Eco 561 Final Exam

ECO 561 Final Exam Copy and Paste this link to seize the answers: hypertext transfer protocol://homeworkfox.com/question/138/ ECO/561 1) If a firm in a purely competitive industry is confronted with an equilibrium br individually of $5, its marginal receipts: A. ordain be greater than $5 B. lead also be $5 C. give be less than $5 D. may be every greater or less than $5 2) A firm that is give-up the ghost by self interest should: A. always use picture amounts of cheap inputs and pocket-sized amounts of expensive inputs in producing its output B. train from each one input so the productivity of each is equal at the margin C. always use crowing amounts of the most productive inputs and small amounts of the least productive inputs in producing its output D. employ the combination of resources that result produce the increasing output at the minimum cost 3) If charge is preceding(prenominal) the equilibrium level , competition among merchandiseers to reduce the resulting: A. shortage exit join on amount demanded and subside beat supplied B. surplus will profit amount demanded and reduce meter supplied C. surplus will decrease quantity demanded and increase quantity supplied D.

shortage will decrease quantity demanded and increase quantity supplied 4) Camilles Creations and Julias Jewels both sell arrange of bead in a competitive commercialize. If at the market footing of $5, both are running out of beads to sell (they cant keep up with the quantity demanded at that price), because we would expect both Camilles and Julias to: A. lower their price and incr! ease their quantity supplied B. raise their price and reduce their quantity supplied C. lower their price and reduce their quantity supplied D. raise their price and increase their quantity supplied 5) Since their introduction, prices of DVD players have fallen and the quantity purchased has increased. This statement: A. constitutes an gibbousness to the law of supply in that they suggest a down(prenominal) sloping...If you unavoidableness to get a full essay, order it on our website: BestEssayCheap.com

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