quiz4 - Quiz 4 1 a b c d e The first letter of your last...

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Quiz 4 1. The first letter of your last name is in a. {A, D, F, P, Z, E} b. {C, R, M, X, Y} c. {S, G, U, V, N} d. {B, L, I, K, O} e. {H, J, Q, W, T}
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2. A price floor is: a. able to produce an efficient outcome. b. a tool used to increase government revenues. c. the production cost of a product. d. a maximum price allowed by law. e. a minimum price allowed by law.
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3. To maximize profit a firm in a competitive market  increases output until: a. Price=Total Cost
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b. Price=Average Revenue c. Price=Average Cost d. Price=Marginal Cost e. Average Cost=Average Revenue
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4. When a firm expands output from 10 to 11 units, total 
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quiz4 - Quiz 4 1 a b c d e The first letter of your last...

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