Microeconomics problems. Some of them are blurred out and dont need to be done.
Thanks in Advance.© BrainMass Inc. brainmass.com September 21, 2018, 2:12 pm ad1c9bdddf - https://brainmass.com/economics/legislation-regulation/multiple-choice-microeconomics-practice-test-20416
Have only attempted those questions which are not blurred.
<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>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 = ...