item is $10.00 per unit and the employees cost $100 each, how many employees should the firm hire to maximize their profit? CONCEPT Output Optimization: Marginal Revenue Product 2 As a consumer’s income increases, demand for this type of good decreases. The statement above corresponds to which type of good? CONCEPT Types of Goods 3 Which of the following is true about the long run average cost curve? CONCEPT Long-Run Supply Curve 4 Which of the following is an example of a constraint? CONCEPT Resource Allocation for Firms 5 If the variable costs for a firm are $57, the fixed costs are $143, and the firm sells 40 units, what are the firm’s average total costs? CONCEPT Cost: Total, Marginal and Average 6 Which of the following is an example of an inferior good? . CONCEPT Types of Goods . CONCEPT Consumer Choice Theory 8 Which of the following is true regarding contingent valuation? CONCEPT Assessing Costs of Waste and Pollution–Environmental Economics 9 Which statement below is NOT true regarding process mapping? . CONCEPT Process Mapping–Efficiency 10 Last year, Paula’s income was $2,000, and she went to vacation twice. This year, Paula’s income increased to $3,000, and she went to vacation five times. Determine the income elasticity using the midpoint formula. CONCEPT Income Elasticity 11 Which definition below defines perfectly elastic demand? Defining Elasticity 12 Determine which of the following descriptions is true regarding the rational consumer. CONCEPT Decision Making Relationships: Rational Consumer 13 Which type of market structure has many small firms that spend money in order to differentiate their products through advertising? CONCEPT Monopolistic Competition 14 The additional income a company generates from selling one more unit due to this is called which of the following? . 8/10/2020 CONCEPT Revenue: Total, Marginal and Average 15 Determine which of the following is an example of opportunity cost. CONCEPT Decision Making Relationships: Rational Consumer 16 Which of the following is an intermediate good? .CONTINUED.. [Show less]
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