QUESTION 16 1 POINT Variable inputs are those items that Select the correct answer below: cannot be broken until they expire change annually according to pre-establish terms are contractually bound and cannot easily be replaced can easily be increased or decreased in a short period of time QUESTION 17 1 POINT Why does a long-run average cost curve with a clear minimum point allow fewer firms to compete? Select the correct answer below: any firm producing at a different quantity from a clear minimum point will have higher costs. any firm that produces the same quantity from a clear minimum point will have higher costs. any firm producing at a different quantity from a clear minimum point will have lower costs. any firm that produces the same quantity from a clear minimum point will have lower costs.QUESTION 9 1 POINT When all firms earn zero economic profits producing the output level where P=MR=MC and P=AC and there is no incentive to leave or join the market, the market is in Select the correct answer below: short-run equilibrium market equilibrium long-run equilibrium industry equilibrium QUESTION 10 1 POINT Select the situation that would increase productive efficiency. Select the correct answer below: under new management, a firm is able to output more goods using the same resources a company readjusts its production of goods after the demand for one of their products decreased an electronics company decides to produce more tablets and fewer audio devices in response to the changes desires of societya sheet metal factory directs more of its resources into producing roofing products because it has seen an increase of sales in this area QUESTION 11 1 POINT In what environment do "constant returns to scale" occur? Select the correct answer below: when the LRAC decreases as quantity increases. when the LRAC remains constant as quantity increases. when the LRAC decreases as quantity decreases. when the LRAC increases as quantity increases. QUESTION 12 1 POINT Helpful Pharmaceuticals, Inc. has a monopoly on one of its products. The company is currently producing 154 units. Help them decide if they should increase output by one more unit. What is the marginal revenue of the 155th unit? Helpful Pharmaceuticals, Inc.Quantity Total Revenue Marginal Revenue Total Cost Marginal Cost (Q) (TR) (MR) (TC) (MC) 150 $7,500 ? $500 $500 151 $7,950 $775 $275 152 $8,860 $1,000 $225 153 $9,465 $1,250 $250 154 $9,690 $1,650 $400 155 $9,800 $2,500 $850 156 $9,875 $4,000 $1,500 157 $9,925 $6,400 $2,400 Provide your answer below: MR 155 = 9800 - 9690/ 155-197 QUESTION 13 MR = $110 1 POINT The production function expressed in the table below represents the amount of hot dogs Hot Dog on a Stick makes during a lunch hour based on the number of workers. Calculate the marginal product of the 8th worker. # of Workers 7 18 9 10 Hot Dogs Produced 83 97 110 107 14 97- QUESTION 14 83 1 POINTrm Aunt Mabel likesto playr Bingo every Friday night. One night she wins $25 and spends it on coloring her hair blue even though she has been saving for a new rocking chair. She said because she won the $25 instead of receiving it in her social security check it was \"fun money." This is an example of Select the correct answer below: Z mental accounting "3 rational behavior E placing the same value on the money she won and the money she receives as her monthly pay [I a shift in demand QUESTION 15 Q 1 POINT if the prot-maximizing output for the monopoly rm below is (i=4. What is the marginal revenue at 0:4? Quantity" Marginal Revenue 5 marginal Cost Marginal Prot- i 1} 3. {Mill (\"Ci ._ iii"? . . i 300 . 35.0 i . 250. ..H 200 i \"225 _:_ 125' 2.00 ' 150 . ; 150
