ECON MACRO
5th Edition
ISBN: 9781337000529
Author: William A. McEachern
Publisher: Cengage Learning
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Question
Chapter 4, Problem 4.6P
To determine
The various things that are held constant in a supply curve and to state the changes that would lead to an increase in the supply.
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Use the information contained in the graph below to answer the following question. Which of the
curves could represent marginal costs?
O
A
C
B
O
None of the curves could be the answer.
B
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Question 17
1
2 pts
Use the information in the table to address this question. If the firm currently employs two workers,
and decides to hire a third worker, the marginal production of that third worker will be?
Number of Workers Total Output Marginal Product
0
0
1
1,000
2
1,700
3
3
2,200
4
2,400
5
2,500
Less than 500
The answer to this question cannot be determined by the information provided in the table.
Exactly 500
More than 500
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Similar questions
- Use the information contained in the graph below describing a firm operating in a competitive environment to answer the following question. If the graph described a firm that decides to produce, what would be the value of its profit, its deficit, or would it break even? $8 $7 $4 4 0 30 30 50 50 O None of the answers are correct. 120 150arrow_forwardQuestion 14 Which of the following can be said about sunk costs? O None of the answers are correct. A sunk cost should be ignored when making decisions. In the short run, FC are sunk costs. Two answers are correct. 2 pts Previous Next ▸arrow_forward-n Use the information in the table to address this question. The firm's marginal costs are? Number of Workers Total Output Marginal Product 0 0 1 1,000 ts 2 1,700 3 2,200 4 2,400 5 2,500 The answer to this question cannot be determined by the information provided in the table. Constant Decreasing Increasingarrow_forward
- Question 7 2 pts Use the information contained in the graph below to answer the following question. If the marginal cost was to intersect the LRATC, in which section(s) would it do so? (A) A (B) (c) None of the answers are correct. B ос Next < Previousarrow_forwardWhich of the following is true about the concept of concentration? All of the answers are correct. The lower the number of firms in a market, the lower the concentration. The higher the degree of rivalry amongst the firms, the lower the concentration. The lower the degree of rivalry amongst the firms, the higher the concentration.arrow_forwardUse the information in the table to address this question. If each worker is paid $1,000 and each output sells for $4, how many workers should the firm hire to maximize profits? Number of Workers Total Output Marginal Product 0 1 1,000 2 1,700 3 2,200 4 2,400 5 2,500 4 workers 2 workers 3 workers O 5 workersarrow_forward
- If a firm exits, we must have that P < AVC None of the answers are correct. Two answers are correct. P > AVC P < ATCarrow_forwardQuestion 11 2 pts A firm that designs packages with different levels of quality/luxury to sell to their customers engages in ? Bundling. Menu pricing. A cost plus strategy. Illegal access to information.arrow_forwardUse the information contained in the graph below describing a firm operating in a competitive environment to answer the following question. If the graph described a firm that decides to produce, would that firm be? $8 $7 $4 30 50 Making a deficit. Making a profit. Breaking even. None of the answers are correct.arrow_forward
- D Question 23 2 pts Use the information contained in the three graphs below to answer the following question. Which of the three curves could represent the total fixed costs? (A) $800 $800 $800 $700 $700 $700 5000 3000 $600 $500 $500 $400 $400 $400 $300 $300 $200 $200 $300 $100 $100 $100 50 B None of the curves could be the answer. A C (C) ◄ Previous Next -arrow_forwardUse the information contained in the graph below describing a firm operating in a competitive environment to answer the following question. If the graph described a firm that decides to produce, what quantity would that firm produce? $8 $7 $4 4 30 50 None of the answers are correct. 30 50 50-30=20arrow_forwardThere will be the greatest difficulty to enter/exit the market in which type of market? a. A perfectly competitive market. b. An oligopoly market. c. There is equal difficulty to enter/exit each of the mentioned markets. d. A monopoly marketarrow_forward
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