ECON 528 - Module 4 (QUESTIONS AND ANSWERS) VERIFIED 100% CORRECT!! ECON 528 Final || QUESTIONS WITH 100% ACCURATE SOLUTIONS!! Econ 528 Final Exam Study Guide || WITH CORRECT SOLUTIONS!! Econ 528 Midterm ULL || QUESTIONS WITH ALL PASSED SOLUTIONS!! ULL ECON 528 – FINAL || QUESTIONS AND ANSWERS SO...
[Show more]
If, when a firm doubles all its inputs, its average cost of production decreases, then production displays A) diminishing returns. B) economies of scale. C) diseconomies of scale. D) declining fixed costs. correct answers B) economies of scale. The long-run average cost curve shows A) the lo...
Preview 4 out of 31 pages
Add to cartIf, when a firm doubles all its inputs, its average cost of production decreases, then production displays A) diminishing returns. B) economies of scale. C) diseconomies of scale. D) declining fixed costs. correct answers B) economies of scale. The long-run average cost curve shows A) the lo...
Manager correct answers a decision maker: Labor and capital (inputs of production), Inventory (Supply) Economics correct answers a social science that examines conditions of scarcity and how individuals respond to scarcity. (Shortages; time and other resources) Managerial economics correct ans...
Preview 2 out of 7 pages
Add to cartManager correct answers a decision maker: Labor and capital (inputs of production), Inventory (Supply) Economics correct answers a social science that examines conditions of scarcity and how individuals respond to scarcity. (Shortages; time and other resources) Managerial economics correct ans...
d. As the size of the firm increases it becomes more difficult to coordinate the operations of its manufacturing plants. correct answers Which of the following is a reason why a firm would experience diseconomies of scale? a. As the size of the firm increases, it becomes more difficult to find mark...
Preview 2 out of 6 pages
Add to cartd. As the size of the firm increases it becomes more difficult to coordinate the operations of its manufacturing plants. correct answers Which of the following is a reason why a firm would experience diseconomies of scale? a. As the size of the firm increases, it becomes more difficult to find mark...
Managerial economics is best defined as the economic study of: correct answers how businesses can decide on the best use of scarce resources. Managerial economics helps managers correct answers make decisions in the face of scarcity. Microeconomics includes the study of the correct answers cho...
Preview 2 out of 15 pages
Add to cartManagerial economics is best defined as the economic study of: correct answers how businesses can decide on the best use of scarce resources. Managerial economics helps managers correct answers make decisions in the face of scarcity. Microeconomics includes the study of the correct answers cho...
A firm's managers are constrained by A) consumers. B) workers. C) government. D) All of the above. correct answers D.) All of the above 2) Which of the following would be categorized as an opportunity cost? a. not being able to spend your $10,000 savings if you sink the money in your busi...
Preview 1 out of 4 pages
Add to cartA firm's managers are constrained by A) consumers. B) workers. C) government. D) All of the above. correct answers D.) All of the above 2) Which of the following would be categorized as an opportunity cost? a. not being able to spend your $10,000 savings if you sink the money in your busi...
Managerial Economics correct answers Helps managers make decisions in the face of scarcity. Economic Costs of Production vs. Accounting Costs correct answers Economic costs add the opportunity costs of a firm using its own resources while accounting costs do not. Margie's Profit Maximization ...
Preview 1 out of 2 pages
Add to cartManagerial Economics correct answers Helps managers make decisions in the face of scarcity. Economic Costs of Production vs. Accounting Costs correct answers Economic costs add the opportunity costs of a firm using its own resources while accounting costs do not. Margie's Profit Maximization ...
According to the profit-maximization goal, the firm should attempt to maximize short-run profits since there is too much uncertainty associated with long-run profits. correct answers . False If Melissa owns a software company that incurs no fixed costs, then correct answers her total cost equals ...
Preview 2 out of 7 pages
Add to cartAccording to the profit-maximization goal, the firm should attempt to maximize short-run profits since there is too much uncertainty associated with long-run profits. correct answers . False If Melissa owns a software company that incurs no fixed costs, then correct answers her total cost equals ...
Define manager correct answers someone who directs resources to achieve a stated goal In what ways does a manager direct economic resources (3) correct answers 1. directs efforts of others 2. purchases inputs used in the production of a firms output 3. directs the product or price or quantity d...
Preview 2 out of 14 pages
Add to cartDefine manager correct answers someone who directs resources to achieve a stated goal In what ways does a manager direct economic resources (3) correct answers 1. directs efforts of others 2. purchases inputs used in the production of a firms output 3. directs the product or price or quantity d...
Managerial economics is best defined as the economic study of: a. how businesses can sell the most products. b. how businesses can operate at the lowest costs. c. how businesses can decide on the best use of scarce resources. d. how businesses can make the most profits. correct answers c. how b...
