1. Refer to the table below. Marginal product starts to diminish after the _____
ID: 1250763 • Letter: 1
Question
1. Refer to the table below. Marginal product starts to diminish after the ____________ worker.Number of Workers Total Product
0 0
1 40
2 70
3 90
4 100
5 105
6 102
Answer
first
second
third
sixth
2. For a competitive firm, P _________ MR, and for a monopolist P __________ MR.
Answer
equals, is greater than
equals, is less than
equals, equals
is less than, equals
3.Monopolistically competitive firms achieve whatever degree of market power they command through:
Answer
size
product differentiation.
collusion
barriers to entry
4.The Lawn Ranger, a landscaping company, has total costs of $4,000 and total variable costs of $1,000. The Lawn Ranger's total fixed costs are
Answer
$0
$3,000
$5,000
indeterminate because the firm's ouput level is not known.
5.You own a building that has 4 possible uses: a cafe, a craft store, a hardware store, and a bookstore. The value of the building in each use is $2000; $3000; $4000; and $5000, respectively. You decide to open a hardware store. The opportunity cost of using this building for a hardware store is
Answer
$2000, the value if the building is used as a cafe.
$3000, the value if the building is used as a craft store.
$3333, the average of the values if the building is used for either a cafe, a craft store, or a bookstore.
$5000, the value if the building is used for a bookstore.
6.If a firm's total costs are $80 when 10 units of output are produced and $90 when 11 units of output are produced, the marginal cost of the 11th unit is
Answer
$5
$5
$8.09
$10
Explanation / Answer
1. Second 2. Equals, is greater than 3. Product differentiation 4. $3000 5. "$5000, the value if the building is used for a bookstore." 6. $10
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