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ECON402 test2 sang lee || with 100% Verified Solutions.
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Economic Models correct answers simplify the real world by ignoring minor details joint; fixed correct answers each chicken always produces 2 chicken breasts and 2 wings during processing. this is an example of _____ production in _________ proportions. a) joint; varying b) joint; fixed c) fi...

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  • August 16, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • economic models

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  • ECON402
  • ECON402

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ECON402 test2 sang lee || with 100% Verified Solutions.
Economic Models correct answers simplify the real world by ignoring minor details

joint; fixed correct answers each chicken always produces 2 chicken breasts and 2 wings during
processing. this is an example of _____ production in _________ proportions.
a) joint; varying
b) joint; fixed
c) fixed; joint
d) varying; joint

mixed bundling correct answers fast tech sells its computers and monitors separately, but also
sells them as a package. this is an example of ________.

bundling correct answers Season ticket holders received a surprise when they read the
applications forms to renew their season tickets. in order to get their tickets to the Rams home
games, they also had to buy tickets to the preseason games. this practice is an example of
______.

increases; increases correct answers the dairy business can buy as much milk from suppliers as it
wants. other things being equal, if the price of cheese rises, the production of cheese ______ and
the production of butter _______.
a) increases; increases
b) increases; decreases
c) decreases; increases
d) decreases; decreases

the firm may still produce its output at both plants. correct answers A firm has 2 plants, A and B.
because plant A was built long after plant B, the MC of production at plant A is smaller than the
MC at plant B at any given output level. then ________.

different; negatively correct answers Bundling is effective when the demands for the bundled
products are ________ and __________ correlated.
a) different; negatively
b) different; positively
c) similar; negatively
d) similar; positively

divestiture correct answers in 1984, AT&T was split into seven smaller regional companies to
handle regional phone services in the US. This is an example of_______.

intrafirm transactions correct answers vertical integration= _________

divestiture correct answers -the opposite of vertical integration.
-dividing a company and creating more than 1 entity/service.

, need a perpetual life and limited liability to attract investors correct answers nearly all large
firms are organized as corporations because they

Proprietorship correct answers a firm owned by one person with unlimited liability

true correct answers a company is subject to the income tax laws of the country where it is
domiciled.

Only corporations correct answers which forms of business organizations have their profits taxed
twice

only profit maximization correct answers economists assume that the paramount goals of
managers of profit-seeking firms is

total revenue correct answers equals price * quantity , where P is the price and Q is the quantity
sold

Implicit correct answers An ____ cost is defined as a cost that does not involve an outflow of
cash

opportunity correct answers An ____ cost is defined as a return from the best-alternative use of a
resource

depreciation correct answers accounting costs and opportunity cost differ when it comes to
measuring

does not measure ; includes correct answers accounting cost _____ depreciation as a change in
market value of the asset and ______ the wages paid workers

marginal analysis correct answers recognizes that decisions have both marginal benefits and
marginal costs

using markets with contracts correct answers _____ is convenient but the downfall is that it
incurs transaction costs.

when the products being bought & sold are standardized correct answers markets, rather
transactions within a firm, are often used

integrating backward correct answers Boing's 787 Dreamliner jet uses engines made by Rolls
Royce. If Boing purchased Rolls Royce, Boeing would be

backward integration correct answers a firm acquires a productive capacity that is closer to
inputs.

acquires some productive capacity closer to the final consumer correct answers When a company
integrates forward , the company

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