difficulty	Students Solved
Economies of Scale and LRATC	easy	8
Tax Incidence With Elastic Demand	medium	7
Average Total Cost and Long-Run Decisions	medium	7
Short-Run and Long-Run Production	easy	6
Comparing Perfect and Monopolistic Competition	medium	4
Overcoming Diminishing Marginal Returns	medium	4
Profit Maximization and the Shutdown Rule	medium	6
Minimum Efficient Scale	easy	5
Short-Run Average Fixed Cost	easy	3
Long-Run Effects of a Price Ceiling	medium	4
Economic Versus Accounting Profit	easy	4
Oligopoly Collusion Breakdown	medium	2
Production Function and Technological Change	easy	4
Minimum Average Total Cost	easy	3
Rental Rate of Capital and Short-Run Cost	medium	3
Production Function Returns to Scale	easy	2
Calculating Average Variable Cost	easy	4
Technology and Average Total Cost	easy	3
Characteristics of Market Structures	easy	5
Profit Maximization in Perfect Competition	easy	4

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