Test+1+Sp+_06 - Spring 2006 Midterm ECON 3150 A Write your...

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Spring 2006 Midterm ECON 3150 A Write your code name on the back of the test just below the paperclip. Write only on the front of the page. Only legible writing will be considered for points. Write all answers in the blank provided on the next page. Read each question very carefully before beginning. Honor code pledge I signify that I have conformed to the Georgia Tech Honor code during this examination. Signature Date Print Real Name Print Code Name
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Answers 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27.
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Multiple Choice (3 Points Each) 1. A market that tends to become a monopoly or ideal for only one company has a Long Run Average Total Cost that ______ a) Increases forever b) Decreases forever c) Decreases to a minimum and then Increases 2. In the Short Run the Marginal Cost curve intersects which of the following curves at their minimums: a) ATC b) AFC c) AVC d) ATC and AFC e) ATC and AVC f) AFC and AVC g) ATC, AFC, and AVC 3. A production process has 2 inputs that are perfect complements and initially both set at 3 units. If the first input is increased by 1 unit, the second input should be
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Test+1+Sp+_06 - Spring 2006 Midterm ECON 3150 A Write your...

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