My Answers Final Milestone.pdf - Score 22/25 You passed...

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MILESTONE Score 22/25 You passed this Milestone 22 questions were answered correctly . 3 questions were answered incorrectly . 1 Which of the following describes an industry that experiences economies of scale, even at high levels of output? Monopolistic competition Perfectly competitive industry Natural monopoly Oligopoly
CONCEPT Constant, Increasing and Decreasing Cost Industries 2 If the market price of apples drops to $9, at which of the following will the firm be?
Just breaking even Operating at a short term loss At the shutdown point CONCEPT Breakeven Point 3 Which of the following market structures has only one seller, who acts as a price maker?
CONCEPT Monopoly 4 Which of the following is why the long run average cost curve must lie at the same level or below any short run average cost curve?
Because in the long run, a firm will generally operate at higher per-unit cost than in the short run Because of economies of scale Because of the law of diminishing returns Because in the long run, all production costs are variable CONCEPT Long-Run Supply Curve 5 Determine which statement below applies when income goes down. Consumer preference for normal goods increases. The indifference curve shifts to the right. Consumer preference for inferior goods decreases. The indifference curve shifts downward and to the left. CONCEPT
Budget Constraints: Change in Income 6 Which of the following is true about the field of economics?
CONCEPT What is Economics? 7 Andrea cannot spend all of her money on bananas. She has to purchase other groceries and pay her bills.

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