question
1.
Formal markets are any place where goods are bought and sold.
True
False
Formal markets are any place where goods are bought and sold.
True
False
answer
False
question
2.
Markets will function optimally when there are property rights and money, even when contract enforceability isn't clear.
True
False
Markets will function optimally when there are property rights and money, even when contract enforceability isn't clear.
True
False
answer
False
question
3.
Money is anything that has the following characteristics, or serves as a _______________.
-Unit of Account
-Easily Divisible
-Has real use value in and of itself
-Is Fiat
-Commodity of Exchange
-Store of Value
Multi select
Money is anything that has the following characteristics, or serves as a _______________.
-Unit of Account
-Easily Divisible
-Has real use value in and of itself
-Is Fiat
-Commodity of Exchange
-Store of Value
Multi select
answer
Unit of Account
Commodity of Exchange
Store of Value
Commodity of Exchange
Store of Value
question
4.
Qd = 1000-200P
Qs = 200P-600
The market clearing price is?
-2
-3
-1
-5
-4
Qd = 1000-200P
Qs = 200P-600
The market clearing price is?
-2
-3
-1
-5
-4
answer
-4
question
5.
Qd = 1000-200P
Qs = 200P-600
The market clearing quantity is?
-400
-100
-500
-300
-200
Qd = 1000-200P
Qs = 200P-600
The market clearing quantity is?
-400
-100
-500
-300
-200
answer
-200
question
6.
If the price of potatoes increases, then the demand for iPhones will ___________ because potatoes and iPhones are ____________.
-decrease, substitutes
-won't change, unrelated
-decrease, complements
-won't change, complements
-won't change, substitutes
-increase, complements
-increase, substitutes
If the price of potatoes increases, then the demand for iPhones will ___________ because potatoes and iPhones are ____________.
-decrease, substitutes
-won't change, unrelated
-decrease, complements
-won't change, complements
-won't change, substitutes
-increase, complements
-increase, substitutes
answer
-wont change, unrelated
question
7.
If Tiffany likes hamburgers more than boba, and boba more than cucumbers. And... Tiffany also likes cucumbers more than hamburgers, then we know that Tiffany is economically rational. 😍
-True
-False
If Tiffany likes hamburgers more than boba, and boba more than cucumbers. And... Tiffany also likes cucumbers more than hamburgers, then we know that Tiffany is economically rational. 😍
-True
-False
answer
False
question
8.
If two indifference curves cross; then we know the assumption of _____________ has been broken; and the consumer will likely end up being unable to decide what to do given her budget.
-Transitivity
-Reflexivity
-Completeness
-Monotonicity
If two indifference curves cross; then we know the assumption of _____________ has been broken; and the consumer will likely end up being unable to decide what to do given her budget.
-Transitivity
-Reflexivity
-Completeness
-Monotonicity
answer
-Transitivity
question
9.
We assume that there are no "bads" in our economy. This can be dealt with by simply inverting a "bad" like trash; and instead selling a good such as "not-trash".
-True
-False
We assume that there are no "bads" in our economy. This can be dealt with by simply inverting a "bad" like trash; and instead selling a good such as "not-trash".
-True
-False
answer
-True
question
10.
Based upon the following indifference curve; which are true?
(Paper graph)
-D is preferred to A and B
-A is indifferent to D
-A is preferred to B
-B is preferred to C
-C is preferred to D
-B is preferred to A
Based upon the following indifference curve; which are true?
(Paper graph)
-D is preferred to A and B
-A is indifferent to D
-A is preferred to B
-B is preferred to C
-C is preferred to D
-B is preferred to A
answer
D is preferred to A and B
B is preferred to C
B is preferred to C
question
11.
Match the point to the appropriate condition:
(paper graph)
-A MUx MUy
-B MUx MUy
-C MUx MUy
Match the point to the appropriate condition:
(paper graph)
-A MUx MUy
-B MUx MUy
-C MUx MUy
answer
-A MUx > MUy
-B MUx = MUy
-C MUx < MUy
-B MUx = MUy
-C MUx < MUy
question
12.
