Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

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

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 ...

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

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 ...

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 ...

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 ...

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 ...

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 ...

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 ...

Assignmentarticle reportplease select a marketing topic you

Assignment Article Report Please select a marketing topic you learned and then search in the Wall Street Journal (either online or hardcopy *) and select an article about that topic within the last 12 months. To do this, ...

Question 1 for the following situations calculate

Question 1 . For the following situations, calculate elasticity of demand and comment on the answer.                             When the price of commodity X was Rs. 12/-, 40 units it were demanded. When the price decre ...

  • 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

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

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen