ECON 112 QUIZ 3

Econ 112 Take-Home Quiz 3 1 Chapter 11 Questions 1. A unwandering require: A) succeed rest simply in the crave run. B) depends on the plane of output. C) can be enacted, smooth if the secure doesn't result any output in the incomprehensive run. D) decreases until the sharp-end of subordinate receipts is reached. 2. Ultimate require is the: A) sanctionion in sum require when one balance part of output is resultd. B) contraction in require from economies of lamina. C) harmony of medium sum require to sum require. D) sanctionion in output from the restitution of one part of work. Use the subjoined to apology topic 10: Figure: The Medium Sum Require Curve 3. (Figure: The Medium Sum Require Curve) Look at the likeness The Medium Sum Require Curve. In the likeness, the sum require of conceding three pairs of boots is approximately: a. $24. b. $72. c. $75. d. $216. 4. Medium sum require is: a the transmute in fickle require separated by the transmute in measure. b sum require separated by measure. c the transmute in measure separated by the transmute in work requires. d sum require times measure. Econ 112 Take-Home Quiz 3 2 5. In the incomprehensive run: A. all inputs are unwandering. B. all inputs are fickle. C. some inputs are unwandering and some inputs are fickle. D. all requires are fickle. 6. Subordinate ultimate receipts arise when: A. each restitutional part of a fickle rudiment adds balance to sum output than the preceding part. B. an restitutional fickle rudiment adds close to sum output than the preceding part. C. the ultimate result of a fickle rudiment is increasing but at a decreasing scold. D. sum result decreases. 7. Which of the subjoined require concepts is suitably defined? A. MC = ΔTC / ΔFC B. ATC = VC + FC C. ATC = AVC + AFC D. TC = AVC + AFC Use the subjoined to apology topic 15: 8. (Table: Evolution Duty for Soybeans) The board shows a resultion duty for soybeans. Assume that the unwandering input, Econ 112 Take-Home Quiz 3 3 capital, is 10 acres of plant and a tractor, which possess a utterly require of $150 per day. The require of work is $100 per worker per day. The sum require of conceding 25 bushels of soybeans is: A) $50 B) $100 C) $150 D) $250 9. When a cherry orchard in Oregon adds a worker, the sum require of resultion sanctionions by $24,000. Adding the worker sanctionions sum cherry output by 600 pulverizes. Therefore, the ultimate require of the developed pulverize of cherries resultd is: A. $19. B. $4,000. C. $24,000. D. $40 10. The larger the output, the main the measure of output balance which unwandering require is distribute. Called the ________ result, this leads to a ___________. A) distributeing; inferior medium unwandering require. B) distributeing; upper medium unwandering require. C) subordinate receipts; inferior medium fickle require. D) subordinate receipts; upper medium fickle require. Chapter 12 Questions 11. Which of the subjoined is penny for secures uncounted below blameless race? A. There are telling barriers to entry B. There is a very excellent unwandering require, which reduces the calculate of secures in the activity C. They must sanction the dispense figure, regardclose of their output plane D. They can gain economic advantage in the crave run Figure #1 – Wholly Competitive Industry Econ 112 Take-Home Quiz 3 4 12. (Using the notice in Likeness #1). If the dispense figure were $6, secures would gain: A. Enacted economic advantage B. Negative economic advantage C. Zero economic advantage 13. (Using the notice in Likeness #1). If the dispense figure were $10, secures would gain: A. Enacted economic advantage B. Negative economic advantage C. Zero economic advantage 14. (Using the notice in Likeness #1). If the dispense figure were $4, secures would gain: A. Enacted economic advantage B. Negative economic advantage C. Zero economic advantage 15. (Using the notice in Likeness #1). The shut-down figure is: A. $2 B. $4 C. $6 D. $8 16. (Using the notice in Likeness #1). The break-smooth figure is: A. $2 B. $4 C. $6 D. $8 17. (Using the notice in Likeness #1). In the crave run, secures would anticipate the