spring 2010 exam 6

# spring 2010 exam 6 - ECON 2106 Shelby Frost Exam 3 1:00PM...

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ECON 2106 Shelby Frost Exam 3 1:00PM TR Spring 2010 Version A Page 2 This page is left blank intentionally.
ECON 2106 Shelby Frost Exam 3 1:00PM TR Spring 2010 Version A Page 3 Name: __________________________ Date: _____________ Multiple Choice: Choose the one alternative that best completes the statement or answer the question. Use the following to answer question 1: Figure and Table: Variable, Fixed, and Total Costs 1. (Figure and Table: Variable, Fixed, and Total Costs) In the figure, when 96 bushels of wheat are produced, average fixed cost is ________, average variable cost is ________, and average total cost is ________. A) \$133.33; \$200; \$333.33 C) \$5.33; \$13.33; \$18.67 B) \$4.17; \$16.67; \$20.83 D) \$7.84; \$11.76; \$19.60 2. If your local government gives you the exclusive right to sell breakfast bagels in your community, your monopoly would result from: A) increasing returns to scale. C) government-created barriers. B) control of a scarce resource or input. D) technological superiority.

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ECON 2106 Shelby Frost Exam 3 1:00PM TR Spring 2010 Version A Page 4 Use the following to answer question 3: Figure: Comparing Long-Run Equilibriums 3. (Figure: Comparing Long-Run Equilibriums) In the figure, which of the following statements is false? A)
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spring 2010 exam 6 - ECON 2106 Shelby Frost Exam 3 1:00PM...

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