Match the utility function with a likely set of goods that match the model:
-U(X,Y)=X+Y
-U(X,Y)=min(X,Y)
-U(X,Y)=XY
Tacos, Pizza
Cellphone, Charger
Pickle, BMW
Blended Coffee from Petes, Frappacino from Starbucks
Match the utility function with a likely set of goods that match the model:
-U(X,Y)=X+Y
-U(X,Y)=min(X,Y)
-U(X,Y)=XY
Tacos, Pizza
Cellphone, Charger
Pickle, BMW
Blended Coffee from Petes, Frappacino from Starbucks
answer
U(X,Y)=X+Y Blended Coffee from Petes, Frappacino from Starbucks
U(X,Y)=XY Tacos, Pizza
U(X,Y)=min(X,Y) Cellphone, Charger
U(X,Y)=XY Tacos, Pizza
U(X,Y)=min(X,Y) Cellphone, Charger
question
13.
If income increases while prices also increase; then the budget constraint will:
-not move (no change in purchasing power)
-move toward from the origin (less purchasing power)
-move away from the origin (more purchasing power)
If income increases while prices also increase; then the budget constraint will:
-not move (no change in purchasing power)
-move toward from the origin (less purchasing power)
-move away from the origin (more purchasing power)
answer
-not move (no change in purchasing power)
question
14.
This girl I knew would consume 100 units of X and 100 units of Y when the price of X was $2 and the price of Y was $2. If the price of X rose to $4 and the price of Yrose to $4, how much would her income have to rise so that she could still afford her original bundle?
-250
-700
-500
-400
-350
This girl I knew would consume 100 units of X and 100 units of Y when the price of X was $2 and the price of Y was $2. If the price of X rose to $4 and the price of Yrose to $4, how much would her income have to rise so that she could still afford her original bundle?
-250
-700
-500
-400
-350
answer
-400
question
15.
Some guy has the utility function U(XA, XB) = min(XA, XB). His indifference curve passing through 6 apples and 6 bananas will also pass through the point where he consumes 20 apples and ____________ bananas.
-6
-10
-16
-8
-2
-12
-4
-14
Some guy has the utility function U(XA, XB) = min(XA, XB). His indifference curve passing through 6 apples and 6 bananas will also pass through the point where he consumes 20 apples and ____________ bananas.
-6
-10
-16
-8
-2
-12
-4
-14
answer
-6
question
16.
MATCH THE MARKET SHOCK TO THE APPROPRIATE CHANGE IN THE BUDGET CONSTRAINT:
(paper graph)
-Px decreases
-Income decreases
-Px and Py both increase proportionately
-Income increases, Px decreases
-Px and Py decrease, but Px decreases more
MATCH THE MARKET SHOCK TO THE APPROPRIATE CHANGE IN THE BUDGET CONSTRAINT:
(paper graph)
-Px decreases
-Income decreases
-Px and Py both increase proportionately
-Income increases, Px decreases
-Px and Py decrease, but Px decreases more
answer
-A
-B
-B
-C
-C
-B
-B
-C
-C
question
17.
The marginal rate of substitution:
-is always constant, no matter how much of each good you have.
-is the exchange rate of two goods in terms of satisfaction per unit
-is never constant, no matter how your preferences are formed.
-is defined by the price ratio taken between two goods
-is more important to the consumer than the price ratio.
The marginal rate of substitution:
-is always constant, no matter how much of each good you have.
-is the exchange rate of two goods in terms of satisfaction per unit
-is never constant, no matter how your preferences are formed.
-is defined by the price ratio taken between two goods
-is more important to the consumer than the price ratio.
answer
-is the exchange rate of two goods in terms of satisfaction per unit
question
18.
You're given the following consumer model and market condition. Solve for the optimal mix of X and Y.
