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) Suppose that in 2007 Ford sold 500,000 Mustangs at an average

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) Suppose that in 2007 Ford sold 500,000 Mustangs at an average price of $18,800 per car; in 2008, 600,000 Mustangs were sold at an average price of $19,500 per car. These statements:

A. suggest that the supply of Mustangs must have increased between 2007 and 2008.
B. suggest that the demand for Mustangs decreased between 2007 and 2008.
C. suggest that the demand for Mustangs increased between 2007 and 2008.
D. constitute an exception to the law of demand in that they suggest an upsloping demand curve.

7) If a profit-seeking competitive firm is producing its profit-maximizing output and its total fixed costs fall by 25 percent, the firm should:

A. not change its output.
B. use more labor and less capital to produce a larger output.
C. reduce its output.
D. increase its output.



8) A firm that is motivated by self interest should:

A. hire each input so the productivity of each is equal at the margin.
B. employ the combination of resources that will produce the profit-maximizing output at the minimum cost.
C. always use large amounts of the most productive inputs and small amounts of the least productive inputs in producing its output.
D. always use large amounts of cheap inputs and small amounts of expensive inputs in producing its output.



9) If a firm is selling in an imperfectly competitive product market, then:

A. the marginal products of successive workers must be sold at lower prices.
B. A. average product will be less than marginal product for any number of workers hired.
C. the marginal products of successive workers can be sold at higher prices.
D. the marginal products of successive workers can be sold at a constant price.



10) What do wages paid to blue-collar workers, interest paid on a bank loan, forgone interest, and the purchase of component parts have in common?

A. None are either implicit or explicit costs.
B. All are opportunity costs.
C. All are implicit costs.
D. All are explicit costs.



11) Suppose that a business incurred implicit costs of $200,000 and explicit costs of $1 million in a specific year. If the firm sold 4,000 units of its output at $300 per unit, its accounting profits were:

A. $200,000 and its economic profits were zero.
B. $100,000 and its economic profits were zero.
C. $100,000 and its economic profits were $100,000.
D. zero and its economic loss was $200,000.



12) In the short run the Sure-Screen T-Shirt Company is producing 500 units of output. Its average variable costs are $2.00 and its average fixed costs are $.50. The firm's total costs:

A. are $1,250.
B. are $2.50.
C. are $750.
D. are $1,100.



13) The real wage will rise if the nominal wage:

A. increases at the same rate as labor productivity.
B. falls at the same rate as the general price level.
C. falls more rapidly than the general price level.
D. increases more rapidly than the general price level.



14) Construction workers frequently sponsor political lobbying in support of greater public spending on highways and public buildings. One reason they do this is to:

A. increase the elasticity of demand for construction workers.
B. increase the price of substitute inputs.
C. restrict the supply of construction workers.
D. increase the demand for construction workers.



15) Paying an above-equilibrium wage rate might reduce unit labor costs by:

A. increasing the cost to workers of being fired for shirking.
B. increasing the supply of labor.
C. permitting the firm to attract lower-quality labor.
D. increasing voluntary worker turnover
Submitted: 6 years ago.
Category: Homework
Expert:  Jabi replied 6 years ago.
Hello dear client,

Do you still need help on these questions? If you do, then please mention the deadline as well.

Regards,
Jabi
Customer: replied 6 years ago.
Yes! Deadline soon(next 30 min)... I have more questions I am working on too
Expert:  Jabi replied 6 years ago.
Hello dear client,

Thank you for your reply and time, i am on your questions right now, i hope i will have it for you within thirty minutes.

Good Luck!

Jabi
Customer: replied 6 years ago.
thanks
Expert:  Jabi replied 6 years ago.
You are most welcome :)
Expert:  Jabi replied 6 years ago.
THIS ANSWER IS LOCKED!

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