Ask Question, Ask an Expert


Ask Business Economics Expert

Multiple choice problems and answers in Micro Economics.

1. Marginal cost is

1. The change in total cost resulting from the purchase of one more unit of the variable input

2. The change in total cost resulting from the production of one more unit of output

3. The difference among total fixed costs and total variable cost

4. The difference among total costs and total expenditure

2. The optimal level of resource use comes when

1. MRP exceeds input price

2. MRP is less than input price

3. MRP equals input price

4. A use of the resource exhausts the capable to producer's funds

3. A grocery store sells up soup for $1)50 a can, or $2)50 for two cans. To a customer, the marginal cost of buying the second can of soup is

1. $1

2. $1)25

3. $1)50

4. $2)50

4. Illustrate what decision rule should be followed to maximize the net benefit of some variable?

1. Choose the value of the variable at which average benefit = average cost

2. Choose the value at which marginal benefit = zero

3. Choose the value at which marginal benefit = marginal cost

4. Choose the value at which total benefit = total cost

5. Companies in perfect competition are often Discussed as

1. Price takers

2. Price makers

3. Price setters

4. Price leaders

6. The key element in preserving a monopoly is

1. Government subsidy of critical enterprises

2. Keeping potential rivals out of the market

3. Guaranteeing availability of substitute products

4. Increased advertising expenditure

7. The force which leads to zero economic profits for monopolistically competitive companies in the long run is
1. Excess capacity

2. Price wars among companies

3. Entry by new companies

4. Excessive advertising

8. Oligopoly occurs when

1. A few companies sell many different products

2. A few companies sell to a few large buyers

3. Many companies dominate a single market

4. A few companies dominate a single market

9. Using prices to promote efficiency in the utilizing of bridges

1. Higher prices should be charged for the use of the most crowded bridges

2. Lower prices should be charged for the use of the uncrowned bridges

3. Traffic would be equalized among the bridges where space is a scare resource

4. All of the above are correct

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M917317

Have any Question? 

Related Questions in Business Economics

Assignment -consider the following cobb douglas production

Assignment - Consider the following Cobb Douglas production function where Y is maize output, X 1 is labour input, and X 2 is the capital. Data for estimating this equation is given in the Table below. Y = β 0 X 1i β_1 X ...

Assessment task descriptiontopicstudents will be required

ASSESSMENT TASK: DESCRIPTION Topic Students will be required to choose a specific enterprise (it should ideally be one with which they are somewhat familiar) and develop a sustainability indicators monitoring system for ...

What is the relationship between economy business and

What is the relationship between economy, business, and society? -6 page essay (includes only ONE page for references,but the cover page is not included in the 6 page requirement) -Double spaced -APA format

1what is the production possibilities curve and how is it

1. What is the production possibilities curve and how is it useful? 2. What 4 factors contribute to determining any point in this model? 3. How would we apply this framework to the real world? 4. You are planning to expa ...

Assignmentyou must submit 2 files to this link once done as

Assignment You must submit 2 files to this link once done as follows: Part 1) An MS Excel spreadsheet (.xls or .xlsx no other file formats will be accepted) use the dataset spreadsheet provided for the assignment and inc ...

In the united states as in most countries we value the

In the United States, as in most countries, we value the benefits of a free and competitive market. This suggests an interesting question: what if there were to be no Antitrust laws or other regulations on business activ ...

Chapter 1 managing changeq1 figure 176 shows how bad an

Chapter 1 Managing change Q1 Figure 1.76 shows how bad an implementation can become. Action needs to be taken to prevent this kind of situation. What would you recommend should be done? Q2 You are the project manager for ...

Assignmentinstructions1 select an illegal activity and

Assignment Instructions 1. Select an illegal activity and transform/mask its' true purpose with the disguise of a legitimate business operation. In other words, create a start-up business that would be viewed as a legal ...

Allocation and allotments please respond to the following1

"Allocation and Allotments" Please respond to the following: 1. From the first e-Activity, examine and evaluate the disparity of Georgia budget allocation for education and property tax to the various localities. Based o ...

Cite the sources used to answer this question provide the

Cite the source(s) used to answer this question. Provide the source(s) below your response and apply APA guidelines for references. 1) Class, is it possible for a business to show an accounting profit, but actually earn ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro