ECON 528 (ECON 528)

ECON 528 HOMEWORK 2

ECON 528 / ECON528 Final Exam. Questions And Answers (100% Correct) A+ Graded

ECON 528 HOMEWORK 2

ECON 528 / ECON528 Midterm Exam. Questions And Answers (100% Correct) A+ GradedECON 528 / ECON528 Midterm Exam. Questions And Answers (100% Correct) A+ Graded.Started on Sunday, 23 September 2018, 8:02 PM State Finished Completed on Sunday, 23 September 2018, 8:37 PM Time taken 34 mins 51 secs Marks 20.00/20.00 Grade 10.00 out of 10.00 (100%) Question 1 Correct Mark 1.00 out of 1.00 Managerial economics Select one: a. helps managers make decisions in the face of scarcity. b. ensures managers alw...

Which of the following is a characteristic shared by a perfectly competitive firm and a monopoly? Select one: a. Each must lower its price to sell more output. b. Each maximizes profits by producing a quantity for which price equals marginal cost. c. Each maximizes profits by producing a quantity for which marginal revenue equals marginal cost. d. Each sets a price for its product that will maximize its revenue ANSWER: c

If an increase in income leads to a decrease in the demand for popcorn, then popcorn is Select one: a. a normal good. b. an inferior good. c. a necessity. d. a neutral good. ANSWER: a

The law of diminishing marginal returns states that increases in the variable input reduce the total product. Select one: True False ANSWER: FALSE

(Figure 17.3) Which of the following statements is (are) TRUE? I. The socially optimal quantity is 3. II. The deadweight loss associated with the perfectly competitive output level is $4.50. III. The external marginal cost is $6. Select one: a. I, II, and III b. I c. II and III d. I and II ANSWER: d

Figure 4-5 shows the market for apartments in Springfield. Recently, the government imposed a rent ceiling of $1,000 per month. Refer to Figure 4-5. What is the value of consumer surplus after the imposition of the ceiling at $1000 per month? Select one: a. $270,000 b. $230,000 c. $430,000 d. $120,000 ANSWER: b