ECO 365 week 2 Knowledge Check (2)

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ECO 365 week 2 Knowledge Check
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1. A perfectly competitive firm will be
profitable if price at theProfit maximizing
quantity is above MC ACV ATC AFC2. 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
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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 isPerfectly
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, anIncrease 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 Output1 42 103 184
285 356 417 458 489 5010 49Refer 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 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
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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 8 .Number of workers
Marginal Product of workers1 52 73 84 105
116 77 58 39 010 -1Refer 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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