Sophia: Microeconomics - Final Milestone questions with correct answers

Which of the following describes the visual representation of the steps that form a process? - correct answer It plays an important role in efficiency evaluation Which of the following is an intermediate good? - correct answer Flour used to bake bread in a bakery When a firm uses five machines, it can produce 600 units daily. A sixth machine allows the firm to product 880 units. Which of the following is true in regard to production? - correct answer The marginal product for the sixth machine is 280 units and the average product is 147 units Which indicators show change at the same time as the economy and thus give a sense of where the economy is in relation to the business cycle? - correct answer Coincident indicators Product Price: $40,000 Unit Cost: $10.00 Units Sold: 200 Units Produced: 1100 Opportunity Cost: $850