Exams & Certification

The American Automobile Association (AAA) and Mobile Travel Guide evaluate and rate hotels based on specific criteria such as size, appearance, service and rate. Hotel ratings and classifications were designed to help travelers choose the right hotel according to their needs and desire. However, the increase in technology has exposed hotels to online reviews. Do […]

Price discrimination refers to: a. selling a given product for different prices at two different points in time.b. any price above that which is equal to a minimum average total cost.c. the selling of a given product at different prices that do not reflect cost differences.d. the difference between the prices a purely competitive seller

Economic profit in the long run is: a. possible for both a pure monopoly and a pure competitor.b. possible for a pure monopoly, but not for a pure competitor.c. impossible for both a pure monopolist and a pure competitor.d. only possible when barriers to entry are nonexistent. The correct answer and explanation is : The

The supply curve of a pure monopolist: a. is that portion of its marginal cost curve which lies above average variable cost.b. is the same as that of a purely competitive industry.c. is its average variable cost curve.d. does not exist because prices are not “given” to a monopolist. The correct answer and explanation is

A product-focused process is commonly used to produce:A. high-volume products of either high- or low-variety.B. high-volume, high-variety products.C. high-volume, low-variety products.D. low-volume, high-variety products.E. low-variety products at either high- or low-volume. The correct answer and explanation is : The correct answer is C. high-volume, low-variety products. Explanation: A product-focused process (also known as a “line-flow”

If a pure monopolist is producing at that output where P= ATC, then: a. its economic profits will be zero.b. it will be realizing losses.c. it will be producing less than the profit-maximizing level of output.d. it will be realizing an economic profit. The correct answer and explanation is : The correct answer is: a.

A hydrolysis reaction results in which two of the following? Water is split apart.Two molecules are split apart.Water is formed.Two molecules are combined. The correct answer and explanation is : The correct answer is: Two molecules are split apart. Explanation: A hydrolysis reaction is a chemical reaction where water (H₂O) is used to break down

A nondiscriminating monopolist: a. will never produce in the output range where marginal revenue is positive.b. will never produce in the output range where demand is inelastic.c. will never produce in the output range where demand is elastic.d. may produce where demand is either elastic or inelastic, depending on the level of production costs. The

You are handed a 10.0 cm stack of new one dollar bills. Assume the thickness of a dollar bill is 1.6 times thicker than your text book paper (textbook paper = 63 um) Estimate the number of dollars in your stack. The correct answer and explanation is : To estimate the number of one-dollar bills

The size of a dollar bill is 6.6 cm wide, 15.6 cm long and 0.109 mm in thickness. Approximately how many dollar bills are in a 0.24-inch stack? The # dollar bills, N= The correct answer and explanation is : To determine how many dollar bills are in a 0.24-inch stack, we need to consider