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Which of the following market structures has only one seller, who acts as a price maker?
Monopolistic competition
Monopoly
Perfect competition
Oligopoly
CONCEPT
Monopoly
3
When a firm uses four machines, it can produce 300 units daily. A fifth machine allows the firm to product 440 units.
Which of the following is true regarding production?
The marginal product for the fifth machine is 140 units and the average product is 88 units.
The marginal product for the fourth machine is 300 and the average product is 75 units
The total production for nine machines would be 740 units with an average production of 123.33 units.
https://capella.sophia.org/spcc/microeconomics-2/milestone_take_feedbacks/5736688 2/17
, 8/17/2020 Sophia :: Welcome
The marginal production for the fifth machine is 440 units and total production would be 740 units.
CONCEPT
Product: Total, Marginal, Average, and (Marginal) Revenue
4
Sergio leaves his job as a hockey coach to open his own skate sharpening shop at a local rink. Sergio is confident that the skate sharpening business
will earn him more than the $500 per week that he earned at his coaching position.
Sergio's business is good; he averages 100 pairs of skates per week, and charges $8 per pair to sharpen skates. He does all of the work himself, but has
to pay the rink $150 per week for the lease on the equipment.
Is Sergio better off operating his own business?
Yes, he is earning an economic profit of $800 each week.
No, he should have stayed at the coaching position where he earned $500 per week.
No, he is only earning $150 per week.
Yes, he is now earning an economic profit of $150 per week.
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