Exhibit one particular
1 . (Exhibit 1: Total Product) Among points A and M the marginal product of labor is: A) elevating.
Exhibit a couple of:
Total Merchandise and Marginal Product
Labor per Day| Total Products (units per period)
0| 0. 0
1| 1 . 0
2| 3. 0
3| several. 0
4| 9. zero
5| 12. 0
6| 10. 7
7| eleven. 0
8| 10. 5
2 . (Exhibit 2: Total Product and Marginal Product) The minor product in the second member of staff is: A) 1 . 0.
B) 1 . five.
C) 2 . 0.
D) 3. 0.
a few. Marginal product:
A) can never boost.
B) can only always be falling.
C) can be less than absolutely no.
D) never equates to average item.
5. (Exhibit several: Short-Run Costs) Curve A is the _______ cost competition. A) average total
B) normal variable
5. (Exhibit 4: A Firm's Price Curves) The curve labeled V symbolizes the firm's _______ curve. A) total cost
B) typical total expense
C) marginal expense
D) average varying cost
6. | (Exhibit 5: Industry for Carrots) If require is D1, the price of celery will be _______ cents, the quantity demanded will be _______, and the quantity supplied will be _______. | A)| 20; 100; 90
B)| 20; 100; 100
C)| 30; 160; 160
D)| 30; 100; one hundred sixty
Ans: | N
7. | (Exhibit 6: Total Income and Cost) The most profitable level of result occurs for quantity: | A)| Farrenheit.
Ans: | D
almost 8. | (Exhibit 7: Total Revenue, Total Costs, and Economic Profit) Total revenue and total cost will be equal in approximately _______ pounds and $_______. | A)| a couple of, 000; you, 400
B)| your five, 000; you, 600
C)| twelve, 000; a couple of, 800
D)| 12-15, 000, two, 800
Ans: | C
being unfaithful. | (Exhibit 7: Total Revenue, Total Costs, and Economic Profit) Total revenue and total cost happen to be equal for approximately _______ pounds and $ _______. | A)| 0; three hundred
B)| 2, 500; 1, 200
C)| 4, five-hundred; 1, 300
D)| 8, three hundred; 2, 250
Ans: | C
10. | (Exhibit six: Total Revenue, Total Costs, and Economic Profit) Monetary profit could be the greatest the moment approximately _______ pounds are sold. | A)| 2, 500
B)| 4, 300
C)| 7, three hundred
D)| 8, 300
Ans: | Deb
11. | (Exhibit several: Total Revenue, Total Costs, and Monetary Profit) For approximately 4, 500 pounds of carrots: | A)| total economic profit is the greatest.
B)| total revenue is corresponding to total cost.
C)| marginal earnings is comparable to marginal price.
D)| marginal expense is at its maximum.
Ans: | B
12. | (Exhibit eight: Marginal Decision Rule) In the event P1 is the market price, and if this firm has chose to produce virtually any output, it will produce: | A)| where MR > MC.
B)| variety q2.
C)| quantity q1 where MR > MC.
D)| several greater than q1 but lower than q2.
Ans: | B
13. | (Exhibit 8: Minor Decision Rule) Given the market price P1, Curve M is the _______ curve. | A)| little revenue
B)| marginal cost
C)| marginal product
D)| common fixed expense
Ans: | A
14. | (Exhibit almost eight: Marginal Decision Rule) Economic profit: | A)| exists between q1 and q2.
B)| exists between your origin and q1.
C)| is out there as a maximum at q1.
D)| cannot be identified based on information provided. | Ans: | D
15. | (Exhibit 8: Marginal Decision Rule) To the left of Point C (e. g., at q1): | A)| monetary profit is the vertical length between Competition B and MC. | B)| the firm is not maximizing profits.
C)| the firm can be maximizing earnings.
D)| the company should create less.
Ans: | B
Total Cost for any Perfectly Competitive Firm
Variety per period| Total Expense