ECO 561 Week 6 Finals

Aug 6th, 2016
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1) Suppose that in the clothing market, production costs have fallen, but the equilibrium price and quantity purchased have both increased. Based on this information you can conclude that A. the supply of clothing has grown faster than the demand for clothing B. demand for clothing has grown faster than the supply of clothing C. the supply of and demand for clothing have grown by the same proportion D. there is no way to determine what has happened to supply and demand with this information 2) Camille's Creations and Julia's Jewels both sell beads in a competitive market. If at the market price of $5, both are running out of beads to sell (they can't keep up with the quantity demanded at that price), then we would expect both Camille's and Julia's to: A. raise their price and reduce their quantity supplied B. raise their price and increase their quantity supplied C. lower their price and reduce their quantity supplied D. lower their price and increase their quantity supplied

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ECO 561 Week 6 FinalsECO 561 Final Exam w/ corrected answers1) Suppose that in the clothing market, production costs have fallen, but the equilibrium priceand quantity purchased have both increased. Based on this information you can conclude thatA. the supply of clothing has grown faster than the demand for clothingB. demand for clothing has grown faster than the supply of clothingC. the supply of and demand for clothing have grown by the same proportionD. there is no way to determine what has happened to supply and demand with this information2) Camille's Creations and Julia's Jewels both sell beads in a competitive market. If at themarket price of $5, both are running out of beads to sell (they can't keep up with the quantitydemanded at that price), then we would expect both Camille's and Julia's to:A. raise their price and reduce their quantity suppliedB. raise their price and increase their quantity suppliedC. lower their price and reduce their quantity suppliedD. lower their price and increase their quantity supplied3) In which of the following industries are economies of scale exhausted at relatively low levelsof output?A. Aircraft productionB. Automobile manufacturingC. Concrete mixingD. Newspaper printing4) The average cost curves (AVC and ATC) should be minimizedA. where MC = ATC and MC = AVCB. where FC = ATC and FC = AVCC. where TC starts to increase at a faster rateD. where ATC = AVC5) If the wage rate increases,A. a purely competitive pr

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