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    Multiple Choice Microeconomics Practice Test

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    Microeconomics problems. Some of them are blurred out and dont need to be done.

    Thanks in Advance.

    © BrainMass Inc. brainmass.com March 4, 2021, 5:57 pm ad1c9bdddf
    https://brainmass.com/economics/legislation-regulation/multiple-choice-microeconomics-practice-test-20416

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    Have only attempted those questions which are not blurred.
    <br>Answers:
    <br>1) b. Antitrust legislations main purpose is to prohibit monopolies.
    <br>2) Not legible.
    <br>3) Not legible.
    <br>4) Not legible.
    <br>5) Not legible.
    <br>6) Not legible.
    <br>7) Not legible.
    <br>8) Not legible.
    <br>9) Not legible.
    <br>10) Not legible.
    <br>11) Not legible.
    <br>12) A. You will get the answer by looking at the formulae in the marginal revenue product definition.
    <br>13) A. True. The firm will maximize profit, at the profit maximization point the price of input will equal the marginal revenue product.
    <br>14) C . 50/3 = 16.67
    <br>15) D. 60*5 = 300
    <br>16) D. Plug in the cost and the revenue for each unit of labor to get the answer.
    <br>17) A.
    <br>18) C. A measure of the gain to the producers is the difference between their revenue and their variable cost (since fixed cost is fixed!); this measure is called the producers' surplus.
    <br>19) D. 7*16 = ...

    $2.49

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