Preview 3 out of 22 pages
Add to cartManagerial economics is best defined as the economic study of: a. how businesses can sell the most products. b. how businesses can operate at the lowest costs. c. how businesses can decide on the best use of scarce resources. d. how businesses can make the most profits. correct answers c. how b...
Microeconomics studies the allocation of correct answers scarce resources Managerial Economics correct answers helps managers make decisions in the face of scarcity Microeconomics models are used to correct answers make predictions explain real-life phenomena evaluate production alternatives...
Preview 2 out of 7 pages
Add to cartMicroeconomics studies the allocation of correct answers scarce resources Managerial Economics correct answers helps managers make decisions in the face of scarcity Microeconomics models are used to correct answers make predictions explain real-life phenomena evaluate production alternatives...
Microeconomics studies the allocation of A) decision makers. B) scarce resources. C) models. D) unlimited resources. correct answers b Managerial economics A) describes how pay for managers is set. B) ensures managers always make good decisions. C) helps managers make decisions in the face...
Preview 2 out of 13 pages
Add to cartMicroeconomics studies the allocation of A) decision makers. B) scarce resources. C) models. D) unlimited resources. correct answers b Managerial economics A) describes how pay for managers is set. B) ensures managers always make good decisions. C) helps managers make decisions in the face...
If the price of steel increases drastically, the quantity of steel demanded by the building industry will fall significantly over the long run because Select one: a. buyers of steel are less sensitive to a price change if they have more time to adjust to the price change. b. buyers of steel are m...
Preview 1 out of 3 pages
Add to cartIf the price of steel increases drastically, the quantity of steel demanded by the building industry will fall significantly over the long run because Select one: a. buyers of steel are less sensitive to a price change if they have more time to adjust to the price change. b. buyers of steel are m...
Elvira decreased her consumption of bananas when the price of peanut butter increased. For Elvira, peanut butter and bananas are A) substitutes in consumption. B) both inferior goods. C) complements in consumption. D) both luxury goods. correct answers c A change in which variable will change...
Preview 1 out of 3 pages
Add to cartElvira decreased her consumption of bananas when the price of peanut butter increased. For Elvira, peanut butter and bananas are A) substitutes in consumption. B) both inferior goods. C) complements in consumption. D) both luxury goods. correct answers c A change in which variable will change...
If, when a firm double all its inputs, its average cost of production decreases, then production displays correct answers economies of scale The long-run average cost curve shows correct answers the lowest average cost of producing every level of output in the long run All of the following sta...
Preview 2 out of 15 pages
Add to cartIf, when a firm double all its inputs, its average cost of production decreases, then production displays correct answers economies of scale The long-run average cost curve shows correct answers the lowest average cost of producing every level of output in the long run All of the following sta...
Economies of scale exist as a firm increases its size in the long run because of all the following except: correct answers As a firm expands its production, its profit margin per-unit of output increases Over the past twenty years, the number of small family farms has fallen significantly and in...
Preview 2 out of 7 pages
Add to cartEconomies of scale exist as a firm increases its size in the long run because of all the following except: correct answers As a firm expands its production, its profit margin per-unit of output increases Over the past twenty years, the number of small family farms has fallen significantly and in...
D. None of the above correct answers If the marginal product of labor is 2, the marginal product of capital is 4, the wage rate is $3, the rental price of capital is $6, and the price of output is $1.50, then the firm should . Increase output by hiring more labor, more capital, or both. b. Hold ...
Preview 3 out of 19 pages
Add to cartD. None of the above correct answers If the marginal product of labor is 2, the marginal product of capital is 4, the wage rate is $3, the rental price of capital is $6, and the price of output is $1.50, then the firm should . Increase output by hiring more labor, more capital, or both. b. Hold ...
If, when a firm doubles all its inputs, its average cost of production decreases, then production displays a.) diminishing returns b.) economies of scale c.) diseconomies of scale d.) declining fixed costs correct answers b. ) economies of scale The long-run average cost curve shows A) the...
Preview 2 out of 11 pages
Add to cartIf, when a firm doubles all its inputs, its average cost of production decreases, then production displays a.) diminishing returns b.) economies of scale c.) diseconomies of scale d.) declining fixed costs correct answers b. ) economies of scale The long-run average cost curve shows A) the...
The best definition of economics is: A) how goods and services are produced. B) how choices are made under conditions of scarcity. C) how businesses maximize profits. D) how money is used. correct answers B) how choices are made under conditions of scarcity Managerial economics is best define...
Preview 2 out of 8 pages
Add to cartThe best definition of economics is: A) how goods and services are produced. B) how choices are made under conditions of scarcity. C) how businesses maximize profits. D) how money is used. correct answers B) how choices are made under conditions of scarcity Managerial economics is best define...
