Need Help with Eco 561 Coursework Week Two Knowledge Check

Need Help with Eco 561 Coursework Week Two Knowledge Check

Question – 1.Purely competitive firms increase total revenue byÂ
A.increasing productionÂ
B.decreasing productionÂ
C.increasing priceÂ
D.decreasing priceÂ
Â
2.What are two ways for a competitive firm to determine the optimal level of production,Â
that is, the level of production that will maximize profit or minimize losses?Â
A.Comparing total revenue to total cost or marginal revenue to marginal costsÂ
B.Comparing average revenue to average costs or marginal revenue to marginal costsÂ
C.Comparing average variable costs to price or …Read Moremarginal revenue to priceÂ
D.Comparing total revenue to average variable costs or price to average variable costsÂ
Â
3.Suppose that a firm determines that its marginal revenue is greater than its marginalÂ
cost, it would be better toÂ
A.increase productionÂ
B.decrease productionÂ
C.keep production the sameÂ
D.increase priceÂ
Â
4.It is profitable for a firm to continue employing additional resources as long asÂ
A.Marginal Revenue Product >= Marginal Resource CostÂ
B.Marginal Revenue Product = Marginal costÂ
D.Marginal Revenue Product >= PriceÂ
Â
5.As additional units are produced, the marginal revenue product falls for all firmsÂ
because marginal product decreases. For firms operating in industries that are not perfectlyÂ
competitive, marginal revenue product also falls becauseÂ
A.product price falls as output increasesÂ
B.product price falls as output decreasesÂ
C.product price increases as output increasesÂ
D.product price increases as output decreasesÂ
Â
6.All things being equal, an increase in demand for a product,Â
A.increases demand for the resources used in its productionÂ
B.decreases demand for the resources used in its productionÂ
C.increases the supply of a productÂ
D.decreases the supply of resources used in its productionÂ
Â
7.Marginal cost can be defined as the addition to _____ of one more unit of output.Â
A.total variable costsÂ
B.average total costsÂ

C.average variable costsÂ
D.total fixed costsÂ
Â
8.If a firm stars small and, over time, builds successively larger plant sizes or addsÂ
additional work space in an office, average total costs are most likely toÂ
A.initially decrease, then begin to riseÂ
B.initially rise, then begin to decreaseÂ
C.remain constant over timeÂ
D.continually increaseÂ
Â
9.Demand for resources, including labor, depend on itsÂ
A.productivityÂ
B.profitabilityÂ
C.availabilityÂ
D.accessibilityÂ
Â
10.The primary difference between increasing­ and decreasing­cost industries lies inÂ
A.fixed­cost components: only increasing­cost industries have significant fixed costsÂ
B.variable­cost components: only decreasing­cost industries have significant variableÂ
costsÂ
C.the fact that the average total cost (ATC) of firms in increasing­cost industries will firstÂ
decline and then eventually increase with output, while decreasing­cost firms experienceÂ
progressively lower ATC with increased outputÂ
D.efficiency of productionÂ
Â
11.When adding labor or other factors of production, businesses may see their totalÂ
product rise, but see their per­unit increase in return for each additional unit diminish. ThisÂ
phenomenonÂ
A.occurs only for firms that do not efficiently use their factors of productionÂ
B.applies only to capital­intensive industriesÂ
C.is known as diminishing marginal product and has general market applicationÂ
D.depends on…


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