PS06_MC - Pls hand in via WebCT! ECON1001 Problem Set 6...

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Pls hand in via WebCT!!! ECON1001 Problem Set 6 ECON1001: Principles of Microeconomics (Non-major) Problem Set #6 Part I: MC Question (Reference Copy) Release Date: 12 Oct (Fri) Due Date: 26 Oct (Fri), 5pm Note: You are ONLY allowed to answer this part in the WebCT system. The tutor DOES NOT ACCEPT other ways in handling this MC part. Part II: Short Question Please download Question & Answer sheet of this part from the tutorial website. www.econ.hku.hk/econ1001 Thank you for your cooperation.
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Pls hand in via WebCT!!! ECON1001 Problem Set 6 1. Which of the following is NOT true of a perfectly competitive firm? A) It faces a perfectly elastic demand curve. B) It is unable to influence the market price of the good it sells. C) It seeks to maximize revenue. D) Relative to the size of the market, the firm is small. E) The firm's only decision is how much output to produce. 2. The law of diminishing marginal returns A) is a long run concept. D) applies only to large firms. B) applies only to small and medium sized firms.
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PS06_MC - Pls hand in via WebCT! ECON1001 Problem Set 6...

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