G As the economy grows over time, inc oncourse.fredonia.edu Dashboard EXAM II (page 1 of 10) D FREDONIA OnCourse d. $25,000 Economic Profit Clear my choice ECON-205-03: Fall 2021 Participants be runs a small custom manufacturing business. His total fixed cost of Question 3 production is $6500.00 His total variable cost of production equals $3000.00 0 Badges Not yet answered He produced 50 units. Joe's average variable cost (AVC) equals _ Grades Points out of 5.00 Select one: Dashboard P Flag a. $130 question Site home b. $190 C. $60 Calendar d. $600 My courses Fredonia Student Question 4 Resources Not yet answered include: Factors considered in determining the market structure of a particular industry Points out of 5.00 Select one: P Flag question a. the number of buyers and sellers b. the product's degree of uniformity c. the ease with which new firms enter, or old firms exit the market advertising, etc.) d. the ways in which firms in the industry compete, (i.e., through prices, e. all of the above Question 5 You are given the following information. VO 2 m F8 F10 F11 ( ID F12 P M deleteC GAs the economy grows over time, oncourse.fredonia.edu Dashboard $ EXAM II (page 2 of 10) SAFREDONIA OnCourse ECON-205-03: Principles of Microeconomics: Fall 2021 ECON-205-03: Fall 2021 Dashboard / My courses / ECON-205-03: Fall 2021 / Topic 7 / EXAM II Participants Quiz navigation Badges 6 8 Grades The lowest rate of output at which long-run average cost is at a minimum is: Question 6 1 5 Answer saved Dashboard 15 16 17 Points out of Select one: 10 12 13 5.00 a. in the output range of diseconomies of scale Site home P Flag question O b. the minimum efficient scale 19 20 2 22 23 24 25 26 2 Calend c. located in the middle of the output range associated with constant My courses average cost 28 29 30 31 32 33 34 35 36 Clear my choice Fredonia Student Resources 37 3 38 39 40 41 42 43 44 45 Question 7 Answer saved the price elasticity of demand for a firm's product has an absolute value of .7 46 47 48 49 50 Points out of 5.00 total revenue? The firm decides to lower the price of the product. What happens to the firm's P Flag question Select one: Finish attempt ... a. total revenue stays the same Time left 0:19:11 b. total revenue increases c. total revenue falls Clear my choice 2 F10 O F11 F12 T delete