Final Exam Version A store and in a bie Economics 1001 18. The following are marginal cost curves for selling chicken in a mom-and-pop (MG box retailer (MG) MG-2020 MC = 4+0 If there are 6 total chickens being sold, how many chickens does each firm sell? a) mom-and-pop: 0; big-box: 6 b) mom-and-pop: 1; big-box 5 c) mom-and-pop: 2; big-box 4 d) mom-and-pop: 3; big-box: 3 Table 4: Oil Pumps O Pump One Quantity Marginal (Barrels of Cost Od Pump Two Quantity Marginal (Barrels of Oil) Cost 16 19. Refer to the Table 4, oll Pumps: Suppose that we want to produce seven barrels of oil. To minimize costs, we should produce a) all seven barrels of oil from Oil Pump Two. b) three barrels of oil from Oil Pump One and four barrels of oil from Oil Pump Two. c) one barrel of oil from Oil Pump One and six barrels of oil from Oil Pump Two. d) all seven barrels of oil from Oil Pump One. 20. A firm experiencing an economic loss in the short-run will: a) Exit the industry b) Continue to produce if P (Price) is less than AVC (Average Variable Cost) c) Continue to produce if P > AVC d) Shutdown and cease production no matter what price they are getting for their product 21. Public goods a) are non-rival and non-excludable. b) are all of the goods and services provided to the public by the government. q tend to be depleted because the lack of clearly defined ownership means no one has incentive to Invest in maintenance. All of the above macimizing monopolistically competitive firm, marginal cost is less than price in 2 for a pro-maximizing monopolis the short run but not in the long run. the long run but not in the short run. o the short run and the long run. ether the shon run not the long run.

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