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Bus 302L Micro Economics Questions and Answer | Latest Update 2024/2025 $10.69   Add to cart

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Bus 302L Micro Economics Questions and Answer | Latest Update 2024/2025

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Because of scarcity, every economic decision involves ~~> a trade off Ryan spends an hour studying instead of going for a bike ride. Assume studying and bike riding were Ryan's only options for that hour. The opportunity cost to him of studying is ~~> the enjoyment and exercise he wo...

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  • September 16, 2024
  • 16
  • 2024/2025
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  • Bus 302L
  • Bus 302L
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1 | P a g e | © copyright 2024/2025 | Grade A+




Bus 302L Micro Economics
Questions and Answer | Latest
Update 2024/2025
Because of scarcity, every economic decision involves


✓ ~~> a trade off




Ryan spends an hour studying instead of going for a bike ride. Assume

studying and bike riding were Ryan's only options for that hour. The

opportunity cost to him of studying is


✓ ~~> the enjoyment and exercise he would have received from bike

riding




Which of the following is a false statement about absolute and comparative

advantage?


✓ ~~> It is possible for one country to have the comparative

advantage in all goods




The gains from trade are


✓ ~~> a result of more efficient resource allocation




Master01 | September, 2024/2025 | Latest update

, 2 | P a g e | © copyright 2024/2025 | Grade A+


Which of the following would not tend to lower the price of VCRs?


✓ ~~> increasing price of pay-per-view movies on cable TV




In a market economy, the allocation of the quantity supplied of any good

among demanders is determined by


✓ ~~> the market price.




Milk can be used to make yogurt or cheese. Other things equal, if consumers

start demanding more yogurt,


✓ ~~> less milk will be used in cheese and more will be used in yogurt.




The price elasticity of demand


✓ ~~> varies from one point to another on a typical demand curve




Which of the following statements is true?


✓ ~~> The elasticity of demand will be larger if there are good

substitutes available.




A firm's total cost is $10,000. Its variable cost is $5,500. What is the firm's fixed

cost?




Master01 | September, 2024/2025 | Latest update

, 3 | P a g e | © copyright 2024/2025 | Grade A+


✓ ~~> $4,500




Which of the following is a correct definition of marginal cost (MC)?


✓ ~~> It is the added cost that results from producing one more unit of

a good.




A firm will shut down if


✓ ~~> P < AVC at all levels of output




A negative externality exists when


✓ ~~> Jack buys a good from Bill, and this makes Todd worse off




Hannah runs a manicuring shop. Currently, her shop provides 50 manicures

per day, and the shop's daily total cost (TC) is $600. If Hannah decides to

provide 25 more manicures per day, the total cost will rise by $75 per day. If

Hannah does decide to increase production by this much, what will the

shop's daily average total cost (ATC) be?


✓ ~~> $9.00




If Ross decides to ride his bike this afternoon, he will miss his favorite television

show, and he won't have time to study for his economics test. If Ross doesn't


Master01 | September, 2024/2025 | Latest update

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