Sophia Microeconomics Unit 3 milestone 3 with answers
10 views 0 purchase
Course
Sophia Microeconomics
Institution
Sophia Microeconomics
Sophia Microeconomics Unit 3 milestone 3 with answers.You passed this Milestone
19 questions were answered correctly.
2 questions were answered incorrectly.
1
Which of the following is a trait of a perfectly competitive market?
Barriers to entry exist
Firms are not producing at mini...
You passed this Milestone
19 questions were answered correctly.
2 questions were answered incorrectly.
1
Which of the following is a trait of a perfectly competitive market?
Barriers to entry exist
Firms are not producing at minimum cost
Information flows freely
Firms are price makers
CONCEPT
Perfect Competition
2
Average total costs are equal to __________.
marginal cost as production increases
fixed costs plus variable costs
total cost minus quantity provided
average variable plus average fixed costs
CONCEPT
Cost: Total, Marginal and Average
3
, This firm is currently producing at 25 units; which of the following
should it do in order to maximize profit?
The firm should do nothing. It is already producing at maximum optimization.
The firm should increase output to 80 units.
The firm should decrease output.
The firm should shut down production entirely.
CONCEPT
Output Optimization: Marginal Revenue / Marginal Cost
4
Diseconomies of scale are seen when __________.
the long run average cost curve is rising
the fixed cost curve does not change over the scope of production
the marginal cost curve intersects the average cost curve
the marginal revenue curve intersects the marginal cost curve
CONCEPT
Economies, Constant and Diseconomies of Scale
5
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller StudyConnect. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.49. You're not tied to anything after your purchase.