1. O or X (True or False)

( ) 1. The production function is nothing to do with the isoquant.

( ) 2. The average product(AP) can be negative.

( ) 3. The marginal product(MP) can be negative.

( ) 4. The AP is always greater than the MP.

( ) 5. The total product(TP) increases all the time as the inputs increase.

( ) 6. The isocost is related to the cost function.

( ) 7. The output elasticity of capital determines the return to scale.

( ) 8. The productivity is not related to the AP.

( ) 9. The productivity is not related to the MP.

( ) 10. The learning curve is the function of time.

( ) 11. The diffusion curve is the function of time.

( ) 12. The total cost is a sum of fixed cost and variable cost in a long-run.

( ) 13. The marginal cost(MC) is higher than the average cost(AC) at any output.

( ) 14. The break-even output is estimated from the positive profit..

( ) 15. The long-run cost function is estimated on the cross-section data.

( ) 16. A difference between oligopoly & monopolistic competition is number of firms.

( ) 17. The monopoly firm faces the perfectly price-elastic demand.

( ) 18. The oligopoly firm faces the moderately price-elastic demand.

( ) 19. The perfect competitive firm faces the perfectly price-inelastic demand.

( ) 20. The cartel model is a kind of monopoly market.

( ) 21. The sales maximization model concerns the profit.

( ) 22. The dominant strategy game is considering other firm's strategy.

( ) 23. The mark-up pricing on price is higher that mark-up pricing on cost.

( ) 24. The transfer pricing is to find price of similar products.

( ) 25. The expected value calculation is needed for the uncertainty analysis.

( ) 26. The net present value calculation is needed for the risk analysis.

( ) 27. The cost of debt(loan) is nothing to do with firm's tax rate.

2. Summarize

(1) Condition of optimum 2 inputs :

(2) Increasing return to scale:

(3) Cobb-Douglas production function:

(4) Causes of productivity increases:

(5) Opportunity cost:

(6) Economy of scope:

(7) Types of market structures:

(8) Condition of optimum output and price in the market:

(9) Mark-up pricing on cost and mark-up pricing on price:

(10) Price discrimination:

(11) Maximin and minimax:

(12) Risk attitudes:

(13) Market power regulation acts:

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