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1. As a shoe Co produces more shoes, the ATC of each shoe produced decreases. This is
2. Company’s total production costs depend on the number of systems produced according to the following equation: TC = $10,000,000 + $2,000 quantity produced. Which is false?
3. Mom purchased 5 bananas and is considering the purchase of a sixth. It is likely she will purchase the sixth if
4. According to the law of demand
5. Marlboro cigarettes and Budweiser ar complements, if Marlboro increased its prices, what would happen to the Budweiser market?
6. Local watering hole increased price of a pint of Guinness by 20%, it estimates the number of MBA students purchasing Guinness would decrease by 4%, bases on this data
7. Smiths peanuts reported increased revenue from previous quarter, along with its profits. What is the explanation, if the only change was in its price?
8. Local speedway estimates “Friday Fanatics” would continue to pack the house (every ticket would be sold) even after 35% increase in price of admission. Speedway is operating in the ___ Portion of their ___ curve
9. Which of the following would likely make demand for an item more elastic?
10.When demand for a product falls, which of the following events would you not necessarily expect to occur?
11. If demand for a product falls at the same time supply rises, what would happen?
12. how much of a good will consumers who wish to maximize their net benefit (value less cost( purchase?
13. Music hall of fame is considering lowering admission prices to increase gross revenue. This plan will work if the price elasticity of demand for tickets is
14. if supply falls in a perfectly competitive market, we expect all except
15. For a competitive firm (price taker) if increased price
17.Price elasticity of demand for bread is -0.5. if the price falls by 5%, quantity demanded will change by
16.Threat of new entrants would be higher under which of the following?
18. Forces that create high rivalry within an industry include all except
19.In short term, firm in a very competitive market
20. it has been observed that, when the price of music CDs rose by 1%, the market quantity demanded fell by 1.83%. the price elasticity of market demand is:
21. You run a auto shop. Fixed expenses per week are $1,000 and your average customer invoice is $500 with an associated marginal cost of $300. What is your weekly break-even quantity?
22. You sell 500 cell phones a month, with marginal cost of $50. Fixed costs are $5,000 per month, what is the break-even price?
23. what is the net present value of a project requires a $100 investment today and returns $50 at the end of the first year and $80 at the end of the second year? Assume a discount rate of 10%
24.if a project has a positive net present value, the expected rate of return for the project is
25. when you double all of the inputs to your production process, your total output is less than doubled. Your production appears to exhibit which of the following?
26. if your production technology exhits constant returns to scale, and you increase all inputs to 20%, what can you expect to occur to your output level?
27.the break-up of AT&T in 1984 separated the production of long distance and local telephone service and sacrified benefits from
28. if price of CD players decreases, what can we expect to happen in the market for compact discs?
29. suppose both equilibrium price and quantity of golf clubs rise. Which of the following explanations would best explain outcome?
30.Five forces model is used to


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