EC 201 Practice_Final Quiz 6

EC 201 Practice_Final Quiz 6 - 1 If two firms are identical...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
1. If two firms are identical in all respects except that one has more capital than another, the total product curve for the firm with less capital: Student Response Value Correct Answer Feedback A. must equal the total product curve for firm with less capital. B. will lie above the total product curve for the firm with more capital. C. will lie below the total product curve for the firm with more capital. 100% D. will show no diminishing marginal returns. Score: 1/1 2. Suppose Cyd knows the average cost of producing 9 scones is $5, while the average cost of producing 10 scones is $5.20. What is the marginal cost of the 10th unit? Student Response Value Correct Answer Feedback A. The marginal cost is $7. B. The marginal cost is $5.20. C. The marginal cost is $0.20. 0% D. None of the above is correct.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Score: 0/1 3. Buford Bus Manufacturing installs a new assembly line. As a result, the output produced per worker increases. The marginal cost of output at Buford: Student Response Value Correct Answer
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

Page1 / 7

EC 201 Practice_Final Quiz 6 - 1 If two firms are identical...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online