100=x+y
U(x,y)=x+2y
-x=200, y=100
-x=200, y=200
-x=0, y=100
-x=100, y=100
-x=100, y=200
-x=100, y=0
You're given the following consumer model and market condition. Solve for the optimal mix of X and Y.
100=x+y
U(x,y)=x+2y
-x=200, y=100
-x=200, y=200
-x=0, y=100
-x=100, y=100
-x=100, y=200
-x=100, y=0
answer
-x=0, y=100
question
19.
With Y on the vertical axis, and X on the horizontal: If the MRS is greater than the PR, then we know there is an incentive to:
-decrease consumption of X, increase consumption of Y to stay on BC.
-increase consumption of X, decrease consumption of Y to stay on BC.
-neither increase or decrease either X or Y
-increase consumption of X, increase consumption of Y to stay on BC.
-decrease consumption of X, decrease consumption of Y to stay on BC.
With Y on the vertical axis, and X on the horizontal: If the MRS is greater than the PR, then we know there is an incentive to:
-decrease consumption of X, increase consumption of Y to stay on BC.
-increase consumption of X, decrease consumption of Y to stay on BC.
-neither increase or decrease either X or Y
-increase consumption of X, increase consumption of Y to stay on BC.
-decrease consumption of X, decrease consumption of Y to stay on BC.
answer
-increase consumption of X, decrease consumption of Y to stay on BC.
question
20.
You're given the following consumer model and market condition. Solve for the optimal mix of X and Y.
600=10x+10y
U(x,y)=x^1/2 y^1/2
-X =10 , Y= 10
-X = 10, Y= 20
-X = 30, Y= 10
-X = 30, Y= 30
-X = 20, Y= 20
-X=10,Y=30
You're given the following consumer model and market condition. Solve for the optimal mix of X and Y.
600=10x+10y
U(x,y)=x^1/2 y^1/2
-X =10 , Y= 10
-X = 10, Y= 20
-X = 30, Y= 10
-X = 30, Y= 30
-X = 20, Y= 20
-X=10,Y=30
answer
-X = 30, Y= 30
question
21.
Which bundles are feasible solutions for the consumer model based upon our assumptions?
(paper graph)
-A
-B
-C
-D
-E
Feasible or not feasible
Which bundles are feasible solutions for the consumer model based upon our assumptions?
(paper graph)
-A
-B
-C
-D
-E
Feasible or not feasible
answer
-A, Feasible
-B, Not Feasible
-C, Feasible
-D, Not Feasible
-E, Not feasible
-B, Not Feasible
-C, Feasible
-D, Not Feasible
-E, Not feasible
question
22.
Which is the proper graphical representation of the incentive and response of the consumer?
(paper graph)
-Model B
-Model A
-Neither
Which is the proper graphical representation of the incentive and response of the consumer?
(paper graph)
-Model B
-Model A
-Neither
answer
-A
question
23.
Which of the following are true in the graph below?
(paper graph)
-At point A, MUx/Px > MUy/Py
-At point C, MUx/Px > MUy/Py
-At point B, MUx/Px > MUy/Py
-At point B, MRS>PR
-At point A, MRS>PR
-At point B, there's an incentive to buy more X but you must give up Y's to stay on Constraint
-At point C, MRS>PR
-At point C, there's an incentive to buy more X but there are no more Y's to give up.
-At point A, there's an incentive to buy more X but you must give up Y's to stay on Constraint
Which of the following are true in the graph below?
(paper graph)
-At point A, MUx/Px > MUy/Py
-At point C, MUx/Px > MUy/Py
-At point B, MUx/Px > MUy/Py
-At point B, MRS>PR
-At point A, MRS>PR
-At point B, there's an incentive to buy more X but you must give up Y's to stay on Constraint
-At point C, MRS>PR
-At point C, there's an incentive to buy more X but there are no more Y's to give up.
