4 of 14 Questions Assignment Score: 92.9% x Give Up? Feedback Try Again 1 Question 100% Question 4 of 14 Attempt 4 3 of 10 Attempts Correct Determine if each example represents a barrier to entry or not. 2 Question 100% 1 of 10 Attempts Correct Is an example of a barrier to entry Is not an example of a barrier to entry O 3 Question 100% 2 of 10 Attempts Correct DeBeers owns nearly all of the world's diamond mines. Pfizer is the only firm that is legally allowed to produce and sell Lipitor, a best-selling cholesterol drug. 4 Question 0% 4 of 10 Attempts In Progress 5 Question 100% Boeing already serves a large fraction of the jumbo jet market and is able 1 of 10 Attempts Tinseltown Theaters shows almost all the most popular Correct to produce at a lower average cost than any potential competitors. newly-released movies. 6 Question 100% 1 of 10 Attempts Correct 7 Question Answer Bank 100% 3 of 10 Attempts Correct 8 Question 100% 1 of 10 Attempts Correct 9 Question 100% 4 of 10 Attempts Correct 10 Question 100% 1 of 10 Attempts Correct 11 Question 100% 1 of 10 Attempts Correct7 of 18 Questions Assignment Score: 95.4% x Give Up? Feedback Resume 5 Question 100% Attempt 1 1 of 10 Attempts Correct Babel, an architectural firm, is aspiring to build the world's Consider the table which provides information on the 6 Question 100% largest tower. They need to determine how many workers to number of workers related to the number of bricks that can 1 of 10 Attempts Correct hire to maximize efficiency and output. be stacked. 7 Question 50% Given the production function in the table, move the points Quantity Quantity of bricks 1 of 10 Attempts In Progress to graph the total product curve for Babel. of thousands of workers bricks 8 Question 100% 0 0 1 of 10 Attempts Correct Total Product Curve 10 40 38 2 18 9 Question 100% 36 3 25 1 of 10 Attempts Correct 34- 4 30 33 10 Question 100% 6 34 1 of 10 Attempts Correct 7 33 11 Question 100% 30 1 of 10 Attempts 12 Question 100% Quantity of bricks laid (thousands) 8 Correct 1 of 10 Attempts Correct 13 Question 100% 1 of 10 Attempts 0 Correct 1 2 3 4 5 6 7 8 Quantity of workers 14 Question 100% 1 of 10 Attempts Correct With the same production function, move the points to graph the marginal product of labor. 15 Question 100% 1 of 10 Attempts Correct Marginal product of labor 16 Question 100%7 of 18 Questions Assignment Score: 95.4% x Give Up? Feedback Resume 5 Question 100% Attempt 1 1 of 10 Attempts Correct 6 Question 100% 1 of 10 Attempts Correct Quantity of bri 7 Question 50% 1 of 10 Attempts In Progress ONAOOONAO 0 1 2 3 4 5 6 7 8 Quantity of workers 8 Question 100% 1 of 10 Attempts Correct With the same production function, move the points to graph 9 Question 100% the marginal product of labor. 1 of 10 Attempts Correct O 10 Question 100% Marginal product of labor 1 of 10 Attempts Correct G- 11 Question 100% 1 of 10 Attempts Correct 12 Question 100% 1 of 10 Attempts Correct 13 Question 100% 1 of 10 Attempts Correct 14 Question 100% 1 of 10 Attempts Correct Marginal product of labor (bricks per worker) G A W N - O - N W A C O V OO O O = N WA C 15 Question 100% 0 1 2 3 4 5 6 7 8 Quantity of workers 1 of 10 Attempts Correct 16 Question 100%#17 of 18 Questions Assignment Score: 95.4% x Give Up? Feedback Resume 1 of 10 Attemp In Progress Press esc | to exit full screen Attempt 3 8 Question 100% 1 of 10 Attempts Correct Suppose Ralph has a chicken processing plant with the total cost function shown in the accopmanying table. Quantity of Chickens Total Cost ($) 9 Question 100% 1 of 10 Attempts Correct What is Ralph's fixed cost? 0 300 1,000 1,000 2,000 1,200 10 Question 100% 3,000 1,400 1 of 10 Attempts 800 Correct Ralph's fixed cost: $ 4.000 ,500 Ralph pays his workers $100 each, and labor is the only 5,000 1,600 11 Question 100% variable cost. At a quantity of 5000 chickens, how many 6,000 1,800 1 of 10 Attempts Correct workers does he hire? 7.000 2,000 8.000 12 Question 2,400 100% 1 of 10 Attempts Correct number of workers Ralph hires: 10 13 Question 100% 1 of 10 Attempts Correct Why does total cost increase faster as output increases? 