Average variable cost and the cumulative number of units produced correct answers Learning curves represent the relationship between Select one: a. average variable cost and the cumulative number of units produced b. total cost and technology c. average variable cost and the rate of increase ...
Preview 2 out of 5 pages
Add to cartAverage variable cost and the cumulative number of units produced correct answers Learning curves represent the relationship between Select one: a. average variable cost and the cumulative number of units produced b. total cost and technology c. average variable cost and the rate of increase ...
The production possibilities frontier is the A) maximum output that can be produced at an opportunity cost of zero. B) minimum output that can be produced when resources are used inefficiently. C) boundary between the combinations of goods and services that can be produced and the combinations...
Preview 2 out of 10 pages
Add to cartThe production possibilities frontier is the A) maximum output that can be produced at an opportunity cost of zero. B) minimum output that can be produced when resources are used inefficiently. C) boundary between the combinations of goods and services that can be produced and the combinations...
Economies of scale correct answers If, when a firm double all its inputs, its average cost of production decreases, then production displays A - diminishing returns B - economies of scale C - diseconomies of scale D - declining fixed costs The lowest average cost of producing every level of...
Preview 1 out of 3 pages
Add to cartEconomies of scale correct answers If, when a firm double all its inputs, its average cost of production decreases, then production displays A - diminishing returns B - economies of scale C - diseconomies of scale D - declining fixed costs The lowest average cost of producing every level of...
The law of diminishing marginal returns states that increases in the variable input reduce the total product. a. True b. False correct answers b. False We should use relatively more labor if we learn that the marginal product per dollar of labor expenditures is less than a marginal product pe...
Preview 1 out of 4 pages
Add to cartThe law of diminishing marginal returns states that increases in the variable input reduce the total product. a. True b. False correct answers b. False We should use relatively more labor if we learn that the marginal product per dollar of labor expenditures is less than a marginal product pe...
_________ is the cost associated with fixed input correct answers Fixed cost Fixed costs are unrelated to _________. correct answers output Fixed costs are zero in the __________. correct answers long run __________ is the cost that does not vary across decision correct answers Sunk cost ...
Preview 1 out of 2 pages
Add to cart_________ is the cost associated with fixed input correct answers Fixed cost Fixed costs are unrelated to _________. correct answers output Fixed costs are zero in the __________. correct answers long run __________ is the cost that does not vary across decision correct answers Sunk cost ...
Relative to a perfectly competitive market, a monopoly results in: a. a gain in producer surplus equal to the loss in consumer surplus. b. a gain in producer surplus less than the loss in consumer surplus. c. greater economic efficiency. d. a gain in producer surplus equal to the gain in...
Preview 2 out of 8 pages
Add to cartRelative to a perfectly competitive market, a monopoly results in: a. a gain in producer surplus equal to the loss in consumer surplus. b. a gain in producer surplus less than the loss in consumer surplus. c. greater economic efficiency. d. a gain in producer surplus equal to the gain in...
Value= correct answers =sum(t=1...n)((TRt)-TCt) / (1+i)t where t = time period / # of years i = discount rate = current interest rate firm value is maximized when: correct answers total revenue is maximized total cost for a given output is minimized total cost = correct answers avera...
Preview 2 out of 9 pages
Add to cartValue= correct answers =sum(t=1...n)((TRt)-TCt) / (1+i)t where t = time period / # of years i = discount rate = current interest rate firm value is maximized when: correct answers total revenue is maximized total cost for a given output is minimized total cost = correct answers avera...
Which of the following is a reason why a firm would experience diseconomies of scale? a. As the size of the firm increases it becomes more difficult to coordinate the operations of its manufacturing plants. b. To finance an increase in the size of its plant a firm must borrow more money or sel...
Preview 2 out of 9 pages
Add to cartWhich of the following is a reason why a firm would experience diseconomies of scale? a. As the size of the firm increases it becomes more difficult to coordinate the operations of its manufacturing plants. b. To finance an increase in the size of its plant a firm must borrow more money or sel...
Managerial economics is best defined as the economic study of: correct answers how businesses can decide on the best use of scarce resources. Managerial economics: correct answers helps managers make decisions in the face of scarcity. Microeconomics includes the study of the; correct answers b...
Preview 1 out of 4 pages
Add to cartManagerial economics is best defined as the economic study of: correct answers how businesses can decide on the best use of scarce resources. Managerial economics: correct answers helps managers make decisions in the face of scarcity. Microeconomics includes the study of the; correct answers b...
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Stuvia is a marketplace, so you are not buying this document from us, but from seller ProPerfomer. Stuvia facilitates payment to the seller.
No, you only buy these notes for $122.18. You're not tied to anything after your purchase.
4.6 stars on Google & Trustpilot (+1000 reviews)
73243 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
