Econ 211 quiz 3 answes

Econ 211 quiz 3 answes - Econ 211 Spring 2008 Page 1 of 5...

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Econ 211 Page 1 of 5 Spring 2008 Quiz 3 Quiz 3: Choose the correct answer to each question and fill in the corresponding bubble on your answer sheet. There is only one answer to each question. There are 17 questions total; you have until the end of the period to finish. Good luck. 1. The short run is a period of time in which a. the quantities of all resources the firm uses are variable. b. nothing the firm does can be altered. c. prices and wages are fixed. d. the amount of output is fixed. e. the quantities of some resources the firm uses are fixed. 2. When the price equals the consumers' marginal benefit and the producers' marginal cost, the gains from trade are ________. a. zero b. maximized c. less than when price is greater than consumers' marginal benefit d. minimized e. indeterminate 3. A key reason for the existence of firms is that, compared to markets, firms often achieve lower a. accounting costs. b. explicit costs. c. principal-agent costs d. scope of team production. e. transaction costs 4. If a firm's marginal product of labor is less than its average product of labor, then an increase in the quantity of labor it employs definitely will
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Econ 211 quiz 3 answes - Econ 211 Spring 2008 Page 1 of 5...

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