dispense figure to be: A. $8 Econ 112 Take-Home Quiz 3 5 B. $6 C. $4 D. $2 18. (Using the notice in Likeness #1). If the incomprehensive run figure were $10, then in the crave run secures would: A. Continue to hold the economic advantage/loss B. Enter the activity C. Exit the activity Chapter 13 Questions 19. Firms below privilege maximize advantage by choosing an output plane where: A. P=MC B. MR=P C. MR=MC D. D=MC Figure #2 - Monopoly 20. (Using the notice in Likeness #2). If the activity were blamelessly competitive, the activity output plane would be: A. 4 B. 3 C. 2 D. 1 21. (Using the notice in Likeness #2). A monopolist would maximize advantage by conceding ____ parts. A. 1 B. 2 C. 3 D. 4 Econ 112 Take-Home Quiz 3 6 22. (Using the notice in Likeness #2). A monopolist would maximize advantage by charging ____ per part. A. $4 B. $6 C. $8 D. $10 23. (Using the notice in Likeness #2). A monopolist would hold incomprehensive run economic advantage of: A. $24 B. $16 C. $12 D. $8 24. (Using the notice in Likeness #2). In the crave run, the monopolist continues to gain the corresponding advantage as in the incomprehensive run: A. True B. False 25. A eventual privilege arises when entering an activity requires: A. Very excellent unwandering require B. Approval by accurate regulations C. Very excellent taxes D. Specialized technical knowledge Figure #3 – Privilege after a while agricultural MC of $3 and no unwandering require 26. (Using the notice in Likeness #3). The advantage maximizing measure for this monopolist is: A. 10 B. 20 C. 30 D. 40 27. (Using the notice in Likeness #3). Using the formula for economic advantage: Profit=(P-ATC)xQ*, particularize advantage for the monopolist: A. $40 B. $60 C. $80 D. $150 Econ 112 Take-Home Quiz 3 7 Chapter 14 Questions Figure #4 – Oligopoly (Duopoly) Payoff Matrix 28. (Using the notice in Likeness #4). When a one-time pastime is dramatizeed, the dominant policy for West Mfg. is to: A. Accuse a low figure B. Accuse a excellent figure 29. (Using the notice in Likeness #4). The Nash makeweight is: A. Both secures accuse a low figure B. West Mfg accuses a low figure, East Mfg accuses a excellent figure C. West Mfg accuses a excellent figure, East Mfg accuses a low figure D. Both secures accuse excellent figure E. A Nash makeweight does not rest 30. (Using the notice in Likeness #4). If the pastime were usual 100 times balance, the secures would most likely: A. Always dramatize the Nash makeweight B. Always accuse a excellent figure C. Sometimes dramatize a excellent figure D. Impossible to particularize 31. Firms officially assent to collaboratively set activity output to maximize activity advantage. This is notorious as: A. Tacit collusion B. Nash makeweight C. Cartel 32. Firms who bepossess cooperatively to maximize elbow advantages, but are not actively communicating, are winning in: A. Overt-collusion B. Nash makeweight C. Tacit collusion Econ 112 Take-Home Quiz 3 8 Chapter 15 Questions 33. Industries below monopolistic race possess: A. No barriers to entry B. Telling barriers to entry C. Extremely excellent unwandering require D. Very accurate regulations 34. Monopolistic emulators result: A. Commodities B. Standardized results C. Differentiated results D. Inputs Figure #5 – Monopolistic Competition 35. (Using the notice in Likeness #5). The advantage maximizing plane of output for this monopolistic emulator is: A. 1 B. 3 C. 4 D. 6 36. (Using the notice in Likeness #5). The advantage maximizing figure for this monopolist is: A. $5 B. $7 C. $9 D. $11 37. (Using the notice in Likeness #5). In the incomprehensive run, this monopolistic emulator is gaining: A. Enacted economic advantage B. Negative economic advantage Econ 112 Take-Home Quiz 3 9 C. Zero economic advantage 38. (Using the notice in Likeness #5). In the crave run, advantages succeed: A. Remain the corresponding B. Acception to zero C. Decrease to zero 39. (Using the notice in Likeness #5). In the crave run, the: A. MC incurvation succeed displace up B. MC incurvation succeed displace down C. Demand incurvation succeed displace right D. Demand incurvation succeed displace left