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Question: Referring to the graph:  A) Demand is elastic  B) Demand is inelastic  C) Demand is unit elastic ...

Show transcribed image text Referring to the graph: A) Demand is elastic B) Demand is inelastic C) Demand is unit elastic D) You need a supply curve to answer If marginal cost exceeds marginal revenue A) increase production B) maintain production C) decrease production D) you/re earning negative profit investments become more attractive if you A) Lower your expected interest rate B) Raise your expected interest rate C) Discount over more years D) amortize more principle early on A decrease in the demand for beef because of concerns over cholesterol was cause A) lower beef prices B) higher beef prices C) an increase in the supply of beef D) an offsetting increase in the demand for beet if the price of potatoes decreases: A) Demand for French fries will rise B) Demand for French fries will fall C) Supply of French fries will rise D) Supply of French fries w fall Law of Diminishing Marginal Utility states: A) at some point the next item makes you less happy B) at some point the next item makes you more happy C) at some point the item makes you unhappy D) the utility bill for running the item is reduced (ex. An energy efficient appliance) If the present value of an investment is $525, and its cost is $465: A) invest B) Don't C) You need and interest rate to discount the investment D) You need to know how much the machine makes invest Which is the correct condition for determining how many items to produce? A) MRK MC. B) MR > + MC C) TR 0 What makes oligopolies act more like monopolies A) cheating B) punishment C) marginal revenue process plans D) monopolistic competition What condition determines whether you should operate? A) TR 0 C) TR > TC D) TR > = VC Present value will fail if: A) costs increase B) costs decrease C) interest fails D) interest rises Which of the following is true if the price of lettuce goes down? A) The supply of salads will fail B) Price of lettuce only lettuce D) price of Ranch dressing will rise As supply increases A) Demand falls B) Demand rises C) Price falls D) Price rises

Referring to the graph: A) Demand is elastic B) Demand is inelastic C) Demand is unit elastic D) You need a supply curve to answer If marginal cost exceeds marginal revenue A) increase production B) maintain production C) decrease production D) you/re earning negative profit investments become more attractive if you A) Lower your expected interest rate B) Raise your expected interest rate C) Discount over more years D) amortize more principle early on A decrease in the demand for beef because of concerns over cholesterol was cause A) lower beef prices B) higher beef prices C) an increase in the supply of beef D) an offsetting increase in the demand for beet if the price of potatoes decreases: A) Demand for French fries will rise B) Demand for French fries will fall C) Supply of French fries will rise D) Supply of French fries w fall Law of Diminishing Marginal Utility states: A) at some point the next item makes you less happy B) at some point the next item makes you more happy C) at some point the item makes you unhappy D) the utility bill for running the item is reduced (ex. An energy efficient appliance) If the present value of an investment is $525, and its cost is $465: A) invest B) Don't C) You need and interest rate to discount the investment D) You need to know how much the machine makes invest Which is the correct condition for determining how many items to produce? A) MRK MC. B) MR > + MC C) TR 0 What makes oligopolies act more like monopolies A) cheating B) punishment C) marginal revenue process plans D) monopolistic competition What condition determines whether you should operate? A) TR 0 C) TR > TC D) TR > = VC Present value will fail if: A) costs increase B) costs decrease C) interest fails D) interest rises Which of the following is true if the price of lettuce goes down? A) The supply of salads will fail B) Price of lettuce only lettuce D) price of Ranch dressing will rise As supply increases A) Demand falls B) Demand rises C) Price falls D) Price rises