Milestone 3 My Answers.pdf - Score 18/21 You passed this...

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UNIT 3 — MILESTONE 3 Score 18/21 You passed this Milestone 18 questions were answered correctly . 3 questions were answered incorrectly . 1 Product Price Unit Cost Quantity Sold Quantity Produced Opportunity Cost $20.50 $10.25 500 800 $550 Calculate the firm’s accounting profit from the data shown above. –$11,275 $1,500 –$1,500
$2,050 CONCEPT Accounting Profit 2 Which of the following is true about the long run average cost curve?
CONCEPT Long-Run Supply Curve 3
If the goal is to maximize profit, at which point on the graph would a firm’s output be optimized? Point 2 Point 4 Point 1
Point 3 CONCEPT Output Optimization: Marginal Revenue / Marginal Cost 4 Which of the following is NOT a trait of monopolistic competition?
CONCEPT Monopolistic Competition 5
Given the graph shown here, the firm should contemplate shutting down production at which of the following points?
CONCEPT Shut-down Point 6 Mimi is granted a license to sell her unique Spirit Pins at local high school lacrosse games. When Mimi prices her pins at $10, she sells 20 pins per game. When she lowers her price to $8, she sells 40 pins.

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