Ask Question, Ask an Expert


Ask Business Economics Expert

Multiple choice problems in Micro Economics.

1) The owner of a carpet cleaning company realizes which her company is experiencing diminishing marginal product in the short run. As she attempts to do even more carpet cleaning in the short run, illustrate what will happen to the marginal cost of carpet cleaning?

a) increase

b) remain constant

c) decrease

d) approach zero

2)If average total cost is increasing as output increases,

a) average fixed costs will also be increasing)

b) average variable costs must be decreasing)

c) marginal cost must be greater than average total cost.

d) all of the above are true

3) When there is a shortage in a market, prices are likely to rise because:

a) Buyers do not wish to buy as much as sellers want to sell.

b) Some buyers will attempt to outbid other buyers for the available units of output.

c) Higher prices will induce sellers to reduce their production.

d) All the above)

4) David is horrified to see which the price of his favourite beverage has increased) Which of the subsequent would unequivocally (under all conditions) be responsible for this price increase?

a) a simultaneous decrease in demand and decrease in supply.

b) a simultaneous increase in demand and decrease in supply.

c) a simultaneous decrease in demand and decrease in supply.

d) an increase in supply.

5) Which of the subsequent aphorisms best discuss the law of diminishing returns?

a) Don't cry over spilled milk)

b) Too many cooks spoil the soup.

c) You can lead a horse to water but you can't make him drink)

d) A penny saved is a penny earned)

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M917311

Have any Question? 

Related Questions in Business Economics

1 there is a small country whose domestic demand and supply

1) There is a small country whose domestic demand and supply for a good x are given below (where P is the price of X) [drawing a demand and supply graph may be helpful to you, but is not required.] D: P=100-Q S: P=10+2Q ...

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 ...

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 ...

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

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 ...

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 ...

Free trade and restricted trade - benefits and cost1-2

Free Trade and Restricted Trade - Benefits and Cost 1-2 paragraphs APA format/ no plagarism Using your own words, define both free and restricted trade. What do you feel are the benefits and the cost to having free trade ...

Assignmentmoral and ethical requirements should serve as

Assignment Moral and ethical requirements should serve as drivers which encourage a business to invest in or spend money on cybersecurity products, services, and programs. You have been invited to participate in a "light ...

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 ...

Assessment task in this assessment students are required to

ASSESSMENT TASK: In this assessment, students are required to demonstrate their ability to apply economic principles learnt in this subject to analysing real-world business operations and evaluate how their long-run busi ...

  • 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