Elementary Hicroeconomics FINAL EXAM PART I (70 points) FoR EACII OF TIE NUHBERE

Question

Elementary Hicroeconomics FINAL EXAM PART I (70 points) FoR EACII OF TIE NUHBERED QUESTIONS CHOOSE TIIE HOS: 1. Which of the follouing sayings is illustracive of dimtnishin margtnal returns in the short run? a. "Too many cooks spoil the broth." b. "Jack be ntmble, Jack be quiek." c. hen the cat is avay, the mouse vill play." d. "A rolling stone gathers no moss." e. "The grass is alvays greener on the other side of th fence." 2. Flatbush Guaranteed Auto Repairs, a company operating in the Borough of Brooklyn, is most likely an example a. a perfect competitor b. a monopolist. c. an oligopolist. d. monopolistic competitor. e. either a monopolist or an oligopolist. 3. Hhich of the following statements in most consistent Batiaficing? a. Get more informa tion,I don't want to leavo a ston b. Your plan made us Bome money, but you could have do c. AB long as I am running this company the profit lev d. We could probably make more money on this deal if w e. b and c. unturned. better is all that countss and it better be as big aB pOBB studied it further, but what we made should keep the stockholders happy. As new firms enter a competitive industry, a. the market demand curve ahifts to the night

Explanation / Answer

13 c first increases then decreases ultimately turn negative

14 c .it serves as ideal type or benchmark

15 accounting profit is generally greater than zero

16 e can't be determined

17 e can't be determined

Can answer only 4 parts according to chegg policy. Please send other parts as separate question

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