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Questions to ECO 365 Week 2 Knowledge Check are as follow:
1. A perfectly competitive firm will be profitable if price at the
Profit maximizing quantity is above
• MC
• ACV
• ATC
• AFC
2. in a perfectly competitive market,
• individual producers determine market prices
• market supply and market demand determine the price
• the entrepreneur determines the price
• individual consumers determine market prices
Click here to download ECO 365 Week 2 Learning Team Reflection Production and Cost Analysis
3. The demand for clothing increases. As a result, the price of Clothing increases above the minimum average cost of producing it. In the long run, if the clothing industry is
Perfectly competitive and is a constant-cost industry,
• the supply of clothing and the price of clothing will increase
• the supply of clothing will increase but the price will not
• the price of clothing will increase but the price will not
• neither the price nor the supply of clothing will increase
4. If the long-run market supply curve is perfectly elastic, an
Increase in demand will cause the final equilibrium to be at
• the original price but at a smaller output
• a higher price with a higher output
• the original price but with a higher output
• a higher price but with the same output
5. Number of workers Total Output
1 4
2 10
3 18
4 28
5 35
6 41
7 45
8 48
9 50
10 49
Refer to the table shown. Diminishing marginal productivity begins when the
• third worker is hired
• fourth worker is hired
• fifth worker is hired
• sixth worker is hired
To download the complete paper click ECO 365 Week 1 Complete
6. A production table can be used to determine
• a firm's profits
• a firm's costs
• how much output is produced from a given quantity of inputs
• how much of a...