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

-X

-X

-X

-X

-X

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**=30answer

-X

**= 30, Y**= 30question

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

-K

-K

-K

-K

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**=10answer

-K

**=20, L**=20question

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

-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