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1. Firms exist for all but which one of the following reasons? To reduce transactions costs To produce things To organize teams To monitor shirking To reduce the costs of buying Question 2. Nonprofit firms, both private and governmental, may differ in behavior from profit-seeking private firms because A) there is no residual claimant. B) the demand for the products is inherently different. C) government managers seek more capital-intensive means of production. D) government firms are more difficult to manage. E) private firms do not compete with government firms. Question 3. The long-run decision is to select the desired long-run AC curve. the desired short-run AC curve. the desired long-run MC curve. the desired quantity of labor to go with fixed capital. the plant size to go with the fixed quantity of labor. Question 4. A firm exists to : make money. organize information. make resources. transform inputs into marketable outputs. transform products into commodities. Question 5. Last spring, Coil Spring Co. reported that average fixed costs had increased, but average variable costs were unchanged. This indicates that : A) marginal costs are less than average variable cost but greater than average cost. B) fixed costs have increased. C) output is declining. D) marginal costs have increased. Question 6. In the short run, : all inputs are variable. some inputs are variable and some are fixed. all inputs are fixed. the time period cannot exceed one year. Question 7. Which of the following is most likely to be an implicit cost of production? Wages paid to skilled workers Payments for inputs purchased from other companies Interest paid on a loan Rental income from real property Rental income not received from use of a self-owned piece of land Question 8. Ralph's Travel Agency had accounting profits of $50,000 and implicit costs of $30,000. What were economic profits? $50,000 $30,000 $20,000 The amount cannot be determined from the information given. Question 9. An example of a horizontally integrated firm is one that : owns several plants, each handling a different stage of production. produces a variety of goods and sells them in widely disparate markets. owns several plants, each manufacturing the same product. owns several plants in the same state. uses highly automated assembly line techniques. Question 10. Because of diminishing marginal product in the short run, a tripling of the total product (assuming input prices are constant) requires : a tripling of marginal cost. a tripling of total cost. less than a tripling of total variable cost. increased average fixed cost. more than a tripling of total variable cost.
Professional football teams sometimes charter airplanes to take them to their away games. Would you feel safer on a United Air Lines plane that had been chartered by the Washington Redskins than on a regularly scheduled United Air Lines flight
If both the agency and the board are right about demand and supply, what is the free-market price? What is the change in city population if the agency sets a maximum average monthly rent of $100 and all those who cannot find an apartment leave the ci..
japan life insurance company invested 10000000 in pure-discount u.s. bonds in may 1995 when the exchange rate was 80
list the new technology developments in the areas of generic and networked computing and web-based systems. what are
As a result of Barry's recommendation, Texas Crude purchased the tool for $30,000 on January 1, 2005. By January 1, 2006, the tool had saved a total of $5,000 and went on line full time. After going on line full time, the tool saved Texas Crude $9..
dayton metal corporation dmc a medium-sized manufacturer of fabricated metal parts is considering whether to enter the
underwriting by investment banking firms involvesa. insuring the life or health of individuals.b. guaranteeing a price
An investment opportunity will pay $10 with a 20% probability, $20 with a 40% probability, $30 with a 30% probability, and $40 with a 10% probability. what is the standard deviation of the investment?
Explain why are prices usually higher for goods or services in London as opposed to Newcastle, or New York as opposed to San Fran?
We said that an uncrowded country club gulf course has the aspect of a publc good.Why? Is it still a public good if it becomes crowded and people's game are slowed down?
The partners were finding it difficult to service all three business models they had identified. If they chose to pursue two markets, which would be most complementary?
online tutors offers monthly access to students for either or both math or science tutors. a market study found that
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