ECO 365 Week 2 Knowledge Check

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ECO 365 Week 2 Knowledge Check

• By www.StudentWhiz.com

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• Questions to ECO 365 Week 2 Knowledge Check are
  as follow
• 1. A perfectly competitive firm will be
  profitable if price at the Profit maximizing
  quantity is above
• MC
• ACV
• ATC
• AFC
• 2. in a perfectly competitive market,
• individual producers determine market prices
• market supply and market demand determine the
  price
• the entrepreneur determines the price
• individual consumers determine market prices
• Click here to download ECO 365 Week 2 Learning
  Team Reflection Production and Cost Analysis

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• 3. The demand for clothing increases. As a
  result, the price of Clothing increases above
  the minimum average cost of producing it. In
  the long run, if the clothing industry is
  Perfectly competitive and is a constant-cost
  industry,
• the supply of clothing and the price of clothing
  will increase
• the supply of clothing will increase but the
  price will not
• the price of clothing will increase but the price
  will not
• neither the price nor the supply of clothing will
  increase
• 4. If the long-run market supply curve is
  perfectly elastic, an Increase in demand will
  cause the final equilibrium to be at
• the original price but at a smaller output
• a higher price with a higher output
• the original price but with a higher output
• a higher price but with the same output

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• 5. Number of workers Total Output
• 1 4
• 2 10
• 3 18
• 4 28
• 5 35
• 6 41
• 7 45
• 8 48
• 9 50
• 10 49
• Refer to the table shown. Diminishing marginal
  productivity begins when the
• third worker is hired
• fourth worker is hired
• fifth worker is hired
• sixth worker is hired
• To download the complete paper click ECO 365 Week
  1 Complete

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• 6. A production table can be used to determine
• a firm's profits
• a firm's costs
• how much output is produced from a given quantity
  of inputs
• how much of a product will be demanded by
  consumers
• 7. Mr. Woodard's cabinet shop is experiencing
  rapid growth in sales. As sales have increased,
  Mr. Woodard has found it necessary to hire more
  workers. However, he has observed that doubling
  the number of workers has less than doubled his
  output. What is the likely explanation?
• The law of diminishing marginal utility
• The law of diminishing marginal productivity
• The law of supply
• The law of demand

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• Want to see the complete Quiz or Knowledge
  Check..?? Click ECO 365 Final Exam Knowledge
  Check
• 8 .Number of workers
  Marginal Product of workers
• 1 5
• 2 7
• 3 8
• 4 10
• 5 11
• 6 7
• 7 5
• 8 3
• 9 0
• 10 -1
• Refer to the table shown. A firm would be most
  likely to hire between
• 1 and 3 workers
• 3 and 4 workers
• 5 and 8 workers
• 8 and 10 workers

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• About Author
• This article covers the topic for the University
  Of Phoenix ECO 365 Week 2 Knowledge Check. The
  author is working in the field of education from
  last 5 years. This article covers the basic of
  ECO 365 Final Exam Knowledge Check from UOP.
  Other topics in the class are as follows
• ECO 365 Week 1 DQ 1
• ECO 365 Week 1 DQ 2
• ECO 365 Week 1 DQ 3
• ECO 365 Week 1 Knowledge Check
• ECO 365 Week 1 Complete
• ECO 365 Week 2 DQ 1
• ECO 365 Week 2 DQ 2
• ECO 365 Week 2 DQ 3
• ECO 365 Week 2 Individual Assignments
• ECO 365 Week 2 Learning Team Reflection
  Production and Cost Analysis
• ECO 365 Week 2 Knowledge Check
• ECO 365 Week 2 Complete
• ECO 365 Week 3 DQ 1
• ECO 365 Week 3 DQ 2

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• ECO 365 Week 3 Learning Team Current Market
  Conditions Competitive Analysis
• ECO 365 Week 3 Learning Team Reflection Market
  Structure
• ECO 365 Week 3 Knowledge Check
• ECO 365 Week 3 Complete
• ECO 365 Week 4 DQ 2
• ECO 365 Week 4 DQ 3
• ECO 365 Week 4 Individual Assignment
  Differentiating Between Market Structures
• ECO 365 Week 4 Learning Team Reflection Public
  Policy in Economics
• ECO 365 Week 4 Knowledge Check
• ECO 365 Week 4 Complete
• ECO 365 Week 5 DQ 1
• ECO 365 Week 5 DQ 2
• ECO 365 Week 5 DQ 3
• ECO 365 Week 5 Learning Team Competitive
  Strategies and Government Policies
• ECO 365 Week 5 Learning Team Reflections Global
  Competition
• ECO 365 Week 5 Knowledge Check
• ECO 365 Week 5 Complete
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