Quiz 2 Answers

Quiz 2 Answers - Question 1 2 out of 2 points When...

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Question 1 2 out of 2 points When diseconomies of scale occur, which of the following will be true? Selected Answer: c. the long-run average total cost curve will rise Correct Answer: c. the long-run average total cost curve will rise Question 2 2 out of 2 points When total product is diminishing, marginal product is: Selected Answer: d. negative. Correct Answer: d. negative. Question 3 2 out of 2 points Which of the following defines marginal cost? Selected Answer: b. the change in total cost that results from producing one more unit of output Correct Answer: b. the change in total cost that results from producing one more unit of output Question 4 2 out of 2 points Which is true under conditions of pure competition? Selected Answer: c. No single firm can influence the market price by changing its output Correct Answer: c. No single firm can influence the market price by changing its output Question 5 2 out of 2 points In general, the supply curve of a purely competitive firm is: Selected Answer:
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This note was uploaded on 12/17/2011 for the course MBA 500 taught by Professor Dr.jones during the Spring '11 term at Morehead State.

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Quiz 2 Answers - Question 1 2 out of 2 points When...

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