-At point A, there's an incentive to buy more X but you must give up Y's to stay on Constraint
answer
All
question
24.
You're given the following consumer model and market condition. Solve for the optimal mix of X and Y.
300=x+2y
U(x,y)=Min(x,y)
-x=100, y=200
-x=200, y=100
-x=200, y=200
-x=100, y=100
You're given the following consumer model and market condition. Solve for the optimal mix of X and Y.
300=x+2y
U(x,y)=Min(x,y)
-x=100, y=200
-x=200, y=100
-x=200, y=200
-x=100, y=100
answer
-x=100, y=100
question
25.
Which utility function goes with indifference curve?
(paper graph)
-u(x,y)=min(x,y)
-u(x,y)=Ax+By
-u(x,y)=XY
options
A, B, C
Which utility function goes with indifference curve?
(paper graph)
-u(x,y)=min(x,y)
-u(x,y)=Ax+By
-u(x,y)=XY
options
A, B, C
answer
-A
-C
-B
-C
-B
question
26.
Match the condition with the point in the graph:
(paper graph)
MUx/PX ? MUy/Py
MRS ? PR
-A (Incentive)
-A (Slopes)
-B (Incentive)
-B (Slopes)
-C (Incentive)
-C (Slopes)
Match the condition with the point in the graph:
(paper graph)
MUx/PX ? MUy/Py
MRS ? PR
-A (Incentive)
-A (Slopes)
-B (Incentive)
-B (Slopes)
-C (Incentive)
-C (Slopes)
answer
-A (Incentive)MUx/Px > MUy/Py
-A (Slopes) MRS > PR
-B (Incentive) MUx/Px = MUy/Py
-B (Slopes) MRS = PR
-C (Incentive) MUx/Px < MUy/Py
-C (Slopes) MRS < PR
-A (Slopes) MRS > PR
-B (Incentive) MUx/Px = MUy/Py
-B (Slopes) MRS = PR
-C (Incentive) MUx/Px < MUy/Py
-C (Slopes) MRS < PR
question
27.
If MUx > MUy, then we know that:
-the consumer will always buy more y's
-the consumer will buy equal amounts of X and Y
-if the price of y is sufficiently low; the consumer will buy more y's
-the consumer will always buy more x's.
If MUx > MUy, then we know that:
-the consumer will always buy more y's
-the consumer will buy equal amounts of X and Y
-if the price of y is sufficiently low; the consumer will buy more y's
-the consumer will always buy more x's.
answer
-if the price of y is sufficiently low; the consumer will buy more y's
question
28.
U(X1,X2)=X^1/2 X^1/2
m=200,P1=5,P2=10Therefore we know that you'll purchase:__________________
-10 X1, 10 X2
-20 X1, 20 X2
-20 X1, 10 X2
-10 X1, 20 X2
U(X1,X2)=X^1/2 X^1/2
m=200,P1=5,P2=10Therefore we know that you'll purchase:__________________
-10 X1, 10 X2
-20 X1, 20 X2
-20 X1, 10 X2
-10 X1, 20 X2
answer
-20 X1, 10 X2
question
29.
U(X1,X2)=X^1/2 X^1/2
Therefore we know that you will spend _______________
-More on X1 than X2 if the price of X1 is lower.
-50% of your income on each good.
-It cannot be determined.
U(X1,X2)=X^1/2 X^1/2
Therefore we know that you will spend _______________
-More on X1 than X2 if the price of X1 is lower.
-50% of your income on each good.
-It cannot be determined.
answer
-50% of your income on each good.
question
30.
U(X1,X2)=4X1+X2
We know that you'll consume ______________________.
-More X1 than X2
-Equal amounts of X1 and X2
-More X2 than X1
-More X2 if P2 is sufficiently low.
U(X1,X2)=4X1+X2
We know that you'll consume ______________________.
-More X1 than X2
-Equal amounts of X1 and X2
-More X2 than X1
-More X2 if P2 is sufficiently low.
answer
-More X2 if P2 is sufficiently low.
question
31.
