HW5_due1110 - Due date for HW5 is at the beginning of the...

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Due date for HW5 is at the beginning of the class on Wednesday, Nov. 10 th . Please use word processor for the short answer questions in Part II to type out your answers. You can draw the graphs by hand . Please staple your work. You can work in groups and you are encouraged to do so. However, you need to hand in your own work for credits. Please write down the names of your group members. Not following the rules will result in point deduction as a penalty. HW5 (Chapter 10 + Chapter 11) Part I. Multiple Choice Questions – Choose the best answer. (40%) 1. Which of the following statements does NOT correctly characterize normal profit? A. It is part of a firm's opportunity cost. B. It is equal to a firm's total revenue minus its opportunity cost. C. It is the average return for supplying entrepreneurial ability. D. None of the above because all the statements correctly characterize normal profit. 2. A firm that is technologically efficient
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HW5_due1110 - Due date for HW5 is at the beginning of the...

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