:20:00 6322-01-02-03 Managerial Economics (20225) - Vanderbilt University Time Left:0:19:56 Victor Alemede: Attempt 1 X Question 1 (Mandatory) (1 point) 3 Average cost curves initially fall O due to rising marginal costs 6 Odue to declining accounting costs 9 due to declining total costs due to declining average fixed costs Question 2 (Mandatory) (1 point) The following are the costs to produce Product A, Product B, and Products A & B together. Which of the following exhibits economies of scope? 50, 30, 100 50, 75, 120 50, 75, 130 ONone of the above Question 3 (Mandatory) (1 point) It costs a firm $120 per unit to produce product A and $110 per unit to produce product B individually. If the firm can produce both products together at $225 per unit of product A&B, this exhibits signs of O economies of scale economies of scope diseconomies of scale diseconomies of scopebrightspace.vanderbilt.edu Pr Choose an Account on Quizzes - MGT 6322-01-02-03 Managerial Economics (20225] - Vanderbilt University Quiz 2 Time Limit: 0:20:00 X Time Left:0:19:30 Victor Alemede: Attempt 1 Page 1: A decrease in its price 1 2 3 A leftward shift of the demand curve Question 7 (Mandatory) (1 point) 5 6 A video game electronics company decides to dramatically increase the price of their consoles. Holding other factors constant, what happens to the demand for their games? R Demand for games shifts to the right because consoles and games are substitute goods 10 O Demand for games shifts to the left because consoles and games are complementary goods O Demand for games shifts to the left because consoles and games are substitute goods Demand for games shifts to the right because consoles and games are complementary goods Question 8 (Mandatory) (1 point) What would happen to the demand for store label goods (e-g. Sam's Choice, Kirkland Signature) if the income of the population fell due to tough economic times? Demand will rise because store label goods are considered inferior goods O Demand will fall because store label goods are considered inferior goods O Demand will rise because more companies will make store labeled goods Demand for store label goods will not change Question 9 (Mandatory) (1 point) What is the main difference between a competitive firm and a monopolistic firm? MacBook Pro" brightspace.vanderbilt.edu Pr Choose an Account L Quizzes - MOT 6322-01-02-03 Managerial Economics [2022F) - Vanderbilt University Quiz 2 X Time Limit: 0:20:00 Time Left:0:19:25 Victor Alemede: Attempt 1 Page 1: 2 3 Question 9 (Mandatory) (1 point) What is the main difference between a competitive firm and a monopolistic firm? 5 The number of customers served by the firm 9 Monopoly firms are more efficient and therefore have lower costs Monopoly firms can general earn positive profits over a longer period of time 10 Monopoly firms enjoy government protection from competition Question 10 (Mandatory) (1 point) Suppose new information reports new benefits of bicycling exercise. Simultaneously, manufacturing automation has reduced the cost of making bikes. If the change in supply is greater than the change in demand, the quantity will _and the price will fall, rise O rise, fall rise, rise fall, fall Get Help Submit Quiz 0 of 10 questions saved MacBook ProUniversity Quiz 2 X Time Limit: 0:20:00 Time Left:0:19:40 Victor Alemede: Attempt 1 Page 1: Question 4 (Mandatory) (1 point) 1 2 3 As a baseball bat production company produces more bats, the average total cost of each bat produced decreases, This is because UT 6 Total fixed costs are decreasing as more clubs are produced There are economies of scale B 9 Average variable cost is decreasing as more clubs are produced Total variable cost is decreasing as more clubs are produced 10 Question 5 (Mandatory) (1 point) Which is a characteristic of a monopoly? They have no close substitutes There are no barriers to entry & There are many rivals in their industry ONone of the above Question 6 (Mandatory) (1 point) When the demand for a product falls, which of the following events would you NOT necessarily expect to occur? A decrease in the quantity of the product supplied A decrease in the supply of the product A decrease in its price