Management > EXAM > ECON 1002 – MGMT 3503 Week 4 Quiz - Microeconomics Summer 2019 (30 out of 30 points) (All)

ECON 1002 – MGMT 3503 Week 4 Quiz - Microeconomics Summer 2019 (30 out of 30 points)

Document Content and Description Below

ECON 1002 – MGMT 3503 Week 4 Quiz - Microeconomics Summer 2019 (30 out of 30 points) • Question 1 3 out of 3 points Suppose the market price of lobster suddenly increases substantially. We ... can expect that most lobstermen will: Selected Answer: spend more hours catching lobster and supply more lobsters. Correct Answer: spend more hours catching lobster and supply more lobsters. • Question 2 3 out of 3 points All of the following are characteristics of perfectly competitive markets except: Selected Answer: all firms produce a differentiated product. Correct Answer: all firms produce a differentiated product. • Question 3 3 out of 3 points In a firm's production planning horizon, the "long-run" refers to Selected Answer: the period during which all of the firm's inputs can be varied. Correct Answer: the period during which all of the firm's inputs can be varied. • Question 4 3 out of 3 points Assume Firm A has half the fixed costs of Firm B, but they have the same variable costs and total revenue for all quantities. Which of the following statements is true? Selected Answer: Firm A will produce the same quantity as Firm B. Correct Answer: Firm A will produce the same quantity as Firm B. .....Continued [Show More]

Last updated: 1 year ago

Preview 1 out of 3 pages

Add to cart

Instant download

document-preview

Buy this document to get the full access instantly

Instant Download Access after purchase

Add to cart

Instant download

Reviews( 0 )

$7.00

Add to cart

Instant download

Can't find what you want? Try our AI powered Search

OR

REQUEST DOCUMENT
32
0

Document information


Connected school, study & course


About the document


Uploaded On

Feb 10, 2021

Number of pages

3

Written in

Seller


seller-icon
YourTutor

Member since 4 years

34 Documents Sold


Additional information

This document has been written for:

Uploaded

Feb 10, 2021

Downloads

 0

Views

 32

Document Keyword Tags

Recommended For You

Get more on EXAM »
What is Browsegrades

In Browsegrades, a student can earn by offering help to other student. Students can help other students with materials by upploading their notes and earn money.

We are here to help

We're available through e-mail, Twitter, Facebook, and live chat.
 FAQ
 Questions? Leave a message!

Follow us on
 Twitter

Copyright © Browsegrades · High quality services·