Refer to exhibit 11 l what goes in blank a a 95 b 50

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9.Refer to Exhibit 11-l. What goes in blank A?a.$95b.$50c.$45d.$35ANS: CDIF:ModerateNOT: NEW
10.Refer to Exhibit 11-l. What goes in blank B?DIF:ModerateNOT: NEW
11.Refer to Exhibit 10-1. What goes in blank C?
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DIF:ModerateNOT: NEW
12.Refer to Exhibit 10-1. What goes in blank D?DIF:ModerateNOT: NEW
13.Refer to Exhibit 10-1. The data show that marginal revenue is __________ price, thus we are dealingwith a(n) __________ competitive firm.a.greater than; perfectlyb.equal to; imperfectlyc.equal to; perfectlyd.less than; perfectlyANS: CDIF:Moderate
14.One way to calculate marginal revenue product isDIF:Easy
15.The marginal factor cost (MFC) curve for a factor price taker isDIF:Easy
16.The addition to total cost that results from employing one additional unit of a resource is calledDIF:Easy
17.A firm's factor demand curve is itsa.average physical product curve.b.marginal physical product curve.c.average revenue product curve.d.marginal revenue product curve.ANS: DDIF:Moderate
18.Suppose a factor price taker purchases one unit of factor X for $10. At what price would it purchasethe second unit, and what would marginal factor cost (MFC) equal?
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thus we do not know what MFC equals.c.It would purchase the second unit for $10, but there is not enough information to knowwhat MFC equals.d.There is not enough information to know what it would purchase the second unit for, butMFC equals $10.ANS: ADIF:Moderate19.Why does the marginal revenue product (MRP) curve slope downward for a perfectly competitivefirm?DIF:Moderate

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Term
Spring
Professor
Dungan

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