WGU C211 OA Global Economics for
Managers (Latest Update )
Questions with Correct Answers {Grade A}
100% Verified
A piece of analysis that shows the combination of goods the consumer can afford given
their income and price of goods - correct answer budget constraint
An increase in income will shift the budget constraint ________ - correct answer
outward
The slope of the indifference curve equals the slope of the - correct answer budget
constraint
The consumer chooses consumption of the two goods so that the marginal rate of
substitution equals the - correct answer relative price
The increase in total cost that results from adding an additional unit of production -
correct answer marginal cost
,Formula to calculate marginal cost - correct answer change in total cost / change in
quantity
A firm will produce the quantity where mr = mc as long as ________ - correct answer
price > avc
When price falls below the avc, what will a firm do? - correct answer shut down
temporarily
Someone who has to take the market price of a product and accept it as their own
price - correct answer price taker
The demand curve for a perfectly competitive firm is - correct answer horizontal
The demand curve for a monopolistic market is - correct answer downward sloping
, Where do firms with market power determine the quantity of product/service they will
produce? - correct answer quantity where mr = mc, quantity where p = mc
Where will firms with price setting capacity maximize profits? - correct answer
intersection between the marginal cost curve and the marginal revenue curve
A market with only a few sellers offering similar or identical products - correct
answer oligopoly
A firm is a sole seller of a product with no close substitutes - correct answer
monopoly
Many firms sell similar products but not identical. Many firms compete for the same
customers, free entry and exit - correct answer monopolistic competition
Many buyers and sellers, identical products, free entry and exit, perfect information,
price taker - correct answer perfectly competitive
Managers (Latest Update )
Questions with Correct Answers {Grade A}
100% Verified
A piece of analysis that shows the combination of goods the consumer can afford given
their income and price of goods - correct answer budget constraint
An increase in income will shift the budget constraint ________ - correct answer
outward
The slope of the indifference curve equals the slope of the - correct answer budget
constraint
The consumer chooses consumption of the two goods so that the marginal rate of
substitution equals the - correct answer relative price
The increase in total cost that results from adding an additional unit of production -
correct answer marginal cost
,Formula to calculate marginal cost - correct answer change in total cost / change in
quantity
A firm will produce the quantity where mr = mc as long as ________ - correct answer
price > avc
When price falls below the avc, what will a firm do? - correct answer shut down
temporarily
Someone who has to take the market price of a product and accept it as their own
price - correct answer price taker
The demand curve for a perfectly competitive firm is - correct answer horizontal
The demand curve for a monopolistic market is - correct answer downward sloping
, Where do firms with market power determine the quantity of product/service they will
produce? - correct answer quantity where mr = mc, quantity where p = mc
Where will firms with price setting capacity maximize profits? - correct answer
intersection between the marginal cost curve and the marginal revenue curve
A market with only a few sellers offering similar or identical products - correct
answer oligopoly
A firm is a sole seller of a product with no close substitutes - correct answer
monopoly
Many firms sell similar products but not identical. Many firms compete for the same
customers, free entry and exit - correct answer monopolistic competition
Many buyers and sellers, identical products, free entry and exit, perfect information,
price taker - correct answer perfectly competitive
