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MT445 Unit 3 Review

MT445 Unit 3 Review
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ECONOMICS

MT445 / MT 445
Managerial Economics
Kaplan University (KU Campus)

William A. McEachern
Economics: A Contemporary Introduction, 8e
Hoboken, NJ: John Wiley & Sons.

Unit 3: Elasticity and Cost

Unit 3 Review / Quiz Answers

1. Price elasticity of demand is calculated as (Points: 1)

2. The price elasticity of demand (Points: 1)

3. Along a linear demand curve, (Points: 1)

4. Demand is more elastic (Points: 1)

5. Demand for a necessity, such as food, is (Points: 1)

6. The reason economists assume that firms try to maximize economic profit is (Points: 1)

7. Which of the following is a short-run adjustment? (Points: 1)

8. At the point where diminishing marginal returns set in, the slope of the total product curve is (Points: 1)

9. Which of the following correctly describes the relationship between the marginal cost and average variable cost curves? (Points: 1)

10. The shape of the long-run average cost curve reflects (Points: 1)

 

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