Economics and Finance (Economics)

Sophia Microeconomics_ My Answers Final Milestone. Which of the following describes an industry that experiences economies of scale, even at high levels of output? Monopolistic competition Perfectly competitive industry Natural monopoly Oligopoly CONCEPT Constant, Increasing and Decreasing Cost Industries 2 If the market price of apples drops to $9, at which of the following will the firm be? Below the shutdown point Making a profit Just breaking even Operating at a short term loss...

Sophia Microeconomics Unit 3 Milestone Exam Answers. Which example below represents a fixed input? Office space being rented Hourly employees Utility bills Raw materials for construction CONCEPT Production Function and Constraints 2 The Prisoner's Dilemma can come into play when firms ___________. are forced to advertise and market their goods to consumers are regulated by the government in order to provide fair pricing to consumers engage in predatory pricing to move each other out...

1. Both parties gain in a voluntary exchange.   a.  True   b.  False ANSWER:   True POINTS:   1 DIFFICULTY:   Easy LEARNING OBJECTIVES:   DISC: Scarcity, tradeoffs, and o - DISC: Scarcity, tradeoffs, and opportunity cost NATIONAL STANDARDS:   United States - BPROG: Analytic ACCREDITING STANDARDS:   The study of economics, and defi - The study of economics, and definitions of economics TOPICS:   DISC: Gains from trade, specialization and...