ECON 213 quiz 8 Liberty University answers complete solutions.

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Liberty University ECON 213 quiz 8 complete Answers • Question 1 2 out of 2 points When firms grow larger, they sometimes acquire more market power, meaning th... at they have greater ability to negotiate lower prices with their suppliers. This ability to negotiate lower prices with their suppliers leads to: • Question 2 2 out of 2 points Refer to the accompanying graph to answer the questions that follow. The average total cost of production is minimized at what level of output? • Question 3 2 out of 2 points Implicit costs are: • Question 4 2 out of 2 points A firm’s decisions are ultimately oriented toward: • Question 5 2 out of 2 points The production function for automobiles includes: • Question 6 0 out of 2 points When the average total cost curve is at its minimum, we know that the: • Question 7 2 out of 2 points The three primary factors of production are: • Question 8 2 out of 2 points Madison owns a boxing gym. She recently expanded the size of her gym by adding another boxing ring and moving into a larger building so that she can serve more clients. How would Madison know if she is experiencing economies of scale from increasing the size of her boxing gym? • Question 9 2 out of 2 points An explicit cost for a business that manufactures bicycles would be the: • Question 10 2 out of 2 points A firm has a certain amount of capital and land. As it hires more labor, each worker is able to: • Question 11 2 out of 2 points Accounting profit is equal to: • Question 12 2 out of 2 points Lauren is the owner of a bakery. Last year, her total revenue was $145,000, her rent was $12,000, her labor costs were $65,000, and her overhead expenses were $15,000. From this information, we know that her accounting profit was: • Question 13 0 out of 2 points If the marginal cost curve is U-shaped: • Question 14 2 out of 2 points Darrell owns a furniture store. If he decided to expand the size of his store in order to sell more furniture, how would he know if he is experiencing diseconomies of scale? • Question 15 2 out of 2 points Where would we find a firm’s minimum efficient scale of production? [Show More]

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