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post university eco202 final

Question # 00008114
Subject: Economics
Topic: Microeconomics
Due on: 02/28/2014
Posted On: 02/08/2014 11:54 PM

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· Q 1

he value of a business owner's time is an example of

· Question 2

4 out of 4 points

Assume a certain firm regards the number of workers it employs as variable but regards the size of its factory as fixed. This assumption is often realistic

· Question 3

4 out of 4 points

For a firm, the production function represents the relationship between

· Question 4

4 out of 4 points

The marginal product of any input is the

· Question 5

4 out of 4 points

A total-cost curve shows the relationship between the

· Question 6

4 out of 4 points

Some costs do not vary with the quantity of output produced. Those costs are called

· Question 7

4 out of 4 points

Marginal cost is equal to

· Question 8

4 out of 4 points

The most likely explanation for economies of scale is

4 out of 4 points

A seller in a competitive market can

· Question 10

4 out of 4 points

Most markets are not monopolies in the real world because

· Question 11

4 out of 4 points

Encouraging firms to invest in research and development and individuals to engage in creative endeavors such as writing novels is one justification for

· Question 12

4 out of 4 points

The supply curve for the monopolist

· Question 13

4 out of 4 points

The two types of imperfectly competitive markets are

· Question 14

4 out of 4 points

Which of the following markets is not likely characterized by a monopolistically competitive market?

· Question 15

4 out of 4 points

Olivia consumes Pepsi exclusively. She claims that there is a clear taste difference and that competing brands of cola leave an unsavory taste in her mouth. However, in a blind taste test, Olivia is found to prefer generic store-brand cola to Pepsi eight out of ten times. The results of Olivia's taste test would reinforce claims by critics of brand names that

· Question 16

4 out of 4 points

When firms have agreements among themselves on the quantity to produce and the price at which to sell output, we refer to their form of organization as a

· Question 17

4 out of 4 points

The equilibrium quantity in markets characterized by oligopoly is

· Question 18

4 out of 4 points

The likely outcome of the standard prisoners' dilemma game is that

· Question 19

4 out of 4 points

The factors of production are best defined as the

· Question 20

4 out of 4 points

The production function is the

· Question 21

4 out of 4 points

The marginal product of labor is

· Question 22

4 out of 4 points

Other things equal, one would predict that market wages would be relatively high when

· Question 23

4 out of 4 points

A difference in wages that reflects differences in the nonpay features of two jobs is called

· Question 25

4 out of 4 points

Which of the following variables related to a worker’s wage are the most difficult to measure?

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Tutorial Preview … quantity of inputs and quantity of output. Correct Answer: d. quantity of inputs and quantity of output. · Question 4 4 out of 4 points The marginal product of any input is the Selected Answer: c. increase in total output obtai…
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Preview: perfectly competitive markets.Question 184 out of 4 pointsThe likely outcome of the standard prisoners' dilemma game is thatSelected Answer:c. both prisoners confess.Correct Answer:c. both prisoners confess.Question 194 o.....
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