Economics > QUESTIONS & ANSWERS > Sophia __ Microeconomics Final Milestone (All)

Sophia __ Microeconomics Final Milestone

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Which of the following is true about the field of economics? Economics as a field of study was introduced during the Industrial Revolution and has not changed over time Economics can correct... ly predict when a recession is coming and how long it will last Economics is commonly broken into Labor Economics and Consumer Economics Economics is a social science that intersects with other fields of study The scenario above is an example of which principle? Ceteris paribus Consumer surplus Deadweight loss Producer surplus 3 CEOs are limited in making policy changes regarding climate change by all of the following EXCEPT . investor support which is linked directly to profits the necessity to think in the long term rather than the short term his/her fiduciary responsibility to the company needing support from the Board of Directors A person who consumes a good without paying for it is known as a(n) . free rider rival producer utility maximizer 5 Product Price Cost Per Unit Quantity Sold Quantity Produced Opportunity Cost $1.25 $0.75 690 750 100 Using the data in this table, calculate the firm’s economic profit. -$300 -$200 $300 -$520 $320 $200 CONCEPT Economic Profit 6 If Bundle of Goods A contains two pizzas and three sodas, and Bundle B contains three pizzas and three sodas, then Patrick will select Bundle B based on the principle of . transitivity completeness non-satiation utility theory CONCEPT Consumer Choice Theory 7 Number of Employees Total Production Marginal Product of Labor Marginal Revenue Product 0 0 0 1 18 18 2 30 12 3 41 11 4 46 5 If the price of the item is $10.00 per unit and the employees cost $100 each, how many employees should the firm hire to maximize their profit? Two employees Four employees .........................................................CONTINUE................................................... [Show More]

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