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ECON 102 MIDTERm - Submitted by ROBERTSON KRISTI KLR5625 ...

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Submitted by ROBERTSON, KRISTI (KLR5625) on 4/3/2016 7:58:39 PM Points Awarded54.00 Points Missed6.00 Percentage90.0% 1. A firm’s product price multiplied by the total number of items sold is called A) profit B) explicit cost C) total revenue D) implicit cost
Table for Individual Question Feedback Points Earned: 3.0/3.0 2. The short run is a situation such that
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Table for Individual Question Feedback Points Earned:3.0/3.0 3.
Consider the figure above. Which of the following correctly identifies each curve?
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Table for Individual Question Feedback Points Earned: 3.0/3.0 4. LaborOutput VariableCostFixedCostTotal Cost 0012 1105 21822 32415 4282032 Consider the table above. What is the average total cost at 3 units of labor?
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Table for Individual Question Feedback Points Earned:3.0/3.0 5.
Consider the graph above. Each short run average total cost curve represents a different A) none of these B) firm: firm A, firm B and firm C. C) factory size: small, medium or large. D) time horizon: short, medium or long run.
Table for Individual Question Feedback Points Earned:3.0/3.0 6. The graph above represents
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C) the marginal cost of production D) the average cost of production Table for Individual Question Feedback Points Earned:3.0/3.0 7. Consider the table above. What is the price of the final good?
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Table for Individual Question Feedback Points Earned:3.0/3.0
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