all T-Mobile 6:52 PM 24% 1) Economics is concerned with how people use: 2) The o

Question

all T-Mobile 6:52 PM 24% 1) Economics is concerned with how people use: 2) The opportunity cost of an item purchased 1s: 3) What type of relationship between two variables does a downward-sloping line on a graph indicate? 4) Diseconomies of scale exist over the range of output for which the long-run average cost curve is: 5) A firm operating in a perfectly competitive market is a price taker because: 6) Flexible, or floating, exchange rates are determined by: 7) If the equilibrium price of a product was $4 and the actual price charged irn the market was $2, you would expect: 8) A change in the quantity of a product: 9) The demand curve for a product would shift to the left if 10) Which of the following would cause an increase in the supply of a particular product?

Explanation / Answer

(1) Economics is concerned with how people use the scarce resources to maximize their utility, subject to the resource and/or cost constraint.

(2) Opportunity cost of an item purchased is the benefit foregone by purchasing the item, instead of saving the purchase price as cash or in savings account in which case, foregone interest income will be the opportunity cost of purchase).

(3) A downward sloping line indicates a negative (inverse) relationship between its variables.

(4) Diseconomies of scale exist over the range of output where long run average cost curve is falling, since with diseconomies of scale, as output increases, long run average cost decreases.

NOTE: As per Chegg answering policy, first 4 questions are answered.

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