Nadine has a production function Y = 4K + 4L. If r = $10 and w = $8, how much will it cost her to produce 2400 units of output?
$4800
$2400
$1200
$9600
Nadine has a production function Y = 4K + 4L. If r = $10 and w = $8, how much will it cost her to produce 2400 units of output?
$4800
$2400
$1200
$9600
answer
$4800
question
32.
If the marginal product of labor is equal to the marginal product of capital; then the firm will:
-Use equal amount of K & L
-Use more K than L
-Use more L than K
-Use more K if r is sufficiently low
-Use more L if r is sufficiently low
If the marginal product of labor is equal to the marginal product of capital; then the firm will:
-Use equal amount of K & L
-Use more K than L
-Use more L than K
-Use more K if r is sufficiently low
-Use more L if r is sufficiently low
answer
-Use more K if r is sufficiently low
question
33.
The following describes which strategy of profit maximization?
Qmax I (fixed)C
-Contractor
-Retailer
The following describes which strategy of profit maximization?
Qmax I (fixed)C
-Contractor
-Retailer
answer
-Retailer
question
34.
MPL/MPK is which of the following?
-Slope of Isocost Curve
-Slope of Isoquant Curve
-Exchange rate of K for L in terms of cost
-Exchange rate of K for L in terms of output
MPL/MPK is which of the following?
-Slope of Isocost Curve
-Slope of Isoquant Curve
-Exchange rate of K for L in terms of cost
-Exchange rate of K for L in terms of output
answer
-Slope of Isoquant Curve
-Exchange rate of K for L in terms of output
-Exchange rate of K for L in terms of output
question
35.
A retailer making sandwiches will most likely use which production function?
-q=min(AK, BL)
-q=K^A*L^B
-q=AK+BL
A retailer making sandwiches will most likely use which production function?
-q=min(AK, BL)
-q=K^A*L^B
-q=AK+BL
answer
-q=K^A*L^B
question
36.
If the production is: Y = 2K+L and the rental rate is $25 while wages are $5; if the firm produces then the firm will use:
-Equal number of K & L
-Mix with more K than L
-Mix with more L than K
-Only K
-Only L
If the production is: Y = 2K+L and the rental rate is $25 while wages are $5; if the firm produces then the firm will use:
-Equal number of K & L
-Mix with more K than L
-Mix with more L than K
-Only K
-Only L
answer
-Only L
question
37.
The production function explains ____________.
-the maximum output possible given a level of inputs
-the relationship between inputs and outputs
-the relationship between inputs and costs
-the minimum inputs needed for a level of output
Multi select
The production function explains ____________.
-the maximum output possible given a level of inputs
-the relationship between inputs and outputs
-the relationship between inputs and costs
-the minimum inputs needed for a level of output
Multi select
answer
-the maximum output possible given a level of inputs
-the relationship between inputs and outputs
-the minimum inputs needed for a level of output
-the relationship between inputs and outputs
-the minimum inputs needed for a level of output
question
38.
If the production is: Y=K13L23 and the rental rate is $10 while wages are $20; if the firm produces then the firm will use:
-equal amounts of K & L
-Only K
-Only L
-Mix of K & L with more K
-Mix of K & L with more L
If the production is: Y=K13L23 and the rental rate is $10 while wages are $20; if the firm produces then the firm will use:
-equal amounts of K & L
-Only K
-Only L
-Mix of K & L with more K
-Mix of K & L with more L
answer
-equal amounts of K & L
question
39.
The slope of the isocost curve will always be tangent to the isoquant curve at the optimal mix of K & L for all firms.
-True
-False
The slope of the isocost curve will always be tangent to the isoquant curve at the optimal mix of K & L for all firms.
-True
-False
answer
-False
question
40.
If you increase L while holding K constant, then the MPL will continue to _______ increase due to _______increasing marginal returns.
