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### Question 1(1 point)

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Question: Question 1 (1 point) In which of the following pairs do the variables move in opposite direc…
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In which of the following pairs do the
variables move in opposite directions?

Question 1 options:

 Profit and output. Total cost and total output. Average product and average variable cost. Market price and the quantity supplied. Price elasticity and profit.

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### Question 2(1 point)

Assume that a price taker uses 13
employee-hours and an office to produce 100 units of output. The
price of output is \$5, the wage rate is \$10, and rent is \$200. The
firm will earn a _____ of _____.

Question 2 options:

 profit; \$500 loss; \$200 profit; \$370 loss; \$170 profit; \$170

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### Question 3(1 point)

Refer to the graph above. The gap between point L and point M
represents

Question 3 options:

 average total cost. average cost of 5 units of output. average variable cost of 5 units of output. average fixed cost of 5 units of output. average profit of 5 units of output.

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### Question 4(1 point)

Total revenue minus the sum of explicit and
implicit costs defines

Question 4 options:

 gross earnings. profit. net earnings. net worth. retained earnings.

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### Question 5(1 point)

Refer to the information above. When the firm uses 23
employee-hours, it will experience _______ in labour costs.

Question 5 options:

 \$322 \$260 \$180 \$112 \$46

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### Question 6(1 point)

A horizontal supply curve has a price
elasticity of supply equal to

Question 6 options:

 -1. 0. 1. 10. infinity.

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### Question 7(1 point)

Refer to the information above. The total cost of producing 200
units of output is

Question 7 options:

 \$440. \$372. \$280. \$240. \$190.

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### Question 8(1 point)

Refer to the graph above. If the firm is producing the level of
output at the minimum average total cost of production, then the
firm is producing where output

Question 8 options:

 equals 1.5 units. equals 3 units. equals 3.5 units. is between 1 and 3 units. is between 2 and 3 units.

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### Question 9(1 point)

Refer to the information above. When the firm uses 23
employee-hours, it will collect total revenue of

Question 9 options:

 \$46. \$200. \$225. \$400. \$450.

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### Question 10(1 point)

When the existing factory is becoming
increasingly crowded and workers must wait for their turn to use
existing tools, it is an example of diminishing

Question 10 options:

 marginal management. marginal returns. marginal utility. marginal benefit. microeconomics.

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### Question 11(1 point)

The easier it is for a firm to acquire
additional amounts of the factors of production they use, the

Question 11 options:

 smaller the numerical value of the price elasticity of supply. less elastic supply will be. greater the opportunity for earning a positive profit. more elastic supply will be. more inelastic supply will be.

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### Question 12(1 point)

Refer to the information above. The law of diminishing marginal
returns becomes evident at ______ units of output.

Question 12 options:

 33 66 99 132 165

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### Question 13(1 point)

For a price taker, if the price of a fixed
factor of production increases,

Question 13 options:

 total cost is unchanged. price rises. marginal cost is unchanged. marginal cost increases. the profit-maximizing level of output falls.

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### Question 14(1 point)

Refer to the information above. The total labour cost of producing
132 units of output is

Question 14 options:

 \$55. \$35. \$20. \$10. \$5.

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### Question 15(1 point)

Which of the following factors of production
is likely to be variable in the short run?

Question 15 options:

 The location of the firm. The number of employee-hours. The size of the firm’s plant or office. The amount of specialized machinery. The number of features in a custom-designed software application the firm uses.

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