Sophia: Microeconomics - Final Milestone Questions and Answers Already Passed

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Sophia: Microeconomics - Final Milestone Questions and Answers Already Passed Which of the following describes the visual representation of the steps that form a process? ✔✔It plays an importa ... nt role in efficiency evaluation Which of the following is an intermediate good? ✔✔Flour used to bake bread in a bakery When a firm uses five machines, it can produce 600 units daily. A sixth machine allows the firm to product 880 units. Which of the following is true in regard to production? ✔✔The marginal product for the sixth machine is 280 units and the average product is 147 units Which indicators show change at the same time as the economy and thus give a sense of where the economy is in relation to the business cycle? ✔✔Coincident indicators Product Price: $40,000 Unit Cost: $10.00 Units Sold: 200 Units Produced: 1100 Opportunity Cost: $850 Given the information in the table shown above, the accounting profit is which of the following? ✔✔-$3,000 Determine which of the following is an example of opportunity cost. ✔✔If I take a second job, I will have more money, but less time to spend with my family Anita gets a new job and her salary doubles. As a result, she moves to a bigger apartment in a trendy part of town. Her new apartment, as a result of her increase in salary, can be categorized as which of the following two types of goods? ✔✔Veblen and Normal A firm trying to maximize profit will produce up to the point that marginal revenue is __________. ✔✔Equal to marginal cost All of the following are reasons why companies are slow to adopt sustainable practices that are better for the environment EXCEPT __________. ✔✔The universal adaptation of the Kyoto Protocol Which statement below refers to the law of diminishing returns? ✔✔After a certain point, the rate of utility decreases with each additional unit of an item consumed. This firm is currently producing 25 units; which of the following should it do in order to maximize profit? ✔✔The firm should increase output to 80 units Identify which statement is a characteristic of long-run for a firm. ✔✔Time period when constraints are most likely to be variable Pollution by-product that impacts third parties is which type of failure? ✔✔Market failure due to externalities Based on the descriptions below of different jobs Nancy held, which would qualify as an oligopoly? ✔✔Nancy was an administrative assistant for an oil company with very few other sellers Rent control is a type of price __________ that has the effect of __________ producer surplus as compared to the free market equilibrium. ✔✔ceiling; reducing Which scenario is an example of consumer surplus? ✔✔George is willing to pay up to $20,000 for a car, but he finds one he likes for $15,000 When sales double, a pizza restaurant finds its costs for sauce, dough and electricity increase, because these are __________. ✔✔Variable costs Which of the following would most likely have an income elasticity of -1? ✔✔A dress on clearance # of employees: 0 - 1 - 2 - 3 - 4 Total production: 0 - 9 - 24 - 36 - 43 Marginal product of labor: 0 - 9 - 15 - 12 - 7 If the price of the item is $15.00 per unit and the employees costs $125 each, how many employees should the firm hire to maximize their profit? ✔✔Three employees Which of the following is true regarding indifference curves? ✔✔Each bundle of goods on a cunsumers indifference curve provides the same utility Given the graph shown here, when is the firm operating at a short run loss? ✔✔Between Q1 and Q2 Which of the following examples would correspond with a principal-agent problem? ✔✔A doctor recommending an unnecessary surgery because it generates income for her Which of the following is why the long run average cost curve must lie at the same level or below any short run average cost curve? ✔✔Because in the long run, all production costs are variable Steven's income decreased from $1,800 a month to $1,200 a month when he went back to school. As a result, he cut back on trips to his favorite gyro stand, from 15 to 10. What is Steven's income elasticity? ✔✔1.0 Which of the following is NOT a trait of monopolistic competition? ✔✔Barriers to entry [Show More]

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