The diagram below is for questions 6 and 7.COST6. Identify the short run cost curve for the variable cost:a). Curve 1b). Curve 2c). Curve 3d). None of the above7. Identify the short run cost curve for the total cost:a). Curve 1b). Curve 2c). Curve 3d). None of the above8. What is crucial in the definition of Supply?I. A firm produced everything that is required by the community.II. Amount of product a firm is willing to produce.I. Necessity to supply things for the household.IV. Amount of food sold under government subsidy.v. Price of product the firm is willing to quote.a). I and IIb). Il and IVc). Il and Vd). III and IV9. When could be the end result of a surplus of supply of certain product in the market,a). Downward pressure on priceb). Upward pressure in pricec). Market has achieved equilibriumd). Too many buyers chasing too few goods.10. What is Market Equilibrium?a). Government must introduce tax to achieve equilibrium.b). Ensure that businesses make the most profit.c). Force the consumer to buy all the product that is manufactured.d). Market's reaction to eliminate surplus Demand and Supply. 1. The downward slope of a demand curve in the theory of Demand:a). represents the law of demandb). shows that as the price of a good rises, consumers increase the quantity demandedc). indicates how quantity demanded changes when the good/services is normald). indicates how demand changes under instruction by the government.2. Microeconomics influence managers in the following ways:consumer behavior affect revenue.II. cooperate with the government to fight inflation.II. production technology affects costs.IV. price determination and company strategies.v. central bank increase liquidity in the market.I.a). I, Il and IVb). I, II and Vc). I, Il and IVd). All of the above3. We should know about economic problem because that is the foundation of our study onMicroeconomics. What is the economic problem?a). What car should be manufactured and sold in Malaysia?b). Should the government force children to go to school?c). What resources is limited and what choice does the economic system make.d). No need to study microeconomics.4. What is the definition of Demand?I. A person wants to have everything he or she likes.II. The amount of product and services a person is willing to buy.II. The necessity to buy things for the household.IV. The price is right.v. The amount of product and services a person could afford.a). I, Il and IIb). II, IV and Vc). I, IV and Vd). II, Ill and V5. Which of this in NOT a strong factor affecting Supply?a). Technology advancementb). Price of product and services.c). A person's income.d). Price of input of raw materials.

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Answered: 6. Identify the short run cost curve…

6. Identify the short run cost curve for the variable cost: a). Curve 1 b). Curve 2 c). Curve 3 d). None of the above 7. Identify the short run cost curve for the total cost:

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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