Midterm

Midterm - Your test grade is 100% PROFESSOR'S COMMENT...

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Your test grade is 84 percent The professor has configured this test to allow students to review: z Questions answered incorrectly. z Questions answered correctly. z Students answers. z Correct answers. Question 1 - Multiple Choice ID: 5155654 Correct Question: Configuration A Configuration B Configuration C None of the configurations Question 2 - Multiple Choice ID: 5155676 - The correct answer has been circled. Question:
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Shut down (produce nothing) Produce four units Produce six units Produce as much as possible Question 3 - Multiple Choice ID: 5155663 Correct Question: A security system company’s total production costs depend on the number of systems produced according to the following eq $2000*quantity produced. Given these data, which of the following is a false statement? There are economies of scale There are fixed costs associated with this business There are diseconomies of scale A firm that produces a larger output has a cost advantage over a smaller firm Question 4 - Multiple Choice ID: 5155674 Correct Question: Which of the following would most likely make the demand for an item more elastic? Buyers perceive there to be few close substitutes for the item The item represents a small fraction of consumers' budgets There are no costs of switching to competitors' products Buyers have NOT had time to adjust to the price change
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Question 5 - Multiple Choice ID: 5155727 - The correct answer has been circled. Question: The U.S. Government bought 112,000 acres of land in southeastern Colorado in 1968 for $17,500,000. The cost of using this black-tailed prairie dog Is zero, because they already own the land Is zero, because the land represents a sunk cost Is equal to the market value of the land Depends on the value to society of black-tailed prairie dogs Question 6 - Multiple Choice ID: 5155650 Correct Question: To maximize profits, you should produce at the point where You maximize the amount by which marginal revenue exceeds marginal costs You minimize total costs You maximize total benefit Marginal benefits and marginal costs are just equal Question 7 - Multiple Choice ID: 5155692 - The correct answer has been circled.
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Midterm - Your test grade is 100% PROFESSOR'S COMMENT...

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