Question

An optimal monopoly will produce at the level where this quantity equals marginal revenue. For 10 points each:
[10e] Name this quantity, defined as the amount needed to produce one additional unit.
ANSWER: marginal cost [prompt on cost]
[10h] This concept can be thought of as the point where price equals marginal cost. This concept measures the broad degrees of usefulness of a product or sector.
ANSWER: allocative efficiency [prompt on efficiency]
[10m] This phenomenon is represented graphically by a negative slope to the marginal cost curve. This phenomenon occurs when the sum of the exponents in the Cobb-Douglas function is greater than 1.
ANSWER: increasing returns to scale
<RR>

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Summary

2023 BHSU @ Berkeley03/18/2023Y313.33100%33%0%
2023 BHSU @ Maryland03/11/2023Y310.0067%33%0%
2023 BHSU @ Northwestern02/25/2023Y616.67100%67%0%
2023 BHSU Online04/15/2023Y412.50100%25%0%
2023 BHSU @ Sheffield04/15/2023Y25.0050%0%0%

Data

Berkeley ABerkeley B100010
It's JoeverStanford B100010
Stanford A[Insert Lawyer Joke Here]1001020
Rutgers DiasporaFan-tastic Negs and Where to Find Them0000
The Perfection of Wisdom in 8,000 NegsMaryland A1001020
ChicagoMojo Shojo1001020
NorthwesternIllinois A+1001020
PurdueOSU100010
WUSTLEpic Games1001020
Amartya Senpai Notice MeMaryland B-1001020
MichiganChicago B+100010
Broken Imperial NomadsMagisters Ludi100010
Rollin in from Sturgis, The Cheyne GangCornell B-100010
Dr. Christopher Manners, MD – Samarra, IraqWhat is BH! And you are asking me? BHSU100010
Hutto HipposHouston and friends1001020
Cornell C++The Enrique Trastamara Military Academy B100010
Oxford HornetsBuzzers Karamazov0000
Glass Onyen: A Knives Out MysteryMaryland B+100010