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ECO 365 Week 2 Knowledge Check (1)

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The ECO 365 Week 2 Knowledge Check is dedicated to make the understanding of the students more clear towards the basics of Economics. The assignment dealt with making the students identify the principles of micro and macroeconomics. – PowerPoint PPT presentation

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Title: ECO 365 Week 2 Knowledge Check (1)


1
ECO 365 Week 2 Knowledge Check
  • By www.StudentWhiz.com

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2
  • Questions to ECO 365 Week 2 Knowledge Check are
    as follow
  • 1. A perfectly competitive firm will be
    profitable if price at the Profit maximizing
    quantity is above
  • MC
  • ACV
  • ATC
  • AFC
  • 2. 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
  • Click here to download ECO 365 Week 2 Learning
    Team Reflection Production and Cost Analysis

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3
  • 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 is
    Perfectly 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, an Increase 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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4
  • 5. Number of workers Total Output
  • 1 4
  • 2 10
  • 3 18
  • 4 28
  • 5 35
  • 6 41
  • 7 45
  • 8 48
  • 9 50
  • 10 49
  • Refer 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
  • To download the complete paper click ECO 365 Week
    1 Complete

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5
  • 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
  • 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

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  • Want to see the complete Quiz or Knowledge
    Check..?? Click ECO 365 Final Exam Knowledge
    Check
  • 8 .Number of workers
    Marginal Product of workers
  • 1 5
  • 2 7
  • 3 8
  • 4 10
  • 5 11
  • 6 7
  • 7 5
  • 8 3
  • 9 0
  • 10 -1
  • Refer 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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7
  • About Author
  • This article covers the topic for the University
    Of Phoenix ECO 365 Week 2 Knowledge Check. The
    author is working in the field of education from
    last 5 years. This article covers the basic of
    ECO 365 Final Exam Knowledge Check from UOP.
    Other topics in the class are as follows
  • ECO 365 Week 1 DQ 1
  • ECO 365 Week 1 DQ 2
  • ECO 365 Week 1 DQ 3
  • ECO 365 Week 1 Knowledge Check
  • ECO 365 Week 1 Complete
  • ECO 365 Week 2 DQ 1
  • ECO 365 Week 2 DQ 2
  • ECO 365 Week 2 DQ 3
  • ECO 365 Week 2 Individual Assignments
  • ECO 365 Week 2 Learning Team Reflection
    Production and Cost Analysis
  • ECO 365 Week 2 Knowledge Check
  • ECO 365 Week 2 Complete
  • ECO 365 Week 3 DQ 1
  • ECO 365 Week 3 DQ 2

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8
  • ECO 365 Week 3 Learning Team Current Market
    Conditions Competitive Analysis
  • ECO 365 Week 3 Learning Team Reflection Market
    Structure
  • ECO 365 Week 3 Knowledge Check
  • ECO 365 Week 3 Complete
  • ECO 365 Week 4 DQ 2
  • ECO 365 Week 4 DQ 3
  • ECO 365 Week 4 Individual Assignment
    Differentiating Between Market Structures
  • ECO 365 Week 4 Learning Team Reflection Public
    Policy in Economics
  • ECO 365 Week 4 Knowledge Check
  • ECO 365 Week 4 Complete
  • ECO 365 Week 5 DQ 1
  • ECO 365 Week 5 DQ 2
  • ECO 365 Week 5 DQ 3
  • ECO 365 Week 5 Learning Team Competitive
    Strategies and Government Policies
  • ECO 365 Week 5 Learning Team Reflections Global
    Competition
  • ECO 365 Week 5 Knowledge Check
  • ECO 365 Week 5 Complete
  • Want to check other classes..??
    Visit www.StudentWhiz.com

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