11. ECO1050 u06q1 Question 11 (Points: 3) Cynthia is an Oklahoma wheat farmer. T
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11. ECO1050 u06q1 Question 11 (Points: 3)Cynthia is an Oklahoma wheat farmer. The demand for her wheat is what? (3 points).
1. Inelastic but not perfectly inelastic.
2. Perfectly inelastic.
3. Perfectly elastic.
4. Elastic but not perfectly elastic.
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12. ECO1050 u06q1 Question 12 (Points: 3)
In a perfectly competitive industry, when a firm is producing so that its total revenue equals its total cost (that is, TR=TC), the firm is doing what? (3 points).
1. Incurring an economic loss.
2. Earning an economic profit.
3. Earning zero economic profits (that is, earning a normal profit).
4. None of the above answers is correct because the relationship between total revenue and total cost has nothing to do with the firm's profit or loss.
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13. ECO1050 u06q1 Question 13 (Points: 3)
As a perfectly competitive wheat farmer's output increases, we know that this will occur. (3 points).
1. The farmer's total revenue increases, but so does total cost, so that if output is increased enough, the farmer suffers an economic loss.
2. The farmer's total revenue decreases and but total cost increases, both thereby decreasing the farmer's profit.
3. The farmer's marginal revenue increases, but so does marginal cost, and the farmer's profit increases.
4. The farmer's total revenue does not change but total cost increases, thereby decreasing the farmer's profit.
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14. ECO1050 u06q1 Question 14 (Points: 3)
The above figure illustrates a perfectly competitive firm. If the market price is $40 per unit, the firm should do this to maximize its profit (or minimize its loss). (3 points).
1. Produce 30 units.
2. Produce more than 10 and fewer than 30 units.
3. Produce more than 30 units.
4. Shut down.
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15. ECO1050 u06q1 Question 15 (Points: 3)
The above figure illustrates a perfectly competitive firm. If the market price is $10 per unit, the firm should do this to maximize its profit (or minimize its loss). (3 points).
1. Produce 30 units.
2. Produce more than 30 units.
3. Produce between more than10 and fewer than 30 units.
4. Shut down.
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16. ECO1050 u06q1 Question 16 (Points: 3)
For a perfectly competitive firm, the shutdown point occurs when the price is just below the minimum point on what? (3 points).
1. The marginal cost curve.
2. The average variable cost curve.
3. The average fixed cost curve.
4. The average total cost curve.
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17. ECO1050 u06q1 Question 17 (Points: 3)
Under what conditions would a cotton farmer who is incurring an economic loss temporarily stay in business? (3 points).
1. If the total revenue is increasing.
2. If the total revenue is positive.
3. If the total revenue exceeds the total fixed cost.
4. If the total revenue exceeds the total variable cost.
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18. ECO1050 u06q1 Question 18 (Points: 3)
The rutabaga market is perfectly competitive, and the price of a rutabaga rises. As a result, what will Rudy, a rutabaga farmer, do? (3 points).
1. Decrease his output of rutabagas.
2. Increase his output of rutabagas.
3. Not change his output of rutabagas because Rudy's firm is a price taker.
4. First decrease, then increase his output of rutabagas.
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19. ECO1050 u06q1 Question 19 (Points: 3)
For a perfectly competitive syrup producer whose average total cost curve does not change, an economic profit could turn into an economic loss if this happens. (3 points).
1. Market demand for syrup increases.
2. Market demand for syrup decreases.
3. Market demand for syrup does not change.
4. Marginal cost curve shifts downward.
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20. ECO1050 u06q1 Question 20 (Points: 3)
Computer memory chips are produced on wafers. Each wafer has many separate chips that are separated and sold. The above table shows costs for a perfectly competitive producer of computer memory chips. If the market price of a wafer is $2,400 dollars, how many wafers will the firm produce? (3 points).
1. None.
2. Three or four.
3. One or two.
4. Four or five.
Explanation / Answer
Cynthia is an Oklahoma wheat farmer. The demand for her wheat is what? (3 points).
2. Perfectly inelastic.
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12. ECO1050 u06q1 Question 12 (Points: 3)
In a perfectly competitive industry, when a firm is producing so that its total revenue equals its total cost (that is, TR=TC), the firm is doing what? (3 points).
3. Earning zero economic profits (that is, earning a normal profit).
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13. ECO1050 u06q1 Question 13 (Points: 3)
As a perfectly competitive wheat farmer's output increases, we know that this will occur. (3 points).
2. The farmer's total revenue decreases and but total cost increases, both thereby decreasing the farmer's profit.
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14. ECO1050 u06q1 Question 14 (Points: 3)
The above figure illustrates a perfectly competitive firm. If the market price is $40 per unit, the firm should do this to maximize its profit (or minimize its loss). (3 points).
sorry no figure
15. ECO1050 u06q1 Question 15 (Points: 3)
The above figure illustrates a perfectly competitive firm. If the market price is $10 per unit, the firm should do this to maximize its profit (or minimize its loss). (3 points).
sorry no figure
16. ECO1050 u06q1 Question 16 (Points: 3)
For a perfectly competitive firm, the shutdown point occurs when the price is just below the minimum point on what? (3 points).
2. The average variable cost curve.
17. ECO1050 u06q1 Question 17 (Points: 3)
Under what conditions would a cotton farmer who is incurring an economic loss temporarily stay in business? (3 points).
4. If the total revenue exceeds the total variable cost.
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18. ECO1050 u06q1 Question 18 (Points: 3)
The rutabaga market is perfectly competitive, and the price of a rutabaga rises. As a result, what will Rudy, a rutabaga farmer, do? (3 points).
1. Decrease his output of rutabagas.
19. ECO1050 u06q1 Question 19 (Points: 3)
For a perfectly competitive syrup producer whose average total cost curve does not change, an economic profit could turn into an economic loss if this happens. (3 points).
2. Market demand for syrup decreases.
20. ECO1050 u06q1 Question 20 (Points: 3)
Computer memory chips are produced on wafers. Each wafer has many separate chips that are separated and sold. The above table shows costs for a perfectly competitive producer of computer memory chips. If the market price of a wafer is $2,400 dollars, how many wafers will the firm produce? (3 points).
sorry no table
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