04 Jun Question Question Points
Question
Question Points
1. The graph of the production function plots total cost versus quantity of output.
a. True
b. False
1
2. Which of the following is not a property of a firm’s cost curves?
a. Marginal cost must eventually rise as a result of diminishing marginal product.
b. Average total cost is U-shaped.
c. Economies of scale will exist when average total cost falls as output rises.
d. Average total cost will cross marginal cost at the minimum of marginal cost.
1
3. Max sells maps. The map industry is competitive. Max hires a business consultant to analyze his company’s financial records. The consultant recommends that Max increase his production. The consultant must have concluded that Max’s:
a. total revenues exceed his total accounting costs.
b. marginal revenue exceeds his total cost.
c. marginal revenue exceeds his marginal cost.
d. marginal cost exceeds his marginal revenue.
1
4. Jane was a partner at a law firm earning $223,000 per year. She left the firm to open her own law practice. In the first year of business she generated revenues of $347,000 and incurred explicit costs of $163,000. Jane’s economic profit from her first year in her own practice is:
a. -$39,000.
b. $124,000.
c. $163,000.
d. $184,000.
5. Which of the following statements is correct regarding a firm’s decision-making?
a. The decision to shut down and the decision to exit are both short-run decisions.
b. The decision to shut down and the decision to exit are both long-run decisions.
c. The decision to shut down is a short-run decision, whereas the decision to exit is a long-run decision.
d. The decision to exit is a short-run decision, whereas the decision to shut down is a long-run decision.
6. The two characteristics of a competitive market are 1) many buyers and sellers in the market and 2) the goods offered by the various sellers are highly differentiated.
a. True
b. False
Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Fill in all the assignment paper details that are required in the order form with the standard information being the page count, deadline, academic level and type of paper. It is advisable to have this information at hand so that you can quickly fill in the necessary information needed in the form for the essay writer to be immediately assigned to your writing project. Make payment for the custom essay order to enable us to assign a suitable writer to your order. Payments are made through Paypal on a secured billing page. Finally, sit back and relax.
About Writedemy
We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.
How It Works
To make an Order you only need to click on “Order Now” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Are there Discounts?
All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.