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econ 201 exam 5 review Questions and
Correct Answers/ Latest Update / Already
Graded
QUESTION: if market place is 40$ then what is marginal revenue at
the 50 unit produced
Ans: answer is 40 because marginal cost is equal to marginal
revenue
profit maximizing rule
Ans: marginal cost = mari
where to find mc = mr
Ans: where the two collide on the graph which eachother
QUESTION: it will ask are we loosing, needing to make more, or make
less?
The graph will be set up to were on the bottom you focus on three
numbers.
For this question the numbers will be 100, 200, 250
Ans: If you are at 100 = need to increase production.
If you are at 200 = profit maximized rule.
All rights reserved © 2025/ 2026 |
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If you are at 250 = cut back on production because making more
than getting back.
Difference between and market and individual (the question on the
exam will describe one of the two and you need to be able to
determine which it is)
Ans: Market: has a downward slope
Individual: has a straight horizontal slope
Individual: It is a straight line because the change one person
makes isn't big enough to make a difference and sells an
identical product like apples
Market: Its a downward slope because there are many sellers
for various products
Price taker
Ans: someone who sells an identical product so the price is
already set
why do people have to be price takers?
Ans: to small to make an impact in the market
QUESTION: you will be asked to calculate profit or loss.
All rights reserved © 2025/ 2026 |
econ 201 exam 5 review Questions and
Correct Answers/ Latest Update / Already
Graded
QUESTION: if market place is 40$ then what is marginal revenue at
the 50 unit produced
Ans: answer is 40 because marginal cost is equal to marginal
revenue
profit maximizing rule
Ans: marginal cost = mari
where to find mc = mr
Ans: where the two collide on the graph which eachother
QUESTION: it will ask are we loosing, needing to make more, or make
less?
The graph will be set up to were on the bottom you focus on three
numbers.
For this question the numbers will be 100, 200, 250
Ans: If you are at 100 = need to increase production.
If you are at 200 = profit maximized rule.
All rights reserved © 2025/ 2026 |
, Page |2
If you are at 250 = cut back on production because making more
than getting back.
Difference between and market and individual (the question on the
exam will describe one of the two and you need to be able to
determine which it is)
Ans: Market: has a downward slope
Individual: has a straight horizontal slope
Individual: It is a straight line because the change one person
makes isn't big enough to make a difference and sells an
identical product like apples
Market: Its a downward slope because there are many sellers
for various products
Price taker
Ans: someone who sells an identical product so the price is
already set
why do people have to be price takers?
Ans: to small to make an impact in the market
QUESTION: you will be asked to calculate profit or loss.
All rights reserved © 2025/ 2026 |
