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Economic 201 (Ch. 14)

# Economic 201 (Ch. 14) - Review Assessment Chapter 14 Quiz...

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Review Assessment: Chapter 14 Quiz Submitted 3/9/08 11:29 PM Name Chapter 14 Quiz Status Completed Score 14 out of 15 points Time Elapsed 0 hours, 35 minutes, and 33 seconds out of 1 hours and 45 minutes allowed. Instructions Note, you can open the quiz only once. Good luck. Question 1 1 out of 1 points Table 14-4 The following table presents cost and revenue information for John’s Vineyard. COSTS REVENUES Quantity Produced Total Cost Marginal Cost Quantity Demanded Price Total Revenue Marginal Revenue 0 0 -- 0 80 -- 1 50 1 80 2 102 2 80 3 157 3 80 4 217 4 80 5 285 5 80 6 365 6 80 7 462 7 80 8 582 8 80 Refer to Table 14-4 . What is the marginal cost of the 8th unit? Selected Answer: \$120 Correct Answer: \$120 Question 2 1 out of 1 points The assumption of a fixed number of firms is appropriate for analysis of Selected Answer: the short run, but not the long run. Correct Answer: the short run, but not the long run. Question 3 1 out of 1 points

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Table 14-4 The following table presents cost and revenue information for John’s Vineyard. COSTS REVENUES Quantity Produced Total Cost Marginal Cost Quantity Demanded Price Total Revenue Marginal Revenue 0 0 -- 0 80 -- 1 50 1 80 2 102 2 80 3
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Economic 201 (Ch. 14) - Review Assessment Chapter 14 Quiz...

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