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Microeconomics — Test Answers

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22
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According to the chart, the marginal revenue

A
falls to zero dollars as production increases.
B
remains the same as production increases.
C
decreases by ten dollars as production increases.
D
increases by ten dollars as production increases.
23
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What most likely will happen if the pie maker continues to make additional pies?

A
The marginal costs will continue to fall, decreasing the total cost, while the marginal revenue remains the same, decreasing the profit earned for each pie.
B
The marginal costs will continue to fall, decreasing the total cost, while the marginal revenue remains the same, increasing the profit earned for each pie.
C
The marginal costs will continue to rise, increasing the total cost, while the marginal revenue remains the same, increasing the profit earned for each pie.
D
The marginal costs will continue to rise, increasing the total cost, while the marginal revenue remains the same, decreasing the profit earned for each pie.
24

Based on the graph, which event could cause the change shown?

A
A product is restocked on store shelves and is ready for customer purchase.
B
A product becomes more popular and more customers purchase it.
C
A product becomes less popular and fewer customers purchase it.
D
A product sells out of stores and customers can no longer purchase it.
25

What does "Q” represent on the graph?

A
the average cost of goods sold
B
the quantity at the equilibrium point
C
the point where equilibrium is achieved
D
the point where supply and demand drop

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