econ quiz for practice

asonportal.gmu.edu Content 03-K02 (Spring 2021) Assignments Homework ? Take Test: Homework 7 Take Test: Homework 7 -103- A ^Test Information Description Instructions Multiple Attempts Not allowed. This test can only be taken once Force Completion This test can be saved and resumed later. Your answers are saved automatically. Question Completion Status: Materials uide Moving to another question will save this response. ons Question 1 If marginal cost is less than average cost, at current levels of production, O A. average cost is increasing with output. O B. total cost is decreasing. O C. average cost is decreasing with output. O D, average cost is at a minimum. >Moving to another question will save this response. W TALK hpTest Information Description nstructions Multiple Attempts Not allowed. This test can only be taken once. Force Completion This test can be saved and resumed later. Your answers are saved automatically. Question Completion Status: Moving to another question will save this response. Question 2 The maximum price that a buyer will pay for a good is called O A. equilibrium. O B. efficiency. O C. consumer surplus. O D. willingness to pay. Moving to another question will save this response. hpx 2 - hlee222 - Outlook x Content X + mu.edu Content ng 2021) Assignments Homework 7 Take Test: Homework 7 Take Test: Homework 7 * Test Information Description Instructions Multiple Attempts Not allowed. This test can only be taken once. Force Completion This test can be saved and resumed later. Your answers are saved automatically. Question Completion Status: A Moving to another question will save this response. Question 3 If the average fixed cost of producing bread is $2 per loaf at an output level of 1000 loaves, and the average cost is $3, then A. Marginal cost is $1. O B. Average variable cost is $1. C. Total cost is $3000. O D. Both B and C. A Moving to another question will save this response. hp