ECON 1002 Microeconomics Final Exam.docx - ECON 1002...

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ECON 1002 Microeconomics Final ExamClick below link for Answers1Which example below represents a fixed input?Utility billsRaw materials for constructionOffice space being rentedHourly employeesProduction Function and Constraints
2This graph below shows three indifference curves for blankets and pillow cases.Consider choice A and determine why this would NOT be the optimal choice.
Optimal Choice3The additional income a company generates from selling one more unit due to this is called which of the following?
4Which one of the following is NOT an example of a practice that contributes to anthropomorphic climate change?
5Which of the following is a characteristic of monopolistic competition?Cooperation between firms is sometimes used to maintain prices.Firms sell homogenous products.Advertising increases the cost of production.Predatory price cutting occurs.Monopolistic Competition
6Which of the following is not considered a factor of production?
7Movement along the supply curve is most likely caused by which of the following?
Changes in Supply and Movements along Supply Curve8In anticipation of the college's athletic banquet, Lauren considered purchasing gifts for several members of the athletics club who had put a lot of time and effort into making it such a successful program. Lauren decided to buy roses for the women and a leather-bound

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