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Micro: 14.1-14.2 Exit Exam Questions And Answers 100% Verified.
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Land of Many Lakes (LML) sells butter to a broker in Albert Lea, Minnesota. Because the market for butter is generally considered to be competitive, LML: a) can choose the price at which it sells its butter but not the quantity of butter that it produces. b) can choose quantity of butter that it ...

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  • September 25, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
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Micro: 14.1-14.2

Land of Many Lakes (LML) sells butter to a broker in Albert Lea, Minnesota. Because the market for
butter is generally considered to be competitive, LML:

a) can choose the price at which it sells its butter but not the quantity of butter that it produces.

b) can choose quantity of butter that it produces but not the price at which it sells its butter

c) can choose both the price at which it sells its butter and the quantity of butter that it produces.

d) cannot choose either the price at which it sells it butter or the quantity of butter that it produces. -
correct answer b) can choose quantity of butter that it produces but not the price at
which it sells its butter.



In order to maximize profits, the firm should stop producing after it makes the (Table 14:11)

a) first unit.

b) second unit.

c) fourth unit.

d) fifth unit. - correct answer d) fifth unit



Refer to Table 14-16. For this firm, the price is:

a) $120

b) $10

c) $15

d) $5 - correct answer c) $15



The term shutdown

a) and the term exit both refer to short-run decisions that a firm might make.

b) and the term exit both refer to long-run decisions that a firm might make.

c) refers to a short-run decision that a firm might make, whereas the term exit refers to a long-run
decision that a firm might make

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