Microeconomics > QUESTIONS & ANSWERS > Sophia Microeconomics Final Milestone Questions and Answers Already Passed (All)
Sophia Microeconomics Final Milestone Questions and Answers Already Passed
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Sophia :: Welcome https://snhu.sophia.org/spcc/microeconomics-2/milestone_take_feedbacks/6384349 1/14 MILESTONE Score 23/25 You passed this Milestone 23 questions were answered correctly. 2 ques... tions were answered incorrectly. 1 Which of the concepts below is a characteristic of a Veblen good? As price of the good increases, demand for it increases to establish prestige. As income increases, demand for less expensive goods decreases. A good that offers better quality and features that is consumed when income rises. An increase in price of the good causes a decrease in quantity demanded. CONCEPT Types of Goods 2 What is the study of the behavior of consumers and businesses holistically across an economy? Microeconomics Social science 9/29/2020 Sophia :: Welcome https://snhu.sophia.org/spcc/microeconomics-2/milestone_take_feedbacks/6384349 2/14 Macroeconomics Civics CONCEPT What is Economics? 3 Which of the following is true about the field of economics? Economics is commonly broken into Labor Economics and Consumer Economics Economics as a field of study was introduced during the Industrial Revolution and has not changed over time Economics is a social science that intersects with other fields of study Economics can correctly predict when a recession is coming and how long it will last CONCEPT What is Economics? 4 Which of the following is a characteristic of monopolistic competition? Predatory price cutting occurs. Advertising increases the cost of production. Firms sell homogenous products. 9/29/2020 Sophia :: Welcome https://snhu.sophia.org/spcc/microeconomics-2/milestone_take_feedbacks/6384349 3/14 Cooperation between firms is sometimes used to maintain prices. CONCEPT Monopolistic Competition 5 A(n) __________ good is one that can be consumed by one person, and still continue to be consumed by other people. exclusive rivalrous non-rivalrous non-exclusive CONCEPT Public Goods, Private Goods, and the “Tragedy of the Commons” 6 Which scenario below is an example of completeness? If a guest at a banquet can purchase a raffle ticket for gift baskets that are nearly identical, she will choose to purchase a ticket for the basket that has an additional gift. For $7, a shopper can buy a gallon of milk and one box of an expensive cereal or a gallon of milk and two boxes of a cheaper cereal. He decides to purchase a gallon of milk and one box of cheaper cereal, keeping the leftover cash. A consumer is able to compare possible combinations and quantities of bath towels and wash cloths she is purchasing for her bathroom to determine the best combination based on her preferences. A consumer is able to logically rank his preferences for the three different price combinations for a flight that he will purchase for an upcoming trip. 9/29/2020 Sophia :: Welcome https://snhu.sophia.org/spcc/microeconomics-2/milestone_take_feedbacks/6384349 4/14 CONCEPT Consumer Choice Theory 7 Product Price Unit Cost Quantity Sold Quantity Produced Opportunity Cost $20.50 $10.25 500 800 $550 Calculate the firm’s accounting profit from the data shown above. [Show More]
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