201-2007_sq_9 - Sample Quiz #9 Ec 201 Michigan State...

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Sample Quiz #9 Ec 201 Spring, 2008 Michigan State University L. Martin 1. The extra output produced by the last worker is called the a. marginal cost; b. marginal product;* c. value of the marginal product; d. average variable cost; e. marginal revenue. 2. The competitive firm’s demand for labor is the a. marginal product of labor; b. marginal cost; c. marginal cost above the shut-down point; d. value of the marginal product;* e. marginal revenue. 3. The competitive firm finds the profit maximizing quantity to supply be setting a. wage equal to the marginal product; b. wage equal to the value of the marginal product; c. price equal to marginal revenue; d. marginal cost equal to average cost; e. price equal to marginal cost.* 4. In the short run the competitive firms shuts down when price falls below the minimum of a. average total cost; b. average variable cost; c. average total cost excluding all sunk costs;* d. average fixed cost; e. average revenue. 5.
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201-2007_sq_9 - Sample Quiz #9 Ec 201 Michigan State...

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