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question one...

Which is not a fixed cost?
a. An attorney's retainer of \$50,000 per year
b. A worker's wage of \$15 per hour
c. Monthly rent of \$1,000 contractually specified in a one-year lease
d. An insurance premium of \$50 per year, paid last month

2. QUESTION TWO:

The utility-maximizing rule:
a. implies a leftward shifting demand curve.
b. is consistent with the law of demand.
c. is inconsistent with the law of demand.
d. implies a perfectly elastic demand curve.

3. really? no body out there to help

4. Originally Posted by enan-man
really? no body out there to help

Question 2, sorry, its been too long sicne I did this stuff.

5. Originally Posted by PKS

Question 2, sorry, its been too long sicne I did this stuff.
dude it's okay bro, please just keep helping haha i'm timed ont hsi assingnment...

QUESTION 3

According to the law of diminishing marginal returns, eventually:
a. Additional inputs will no longer generate average output
b. The additional output generated by additional units of an input will diminish
c. The additional inputs necessary to produce an additional unit of output will diminish
d. Output must fall and then rise as additional units of input are employe

6. 1) b
2)b
3)b

7. Answer 1 is b and with 2 I'm not sure how utility and demand curves work together sorry.

Edit. 3 is b. Also this is hard to keep up with on an iPhone

8. BOOM you are the man, reps for life if you keep helpin!

another...
question FOUR:

A firm encountering economies of scale over some range of output will have a:
a. Rising long-run average cost curve
b. Rising, then falling, then rising long-run average cost curve
c. Falling long-run average cost curve
d. Constant long-run average cost curv

9. My moneys on C.

10. Originally Posted by enan-man
BOOM you are the man, reps for life if you keep helpin!

another...
question FOUR:

A firm encountering economies of scale over some range of output will have a:
a. Rising long-run average cost curve
b. Rising, then falling, then rising long-run average cost curve
c. Falling long-run average cost curve
d. Constant long-run average cost curv
this is worded like **** b/c a cost curve declines then rises. but my best choice would be C

11. Dude i know my prof is a douche. these worded answers suck. thanks tho...

QUESTION FIVE:

The law of diminishing returns for a manufacturing plant of a fixed size implies that, eventually employing one:
A. Less worker will increase output per worker
B. More worker will increase output per worker
C. More worker will decrease output per worker
D. Less worker will not affect output per worker

12. Question makes no sense both A and C are correct.

Edit : But C is more correct.

13. 5) c

14. thanks so much all! please stay in, only like 4-5 more...

QUESTION SIX:

A consumer's demand curve for a product is downsloping because:
A. marginal utility diminishes as more of a product is consumed.
B. total utility falls below marginal utility as more of a product is consumed.
C. the income and substitution effects precisely offset each other.
D. time becomes less valuable as more of a product is consumed.

15. 6) a

just post em all up, gotta study for midterms sooon

16. okay
QUESTIONS SEVEN:

Accounting profits:
a. Equal the difference between total revenues and explicit costs
b. Are similar to pure economic rents
c. Equal the difference between total revenues and the sum of implicit and explicit costs
d. Are economic profits

QUESTION EIGHT

Which of the following statements is not correct?
a. A reduction in money income will shift the budget line to the right.
b. An increase in product prices will shift the budget line to the left.
c. A reduction in money income accompanied by an increase in product prices will necessarily shift the budget line to the left.
d. An increase in money income will shift the budget line to the right.

QUESTION NINE:

.

Which statement is false?
a. The short run refers to the same calendar time period for all industries
b. In the long run, firms do not operate at a loss
c. In the long run, all inputs can vary
d. Firms may operate at a loss in the short run

17. Question 7 -A
Question 8 - From what I've gathered this is intro micro. Completely forgotten what the budget line is
Question 9 - C

19. a,a,c

20. thanks so much brah. when i have another test, maybe ill just pm you haha.

everyone else pm if you didn't get repped. thanks again!!

21. Originally Posted by BOOM BP
this is worded like **** b/c a cost curve declines then rises. but my best choice would be C
I think it's worded fine. During economies of scale it's falling like you said. The part of the long run average total cost curve that is rising is during diseconomies of scale.

also lol OP. I just finished this chapter in micro econ this afternoon, and did my quiz a couple hours ago.

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