Answer 1:
-increase
-decrease
Answer 2:
-increasing
-decrease
If you increase L while holding K constant, then the MPL will continue to _______ increase due to _______increasing marginal returns.
Answer 1:
-increase
-decrease
Answer 2:
-increasing
-decrease
answer
Answer 1
-decrease
Answer 2
-decrease
-decrease
Answer 2
-decrease
question
41.
(paper graph)
Which cost level is most:
-preferred:
-optimized:
-inefficient:
(paper graph)
Which cost level is most:
-preferred:
-optimized:
-inefficient:
answer
-preferred: C4
-optimized: C3
-inefficient: C1
-optimized: C3
-inefficient: C1
question
42.
(paper graph)
Which output level is most:
-preferred:
-optimal:
-inefficient:
(paper graph)
Which output level is most:
-preferred:
-optimal:
-inefficient:
answer
-preferred: q4
-optimal: q3
-inefficient: q1
-optimal: q3
-inefficient: q1
question
43.
q=K^1/2 L^1/2
qmax|C¯
r=w=10. Costs are fixed at $400.
-K=20, L=20
-K=0, L=40
-K=40, L=0
-K=10, L=30
-K=30, L=10
q=K^1/2 L^1/2
qmax|C¯
r=w=10. Costs are fixed at $400.
-K=20, L=20
-K=0, L=40
-K=40, L=0
-K=10, L=30
-K=30, L=10
answer
-K=20, L=20
question
44.
What type of business?
(paper graph)
-Corporate Owned Lawncare Retailer
-Contractor Lawncare
-Corporate Owned Warehouse Retailer
-Contractor Warehouse Provider
-Corporate Owned Sandwich Retailer
-Contractor Sandwich Catering Company
What type of business?
(paper graph)
-Corporate Owned Lawncare Retailer
-Contractor Lawncare
-Corporate Owned Warehouse Retailer
-Contractor Warehouse Provider
-Corporate Owned Sandwich Retailer
-Contractor Sandwich Catering Company
answer
-Corporate Owned Warehouse Retailer
question
45.
What type of business?
(paper graph)
-Retailer
-Contractor
What type of business?
(paper graph)
-Retailer
-Contractor
answer
-Contractor
question
46.
If MPK/r > MPL/w, then there's an incentive to change the inside of the firm by increasing labor.
-True
-False
If MPK/r > MPL/w, then there's an incentive to change the inside of the firm by increasing labor.
-True
-False
answer
-False
question
47.
If a firm has optimized their inputs at K and L, then we know that the firm will be profitable.
-True
-False
If a firm has optimized their inputs at K and L, then we know that the firm will be profitable.
-True
-False
answer
-False
question
48.
Match the firm to its production function.
(paper graph)
-McDonalds
-Justin's Lawn Care
-Beeezos Warehouse
Match the firm to its production function.
(paper graph)
-McDonalds
-Justin's Lawn Care
-Beeezos Warehouse
answer
-McDonalds A
-Justin's Lawn Care B
-Beeezos Warehouse C
-Justin's Lawn Care B
-Beeezos Warehouse C
question
49.
If the MRTS is greater in absolute value than the IPR (with K on the vertical, and L on the horizontal), then we know there is an incentive to increase which input factor.
-Capital
-Labor
If the MRTS is greater in absolute value than the IPR (with K on the vertical, and L on the horizontal), then we know there is an incentive to increase which input factor.
-Capital
-Labor
answer
-Labor
question
50.
q=K^1/2L^1/2
qmax|C¯
-c(q)=2q(rw)^.5
-c(q)=4q(rw)^2
-c(q)=q(rw)^.5
q=K^1/2L^1/2
qmax|C¯
-c(q)=2q(rw)^.5
-c(q)=4q(rw)^2
-c(q)=q(rw)^.5
answer
-c(q)=2q(rw)^.5
question
51.
