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Unformatted text preview: Time expired Regrade not available This content item's settings prohibit regrade on this item. Regrade not available This is a linked Assessment or Question. Only the owner has edit rights. Select regrade mode Choose a regrade mode Change points or correct answer Drop question Give full credit This regrade will affect all users who submitted this Assessment containing this question. Submitted by Sharma, Sachin (ssharma1) on 7/1/2010 3:18:36 AM Points Awarded 18.00 Points Missed 2.00 Percentage 90.0% 1. Economies of scale are relevant to the ____, whereas the law of diminishing marginal returns is relevant to the ____. A) long run; short run B) short run; long run C) industry; firm D) firm; industry E) firm in the short run; industry in the long run Points Earned: 0.0/1.0 Correct Answer(s): A 2. Accounting profit is always greater than or equal to economic profit. A) True B) False Points Earned: 1.0/1.0 Correct Answer(s): True 3. The change in total cost that results from a change in output is ____ cost. A) average fixed B) average variable C) average total D) marginal Points Earned: 1.0/1.0 Correct Answer(s): D 4. The Alchian and Demsetz theory of why business firms exist suggests that A) there are only advantages to team production. B) disadvantages of team production may outweigh the disadvantages of individual production. C) individual production is more efficient than team production. D) the sum of team production is sometimes greater than the sum of individual production. Points Earned: 1.0/1.0 Correct Answer(s): D 5. Exhibit 7-13 Quantity of Output, Q Total Fixed Cost (TFC) Average Fixed Cost (AFC) Total Variable Cost (TVC) Average Variable Cost (AVC) Total Cost (TC) Average Total Cost (ATC) Marginal Cost (MC) $200 $0 $200 1 $200 (A) 30 (H) 230 (M) (S) 2 $200 (B) 50 (I) 250 (N) (T) 3 $200 (C) (F) $26.67 (K) (P) (U) 4 $200 (D) 130 (J) 330 (Q) (V) 5 $200 (E) (G) $40 (L) (R) (W) Refer to Exhibit 7-13. What dollar amounts go in blanks (M) and (N)? A) $200; $125 B) $120; $150 C) $230; $125 D) $150; $300 E) There is not enough information to answer this question. Points Earned: 1.0/1.0 Correct Answer(s): C 6. If inputs are increased by 10 percent and output increases by 10 percent, then ____ are said to exist. A) economies of scale B) constant returns to scale C) diseconomies of scale D) diminishing marginal returns Points Earned: 1.0/1.0 Correct Answer(s): B 7. Which of the following statements is false? A) If the MC curve is rising, the AVC curve must be rising. B) If MC is below ATC, ATC must be falling. C) If MC is above AVC, then AVC must be rising. D) If MC is above ATC, then ATC must be rising. Points Earned: 1.0/1.0 Correct Answer(s): A 8. Exhibit 7-10 Hours of Studying Total Number of Problems Solved Jon Paul Deborah 1 4 3 4 2 9 8 10 3 15 14 18 4 22 19 28 5 27 23 32 6 30 26 35 Refer to Exhibit 7-10. Jon is experiencing increasing returns A) only in the first hour of studying....
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This note was uploaded on 06/11/2011 for the course ECON 101 taught by Professor Kang during the Summer '10 term at Garden City Community College.

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