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1.Question :When the marginal product curve is declining because of

 

 Student Answer: increasing returns, the marginal cost curve is rising. 

 

  

 diminishing returns, the marginal cost curve is rising. 

 

  diminishing returns, the marginal cost curve is falling. 

 

  diminishing returns, the marginal cost curve is constant. 

 

  increasing returns, the marginal cost curve is falling. 

 

 

 

 Points Received:1 of 1 

 Comments:

 

 

 

 2.Question :A firm that owns a wheat farm, a grain elevator, a flour mill, a commercial bakery, and a grocery store chain is

 

 Student Answer: horizontally integrated. 

 

  

 vertically integrated. 

 

  a monopoly. 

 

  an imperfect competitor. 

 

  a conglomerate. 

 

 

 

 Points Received:1 of 1 

 Comments:

 

 

 

 3.Question :Nonprofit firms, both private and governmental, may differ in behavior from profit-seeking private firms because

 

 Student Answer: 

 there is no residual claimant. 

 

  the demand for the products is inherently different. 

 

  government managers seek more capital-intensive means of production. 

  government firms are more difficult to manage. 

 

  private firms do not compete with government firms. 

 

 

 

 Points Received:1 of 1 

 Comments:

 

 

 

 4.Question :In the short run,

 

 Student Answer: all inputs are variable. 

 

  

 some inputs are variable and some are fixed. 

 

  all inputs are fixed. 

 

  the time period cannot exceed one year. 

 

 

 

 Points Received:1 of 1 

 Comments:

 

 

 

 5.Question :Which of the following always decreases as output increases?

 

 Student Answer: Fixed cost 

 

  Average cost 

 

  

 Average fixed cost 

 

  Marginal cost 

 

  Total cost 

 

 

 

 Points Received:1 of 1 

 Comments:

 

 

 

 6.Question :An example of a horizontally integrated firm is one that

 

 Student Answer: owns several plants, each handling a different stage of production. 

  produces a variety of goods and sells them in widely disparate markets. 

  

 owns several plants, each manufacturing the same product. 

 

  owns several plants in the same state. 

 

  uses highly automated assembly line techniques. 

 

 

 

 Points Received:1 of 1 

 Comments:

 

 

 

 7.Question :Accounting profit is defined as

 

 Student Answer: total simplicit costs. 

 

  

 total monetary costs. 

 

  total opportunity costs. 

 

  total sales(implicit costs + explicit costs). 

 

  

 total sales(explicit costs – implicit costs). 

 

 

 

 Points Received:0 of 1 

 Comments:

 

 

 

 8.Question :What is one thing that entrepreneurs do NOT do?

 

 Student Answer: They identify consumer demands. 

 

  

 They establish supply and demand. 

 

  They organize production. 

 

  They allocate resources. 

 

  They acquire assets. 

 

 

 

 Points Received:1 of 1 

 Comments:

 

 

 

 9.Question :When inputs are combined so that total production has the lowest possible cost, we are observing

 

 Student Answer: technical efficiency. 

 

  optimal engineering. 

 

  

 economic efficiency. 

 

  average-cost production. 

 

 

 

 Points Received:1 of 1 

 Comments:

 

 

 

 10.Question :Economic profit is defined as

 

 Student Answer: total implicit costs. 

 

  total monetary costs. 

 

  total explicit costs. 

 

  

 total sales(implicit costs + explicit costs) 

 

  total sales(explicit costs – implicit costs) 

 

 

 

 Points Received:1 of 1 

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