WGU C211 Objective Assessment Global Economics for Managers Exam Prep| Questions and Verified Answers| 100% Correct (New 2023/ 2024 Update)
WGU C211 Objective Assessment Global
Economics for Managers Exam Prep|
Questions and Verified Answers| 100%
Correct (New 2023/ 2024 Update)
QUESTION
factors of production should be government owned or state owned and all supply, demand and
pricing are planned by the government
Answer:
command
QUESTION
the economic system of most countries
Answer:
mixed economy
QUESTION
a curve that represents a consumers preferences
Answer:
indifference curve
QUESTION
indifference curves are preferred to __ ones
Answer:
higher, lower
QUESTION
indifference curves are bowed _ Answer: inward QUESTION the rate at which a consumer is willing to substitute one good for another Answer: marginal rate of substitution QUESTION the limit on consumption bundles that a consumer can afford Answer: budget constraint QUESTION a piece of analysis that shows the combination of goods the consumer can afford given their income and price of goods Answer: budget constraint QUESTION an increase in income will shift the budget constraint _
Answer:
outward
QUESTION
the slope of the indifference curve equals the slope of the
Answer:
budget constraint
QUESTION
the consumer chooses consumption of the two goods so that the marginal rate of substitution
equals the
Answer:
relative price
QUESTION
the increase in total cost that results from adding an additional unit of production
Answer:
marginal cost
QUESTION
formula to calculate marginal cost
Answer:
change in total cost / change in quantity
QUESTION
a firm will produce the quantity where MR = MC as long as __
Answer:
price > AVC
QUESTION
when price falls below the AVC, what will a firm do?
Answer:
shut down temporarily
QUESTION
someone who has to take the market price of a product and accept it as their own price
Answer:
price taker
QUESTION
the demand curve for a perfectly competitive firm is
Answer:
horizontal
QUESTION
the demand curve for a monopolistic market is
Answer:
downward sloping
QUESTION
where do firms with market power determine the quantity of product/service they will produce?
Answer:
quantity where MR = MC, quantity where P = MC
Powered by https://learnexams.com/search/study?query=