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MT2-Fall08.1 - ECONOMICS 211 SECOND MIDTERM EXAMINATION...

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ECONOMICS 211 SECOND MIDTERM EXAMINATION, Fall 2008 (2 hours, 100 points) Circle the name of your instructor: You Soligo Wu Dinh Ertemel Kumar NAME: __________________________________________________________________________ PLEDGE :_______________________________________________________________________________________ _________________________________________________________________________________________________ _________________________________________________________________________________________________ PART 1: MULTIPLE CHOICE: Circle the correct answer (3 points each; 21 points in total) 1. (3 points) Which of the following is part of a firm’s explicit costs? I. wages paid to workers II. electricity costs III. interest on a bank loan IV. interest forgone on funds used to buy machinery a) I and II. b) III and IV. c) I, II and III. d) I, III and IV. 2. (3 points) A firm will substitute capital for labor when the 1
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3. (3 points) Which of the following is NOT true for a U-shaped long-run average cost curve 4. (3 points) In a perfectly competitive market one would expect the demand curve faced by an individual firm relative to the demand curve faced by all sellers, to be
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