Purchase Solution

Selecting the suitable options

Not what you're looking for?

Ask Custom Question

1.) Demand for the services of Derek Jeter is?

a) horizontal.
b) unrelated to his true productivity.
c) an output demand.
d) derived from the demand for Yankee's tickets when Jeter plays.

2.) Total cost is calculated as?
a) the sum of total fixed cost and total variable cost.
b) the product of average total cost and price.
c) the sum of all the firm's explicit costs.
d) the sum of average fixed cost and average variable cost.

3) In the short run, as output increases?
a) the difference between average total cost and average variable cost decreases.
b) the difference between total cost and average variable cost decreases.
c) marginal cost eventually decreases.
d) All of the above are correct.

4) A firm earns an operating profit if?
a) revenues exceed variable costs of production.
b) revenues equal fixed costs.
c) price is less than average variable costs of production.
d) price equals marginal cost.

5) Perfectly competitive firms must make all of the following decisions EXCEPT ?
a) how much output to supply.
b) which production technology to use.
c) how much of each input to demand.
d) what price to charge for its output.

Purchase this Solution
Solution Summary

There are 5 MCQ type questions. Solution provides the correct options.

Solution Preview

1.) d) derived from the demand for Yankee's tickets when Jeter plays.

2.) a) the sum of total fixed ...

Solution provided by:
Lokesh Jain, MSc
Education
  • BEng (Hons) , Birla Institute of Technology and Science, India
  • MSc (Hons) , Birla Institute of Technology and Science, India
Recent Feedback
  • "Thank you"
  • "Really great step by step solution"
  • "I had tried another service before Brain Mass and they pale in comparison. This was perfect."
  • "Thanks Again! This is totally a great service!"
  • "Thank you so much for your help!"
Purchase this Solution
Free BrainMass Quizzes
Elementary Microeconomics

This quiz reviews the basic concept of supply and demand analysis.

Economic Issues and Concepts

This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.

Basics of Economics

Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.

Economics, Basic Concepts, Demand-Supply-Equilibrium

The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.

Pricing Strategies

Discussion about various pricing techniques of profit-seeking firms.

View More Free Quizzes
Related BrainMass Solutions

  • Scorecard for Two Couples Eating Dinner

    The two options are vegetarian restaurant and non-vegetarian restaurant, out of which best suitable option is to be selected for meeting the requirements of the members of group.

  • capital budgeting process the meaning of positive NPV

    Also, NPV doesn't give you a sense of cash flow timing (only PV of the flows), the reinvestment options and the age of the project (short term, long term).

  • Unit of Analysis and Sample Size

    *Explain the broader implications of selecting the incorrect unit of analysis on the practice to business * How and why the unit of analysis for your proposed quantitative study is suitable for your research question?

  • New Hire considerations for big & small companies

    173155 Recruiting, Selecting, Orienting, and Training Recruiting, Selecting, Orienting, and Training Review the recruiting options listed below the table.

  • Investment banking process including portfolio construction

    Moreover equities are suitable for the aggressive and risk taking investors. Bonds are suitable for the conservative investors. V Selecting the most suitable option Vi Review and rebalancing of the portfolio.

  • How is the base year of an index selected?

    Discussion is suitable for a novice. Your response is 197 words and tells you why the base year is important and some basic rules for selecting a base year. Discussion is suitable for a novice.

  • Which of these four options would you recommend for a hospital? Why?

    These debt collection agencies are expensive and so not suitable for hospitals. The third option is the lock- box.

  • Practical uses of probability theory

    Let us calculate the probability of selecting red balls from each bag. The probability of selecting red ball from BAG A is . The probability of selecting red ball from BAG B is .

  • Selecting the suitable alternative

    608330 Selecting the suitable alternative A manufacturer is evaluating options regarding his production equipment.

  • Combinations

    The second day, you will choose from 9 pairs, thus, you have ways of selection. And it goes on. On the seventh day, you will choose from 4 pairs, and you have 4 options. So totally, you have ways of selection.

View More Related Solutions