14 Question 100% The variable cost increases. 1 of 10 Attempts Correct The fixed cost increases. 15 Question 100% There are increasing returns to scale. 1 of 10 Attempts Correct There are diminishing returns to labor. 16 Question 100% 1 of 10 Attempts Correct 17 Question 66.7% 3 of 10 Attempts In Progress 18 Question 100% 2 of 10 Attempts Correct12 of 13 Questions Assignment Score: 84.6% x Give Up? Feedback Resume 1 of 10 Attemp Correct Attempt 1 3 Question 100% 1 of 10 Attempts Correct The graph titled Soy Bean Market is a graph of the market for soy beans, a perfectly (purely) competitive market. The graph titled Roy's Soys depicts an individual firm in the market for soy beans. The market and the firm are currently in long-run 4 Question 100% equilibrium at Point A. 1 of 10 Attempts Correct Show what happens in the short run on both graphs when a new medical study shows soy beans to be an effective weight-loss supplement. On the market graph, shift a curve (or curves). On the firm's graph, use "Price 2" to draw a new price line for the 5 Question 100% firm. On both graphs, indicate the new equilibrium points with the points labeled B. 1 of 10 Attempts Correct Now, show the changes that get both graphs back to long-run equilibrium. Shift the appropriate curve(s) for the market and 6 Question 100% "Price 3" for the firm. Indicate the new long-run equilibrium with the points labeled C. 1 of 10 Attempts Correct 7 Question 100% Soy Bean Market Roy's Soys 1 of 10 Attempts Correct 20 20 19 19- Price 2 18 18 8 Question 100% 17 17- 16- Short-run supply 16 1 of 10 Attempts Correct 15 15- 14- 13 Average total cost 9 Question 100% 12- 1 of 10 Attempts Correct Price ($) 11- Long-run supply 10- A Price 4 10 Question 100% 1 of 10 Attempts Correct B B Price 3 11 Question 100% 1 of 10 Attempts Correct -NWAMONO ONWA Demand - NWDOO - Marginal cost 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 12 Question 0% Quantity (millions of bushels) Quantity (hundreds of bushels) 1 of 10 Attempts In Progress 13 Question 0% 0 of 10 Attemptsof 13 Questions Assignment Score: 84.6% Ly Give Up? ? Hint Check Answer 1 of 10 Attemp Correct Question 13 of 13 > 3 Question 100% 1 of 10 Attempts Correct The accompanying graphs represent the market for soybeans, a perfectly (purely) competitive market, and Roy's Soys, an individual firm in the market for soybeans. The market and the firm are currently in long-run equilibrium at point A. 4 Question 100% 1 of 10 Attempts Correct Soybean market Roy's Soys 20 B 20 Price 2 Short-run supply 19 B Price 3 C 5 Question 100% 19 Marginal cost 1 of 10 Attempts Correct 18 18 17 17- 16 16 15 6 Question 100% O-NWACO VOOG ONWAT 14- 1 of 10 Attempts Correct 13 12- 11 - Average total cost 7 Question 100% Price ($) Long-run supply 10- A Price 1 of 10 Attempts Correct 8 Question 100% 1 of 10 Attempts Correct Demand 9 Question 100% - NWA U O V OO 1 of 10 Attempts Correct 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Quantity (millions of bushels) Quantity (hundreds of bushels) 10 Question 100% 1 of 10 Attempts Correct 1. Show what happens in the short run on both graphs when a new medical study shows soybeans to be highly 11 Question 100% carcinogenic. On the market graph, you will shift a curve or curves. On the firm's graph, use Price 2 to draw a new price 1 of 10 Attempts Correct line for the firm. On both graphs, indicate the new equilibrium point with point B. 2. Now, show the changes that get both graphs back to long-run equilibrium. Use shift(s) for the market and Price 3 for the 12 Question 0% firm. Indicate the new long-run equilibrium with point C. 1 of 10 Attempts n Progress 13 Question 0% 0 of 10 Attempts