Two employees four employees one employee three

This preview shows page 4 - 8 out of 14 pages.

Two employees Four employees One employee Three employees
CONCEPT Output Optimization: Marginal Revenue Product 8 When a business owner uses process mapping, an activity is marked by __________.
a box or rectangle a diamond an oval CONCEPT Process Mapping--Efficiency 9 Mariah received a promotion at work and wanted to replace her mobile phone with a more expensive smartphone that she could now afford. The lower-priced cell phone that Mariah no longer wanted to have is an example of which type of good?
CONCEPT Types of Goods 10 Which one of the answers listed is NOT a reason why businesses have been slow to adopt sustainable practices in regard to unemployment?
Sustainable business practices mean larger profits in the long run. Sustainable business practices often seem counterintuitive. CONCEPT Assessing Costs of Unemployment--Labor Economics 11 Which of the following market structures has only one seller, who acts as a price maker? Oligopoly Monopoly Monopolistic competition Perfect competition
CONCEPT Monopoly 12 Which statement below is NOT true about the long run average supply curve?
CONCEPT
Long-Run Supply Curve 13 Laura was in charge of purchasing food for the next book club meeting. She usually ordered sandwiches from the nearby deli, but the price of sandwiches had increased. One option for food was ordering pizza, which was $3 less than a sandwich. However, because the price of sandwiches had gone up, Laura could afford fewer sandwiches and pizza than previous meetings. The reduction in Laura's ability to purchase both sandwiches and pizza due to the increase of price in sandwiches is known in economic terms as ________.
CONCEPT Budget Constraints: Change in Price 14 When a firm uses five machines, it can produce 600 units daily. A sixth machine allows the firm to product 880 units.

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture