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Economics Ii Final Essay

1145 words - 5 pages

1. When entering a building, Sam diverts…
• C. Marginal benefit-marginal cost analysis
2. A production possibilities curve shows…
• C. The maximum amounts of two goods that can…
3. Increasing marginal cost of production explains…
• C. Why the supply curve is upsloping…
4. The location of the product supply curve depends on…
• A. Production technology

5. Because of unreasonably cold weather, the supply of oranges…
• C. The amount of oranges that will be available at various…
6. Assume product A is an input in the production of product B…
• A. Increase the supply of B and increase the demand for C…
7. A market is in equilibrium…
• C. If the amount producers want to sell is equal ...view middle of the document...

The return of the entrepreneur when economic profits are zero…
19. The long run is characterized by…
• B. At least one fixed input…
20. The law of diminishing returns indicates that…
• B. Because of economics and diseconomies of scale a competitive…

21. In the above diagram curves 1, 2, and 3 represents the…
• B. Marginal, average, and total product curves respectively
22. Average fixed cost…
• D. Declines continually as output increases
23. Marginal cost…
• A. Equals both average variable cost and average total cost at their…

24. Economies and diseconomies of scale explains…
• B. Why the firm’s long-run average total cost curve is U-shaped
25. As the firm in the above diagram expands from plant size #1 to plant size #3…
• D. Constant costs
26. The above diagram shows the short-run average total cost curves for five different…
• A. #4

27. In which of the following market structures is there clear-cut mutual…
• B. Oligopoly
28. Which of the following statements applies to a purely competitive producer…
• A. It will not advertise its product
29. A purely competitive seller is…
• C. A “price taker”…
30. Which of the following is characteristic of a purely competitive seller’s demand…
• A. Price and marginal revenue are equal at all levels of output…
31. Which of the following statements is correct?
• A. The demand curve for a purely competitive firm is perfectly elastic…

32. Refer to the above short-run data. The profit- maximizing output for this firm…
• C. 320 Units
33. The MR=MC rule applies…
• A. To firms in all types of industries
34. In the short rune the individual competitive firm’s supply curve is that segment…
• B. Marginal cost curve lying above the average variable cost curve…

35. Refer to the above data. If the market price for the firm’s product is $12, the competitive…
• D. Zero units at a loss of $100
36. Refer to the above data. If the market price for the firm’s product is $32, the competitive…
• A. 8 units at an economic profit of $16

37. Refer to the above data. If the market price for the firm’s product is $28, the competitive…
• B. Produce 7 units at a loss of $14.00
38. If a purely competitive constant-cost industry is realizing economic profits, we can expect…
• A. Increase, output to increase, price to decrease, and profits to decrease
39. Allocative efficiency is achieved when the production of a good occurs where…
• B. P=MC.
40. The term...

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