Sophia __ Microeconomics Final Milestone.pdf - Score 17/25...

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MILESTONEScore17/25You passed this Milestone17 questions were answered correctly.8 questions were answered incorrectly. 1Which of the following is true about the field of economics? Economics as a field of study was introduced during the Industrial Revolution and has not changed overtimeEconomics can correctly predict when a recession is coming and how long it will lastEconomics is commonly broken into Labor Economics and Consumer EconomicsEconomics is a social science that intersects with other fields of studyCONCEPTWhat is Economics? 2A real estate agency’s policy is to start all sales commission negotiations at 6%. However, the agency is willingto accept sales commissions as low as 5%.The scenario above is an example of which principle?
Consumer surplusDeadweight lossProducer surplus CONCEPTMarket Equilibrium 3CEOs are limited in making policy changes regarding climate change by all of the following EXCEPT__________. CONCEPTSustainable Returns--Investor Impact 4A person who consumes a good without paying for it is known as a(n) __________.
utility maximizerCONCEPTPublic Goods, Private Goods, and the “Tragedy of the Commons” 5Product PriceCost Per UnitQuantity SoldQuantity ProducedOpportunity Cost$1.25$0.75690750100Using the data in this table, calculate the firm’s economic profit. -$300-$200$300-$520$320$200CONCEPTEconomic Profit 6If Bundle of Goods A contains two pizzas and three sodas, and Bundle B contains three pizzas and threesodas, then Patrick will select Bundle B based on the principle of __________. transitivitycompleteness
non-satiationutility theory CONCEPT Consumer Choice Theory 7Number of Employees Total Production Marginal Product of Labor Marginal Revenue Product0001181823012341114465If the price of the item is $10.00 per unit and the employees cost $100 each, how many employees shouldthe firm hire to maximize their profit?

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