Question 53 reference ref 911 table expected exam

Question 53
Reference: Ref 9­11
(Table: Expected Exam Scores from Studying Economics and Accounting)
Look at the table Expected Exam Scores from Studying Economics and
Accounting. The marginal benefit in terms of your economics score of
spending the first hour studying economics is _____ points.
15
Correct! Correct!
10
5
20
0 / 1.5 pts
Question 54
In making an “either–or” decision:

7/5/2018 Exam #1- Chapters 1, 3, 4, 5, 9 (Remotely Proctored): X ECON170-73206 ECON170-73657
continue in an activity as long as the marginal cost is greater than the marginal
benefit.
You Answered
You Answered
orrect Answer
orrect Answer
28/29
2 / 5 pts
Question 56
Do you agree or disagree with the implementation of the minimum wage law?
What factors contribute to your conclusion? Who is positively impacted by
this type of price control, and who is negatively impacted?
4 / 5 pts
Question 55
Do you think most firms experience increasing, decreasing, or constant
marginal costs? Does the industry, or the type of good/service matter?
Explain.

7/5/2018 Exam #1- Chapters 1, 3, 4, 5, 9 (Remotely Proctored): X ECON170-73206 ECON170-73657
29/29
Quiz Score:
69.5
out of 100
0 / 5 pts
Question 57
Explain why total surplus is always maximized at equilibrium. What impact
would a decrease in price have on consumers and producers? Explain.
0 / 5 pts
Question 58
Explain which direction the below referenced supply or demand curve will
shift AND comment on the impact of the shift on equilibrium price and
quantity.