Quiz 5 (WK5)

Quiz 5 (WK5) - Quiz 5 (WK5) 1. Assume firms break even in...

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Quiz 5 (WK5) 1. Assume firms break even in an industry. New investors _______ attracted to the industry and current ones ______ running away from it            are not; are not              are not; are              are; are not              are; are
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2. For this farmer to maximize profits he should produce __________ bushels of wheat.            6              9              12              16     3. Operating profit is:
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           TR- TC              TR- TFC              TR- TVC              TVC- TFC     4. For a perfectly competitive industry, an improvement in technology will cause
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           a mov eme nt up the shor t- run indu stry sup ply curv e              a mov eme nt dow n the shor t- run indu stry sup ply curv e              the ind ustr y sho rt- run sup ply cur ve to shif t to the righ t
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The shutdown point for a perfectly competitive firm is the
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This note was uploaded on 06/15/2010 for the course EC 142DLB taught by Professor Graceonodipe during the Spring '10 term at Park.

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Quiz 5 (WK5) - Quiz 5 (WK5) 1. Assume firms break even in...

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