A5 shown in the figure. the total cost of producing 1 units of output per day:r is (1 Point} \"M1513!!! mummy-m (mp-mm LU .L'n. The dollar value of all nal goods and services produced within the borders of a nation is [1 Point} O GNP detlator. 0 gross national product. 0 net domestic product. 0 gross domestic product. 1 o 5 The rate at which a firm can substitute capital folr labour and hold output constant is the [1 Point} 0 law of diminishing marginal returns. 0 marginal rate of technical substitution. 0 marginal rate of substitution. 0 marginal rate of production. A firm had sales revenue of $1 million last year. It spent $600,000 on labor, $150,000 on capital, and $200,000 on materials. What was the firm's accounting profit? (2 Points) $40,000 O $60,000 $50,000 $30,000 37 Suppose that a firm produces 200,000 units a year and sells them all for $10 each. The explicit costs of production are $1,500,000 and the implicit costs of production are $300,000. The firm has an accounting profit of: (1 Point) O $500,000 and an economic profit of $200,000. O $400,000 and an economic profit of $200,000. O $300,000 and an economic profit of $400,000. O $200,000 and an economic profit of $500,000.38 A profit-maximizing firm in a competitive market is currently producing 100 units of output. It has average revenue of $12, average total cost of $8, and fixed costs of $200. What is its average variable cost? (1 Point) 800 O 900 1000 O 70039 Dollars MC $70- ATC 30- MR 250 Homes Serviced per Month Consider the following figure. the equilibrium price is (1 Point) O $70 $30 250 O 4040 If the monopolist in the figure operates at 40 MC the profit-maximizing output, it will earn total ATC Price, 30 revenue to pay about what portion of its total costs, AVC fixed cost? and revenue 20 (1 Point) (dollars) 10 MR D 0 100 200 300 400 500 Quantity of output (units per day) None One-half Two-thirds All total fixed costs41 MC Price and D 15 cost por unit ATC 500 1,000 1,500 2.000 2,500 Quantity of output (units per week) Assume the price of the firm's product in the figure is $15 per unit. The firm will produce[ (1 Point) 500 units per week. 1,000 units per week. 1,500 units per week. O 2,000 units per week.42 Which is a barrier to entry? (1 Point) O patents O revenue maximization profit maximization O elastic product demand 43 Monopolistic competition differs from perfect competition primarily because (1 Point) in perfect competition, firms can differentiate their products. O in monopolistic competition, firms can differentiate their products. O in monopolistic competition, there are relatively few firms. in perfect competition, there are no barriers to entry.Ination is [1 Point} 0 an increase in the general price level. 0 not a concern during war. 0 a result of high unemployment. 0 an increase in the relative price level. III-IE -ll In gure, the lowest price at which the rm earns zero economic profit in the short run is (1 Point} 0 $5 per unit. 0 Mi] per unit. (:1 $211] per unit. 0 $15 per unit. 46 A doctor sizes up patients' income and charges iu'irezciltiiyr patients more than poorer ones. This pricing scheme represents a form of: [1 Point} O Firstdegree price discrimination. O Seconddegree price discrimination. O Third-degree price discrimination. 0 None of above 4? With xed costs of $400, a rm has average totai costs of $3 and average variable costs of $2.50. tts output is: [1 Point} 0 20-0 units. 0 40-0 units. 0 80-0 units. O 1.60:} units. as What are some of the different types of costs associated with unemployment? [2 Points) Enter your answer The economic incentive for price discrimination depends on: [1 Point} O prejudices of business managers. 0 differences among seiiers' costs. 0 a desire to evade antitrust legislation. 0 differences among buyers! demand efasticities