A movement from MC1 to MC2 could be caused by:
(paper graph)
-Education of Workers
-Capital Innovation
-Increase in Demand
-Natural Disaster
A movement from MC1 to MC2 could be caused by:
(paper graph)
-Education of Workers
-Capital Innovation
-Increase in Demand
-Natural Disaster
answer
-Education of Workers
-Capital Innovation
-Capital Innovation
question
52.
(paper graph)
$
q
AC
MC
AR
MR
q*
MR=MC
MR<MC
(paper graph)
$
q
AC
MC
AR
MR
q*
MR=MC
MR<MC
answer
$ H
q I
AC A
MC B
AR C
MR C
q* F
MR=MC F
MR<MC G
q I
AC A
MC B
AR C
MR C
q* F
MR=MC F
MR<MC G
question
53.
(paper graph)
I (returns to scale)
II (returns to scale)
III (returns to scale)
I (firm maturity)
II (firm maturity)
III (firm maturity)
DRS, IRS, CRS, Start-up, Fully mature, Mid-size
(paper graph)
I (returns to scale)
II (returns to scale)
III (returns to scale)
I (firm maturity)
II (firm maturity)
III (firm maturity)
DRS, IRS, CRS, Start-up, Fully mature, Mid-size
answer
I (returns to scale) IRS
II (returns to scale) CRS
III (returns to scale) DRS
I (firm maturity) Startup
II (firm maturity) Mid-size
III (firm maturity) Fully Mature
II (returns to scale) CRS
III (returns to scale) DRS
I (firm maturity) Startup
II (firm maturity) Mid-size
III (firm maturity) Fully Mature
question
54.
C=100+2Q2We know the supply curve for a perfectly competitive firm will be:
-q=p/2
-q=p/4
-q=p/8
C=100+2Q2We know the supply curve for a perfectly competitive firm will be:
-q=p/2
-q=p/4
-q=p/8
answer
-q=p/4
question
55.
Firms achieving either 1 or 2 have an incentive to:
(paper graph)
-close down
-remain open
Firms achieving either 1 or 2 have an incentive to:
(paper graph)
-close down
-remain open
answer
-remain open
question
56.
This firm:
(paper graph)
-should increase output
-should decrease output
-should maintain output
-should shutdown in the near future
-should remain open
This firm:
(paper graph)
-should increase output
-should decrease output
-should maintain output
-should shutdown in the near future
-should remain open
answer
-should shutdown in the near future
question
57.
C=100+2Q^2
If the price is 100, then Q* will be:
-5
-10
-25
-50
C=100+2Q^2
If the price is 100, then Q* will be:
-5
-10
-25
-50
answer
-25
question
58.
A move from 2 to 1 could be explained by:
(paper graph)
-Education
-Innovation
-Natural Disaster
-War
-Decrease in Demand
A move from 2 to 1 could be explained by:
(paper graph)
-Education
-Innovation
-Natural Disaster
-War
-Decrease in Demand
answer
-Natural Disaster
-War
-Decrease in Demand
-War
-Decrease in Demand
question
59.
Any restaurant that reduces the hours that they're open have realized that:
-MR<MC
-MR=MC
-MR>MC
-AR>=AC
-AR<AC
Any restaurant that reduces the hours that they're open have realized that:
-MR<MC
-MR=MC
-MR>MC
-AR>=AC
-AR<AC
answer
-MR<MC
question
60.
Any restaurant that has remained open for a sustained period of time (10 years +) without changing the hours have built a model of production where:
-MR<MC
-MR=MC
-MR>MC
-AR>=AC
-AR<AC
Any restaurant that has remained open for a sustained period of time (10 years +) without changing the hours have built a model of production where:
-MR<MC
-MR=MC
-MR>MC
-AR>=AC
-AR<AC
answer
-MR=MC
-AR>=AC
-AR>=AC
Order an Essay Now & Get These Features For Free:
Turnitin Report
Formatting
Title Page
Citation
Outline
