Quiz 1 - Quiz 1 Quiz 1 Quiz 1 Students-this old quiz is...

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Quiz 1 Economics 101-300 INSTRUCTIONS: books, cell phones and calculators. Please make sure to fill in your name on the line below. Please read each question carefully, answer it fully, and write your answer directly on this document. If the question is multiple choice, circle the letter of the answer you believe is correct. For analytical questions, work out your answer on the paper in the space given. We can give partial credit if we see some correct work and the answer is incorrect. question is worth 4 points. When you have finished, turn in the document directly to your GSI (not to a pile of quizzes, etc.). Turn in this entire document with the exception of the scratch page which you may use during the exam. Take your time, and good luck. Your name___________________________________________ 1) (3 points) The graph below refers to a firm that produces olive oil. Which of the following statements is TRUE? a) Fixed cost is greater than total cost when output equals zero b) Output is closest to the profit maximizing level at Q 4 c) Profit is the same at Q 1 as it is at Q 4 d) Profit is greater than zero when output equals zero e) Marginal cost is greater than marginal revenue at Q 2 2)
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