Exam (elaborations) Sophia Microeconomics Unit 3 milestone 3 with correct answers
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Course
Sophia Microeconomics
Institution
Sophia Microeconomics
Exam (elaborations) Sophia Microeconomics Unit 3 milestone 3 with correct answers.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 compe...
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
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