Ashford Eco204 quiz 3

Jul 25th, 2016
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Question 1. 1. 1. A firm that owns a wheat farm, a grain elevator, a flour mill, a commercial bakery, and a grocery store chain is (Points : 1) horizontally integrated. vertically integrated. a monopoly. an imperfect competitor. a conglomerate. Question 2. 2. The short-run marginal cost curve falls and then rises because of (Points : 1) fixed costs. diseconomies of scale. diseconomies and economies of scale. the principle of diminishing returns. Question 3. 3. Firms exist for all but which one of the following reasons? (Points : 1) To reduce transactions costs To produce things To organize teams To monitor shirking To reduce the costs of buying Question 4. 4. A firm exists to (Points : 1) make money. organize information. make resources. transform inputs into marketable outputs. transform products into commodities. Question 5. 5.The long-run decision is to select (Points : 1) the desired long-run AC curve. the desired short-run AC curve. the desired long-run MC

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Ashford Eco204 quiz 3Question 1. 1.1. A firm that owns a wheat farm, a grain elevator, a flour mill, a commercial bakery, and agrocery store chain is (Points : 1)horizontally integrated.vertically integrated.a monopoly.an imperfect competitor.a conglomerate.Question 2. 2. The short-run marginal cost curve falls and then rises because of (Points : 1)fixed costs.diseconomies of scale.diseconomies and economies of scale.the principle of diminishing returns.Question 3. 3. Firms exist for all but which one of the following reasons? (Points : 1)To reduce transactions costsTo produce thingsTo organize teamsTo monitor shirkingTo reduce the costs of buyingQuestion 4. 4. A firm exists to (Points : 1)make money.organize information.make resources.transform inputs into marketable outputs.transform products into commodities.Question 5. 5.The long-run decision is to select (Points : 1)the desired long-run AC curve.the desired short-run AC curve.the desired long-run MC curve.the desired quantity of labor to go with fixed capital.the plant size to go with the fixed quantity of labor.6. Nonprofit firms, both private and governmental, may differ in behavior from pr

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