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Your test grade is 80%The professor has configured this test to allow students to:Show Questions Answered CorrectlyShow Questions Answered IncorrectlyShow All Responses Selected By StudentShow What The Correct Response Should BeQUESTION:1[QUESTION BANK ID:51094]TYPE:MULTIPLE CHOICECORRECTAs a shoe company produces more shoes, the average total cost of each shoe produced decreases. Thisis because<< HIDE ANSWERSATotal fixed costs are decreasing as more shoes are producedBAverage variable cost is decreasing as more shoes are producedCThere are scale economiesDTotal variable cost is decreasing as more shoes are producedQUESTION:2[QUESTION BANK ID:91321]TYPE:MULTIPLE CHOICEINCORRECTA retailer has to pay $9 per hour to hire thirteen workers. If the retailer only needs to hire twelve workers, a wage rate of $7 per hour is sufficient. What is the marginal cost of the thirteenth worker?<< HIDE ANSWERS
QUESTION:3[QUESTION BANK ID:16483]TYPE:MULTIPLE CHOICECORRECT<< HIDE ANSWERSQUESTION:4[QUESTION BANK ID:71840]TYPE:MULTIPLE CHOICECORRECTSuppose a new manufacturing technology results in an expansion in the supply of golf balls in the United States of 15%. If the elasticity of demand of golf balls sold in the U.S. is -0.4, the new equilibrium price willbe<< HIDE ANSWERSQUESTION:5TYPE:MULTIPLE CHOICE
[QUESTION BANK ID:91049]INCORRECTIf a business can sell 10 units at a price of $30 but has to reduce price to $29 in order to sell 11 units, which of the following can we conclude?<< HIDE ANSWERSAMarginal revenue is negativeBMarginal revenue is decreasing, but it is still higher than priceCDemand is elastic and marginal revenue is positiveDTotal revenue increases, so demand must be inelastic