ECON-B 251 Final Exam (Mod 9-12) Questions With 100% Correct Answers 2024

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ECON-B 251 Final Exam (Mod 9-12) Questions With 100% Correct Answers 2024

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2024/2025

Institution ECON-B 251

Course ECON-B 251

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ECON-B 251 Final Exam (Mod 9-12) Questions With 100% Correct Answers

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ECON-B 251 Final Exam (Mod 9-12)
Questions With 100% Correct Answers

Theigoaliofitheifirmiisitoi-iCorrectiAnswer-maximizeiprofit

Whichiofitheifollowingiisiaitypeiofimarket?i-iCorrectiAnswer-
perfecticompetition
monopolisticicompetition
Oligopoly
Monopoly

Totalicosti(TC)i=i-iCorrectiAnswer-TFCi+iTVCi
ori
ATCi*iq

Whenimarginaliproductiisirisingi-iCorrectiAnswer-marginalicostiisifalling

Sueiquitiheri$40,000iperiyearijobiandiopenediaicoffeeishopithatisheicallsi
TopiBrew.iInitheifirstiyear,iTopiBrewiearnedi$200,000iinirevenue.iForithe
isameiyear,iTopiBrewipaidi$80,000itoiemployeesiiniwages,ispenti$40,00

0ioniingredientsisuchiasicoffeeibeans,i$15,000irentiforitheibuildingitoiho
useiTopiBrew.iSueialsoiusedi$50,000iofiheripersonalisavingsitoipurchasei
equipmentiforiTopiBrew,iwhichisheiwasiearningi$4,000iiniinterestieachiy

, ear.iAssuminginoidepreciationiinitheivalueiofitheiequipment,iSue'siecon
omiciprofitifromiTopiBrewiforitheiyeariisi$i-iCorrectiAnswer-$21,000
-
subtractieverythingibesidesithei$50,000isinceithisicameifromiheriperson
alisavings,inotitheicompany

Whichiofitheifollowingiareiexamplesiofiimplicitiopportunityicosts?i-
iCorrectiAnswer--theiowner'sitime

-depreciation
-interestiforgone

Havingianiequaliamountiofiinformationiisiknowniasi-iCorrectiAnswer-
symmetriciinformation

theiprincipaliagentiproblemisuggestsi-iCorrectiAnswer-
principalsiandiagentsiareimoreilikelyitoihaveitheisameigoalsiifitheiagent'
sipayiisitieditoisatisfyingitheiprincipalsigoals
-
ithisiisibecauseitheiworkersigoaliisiwageimaximizationiwhileitheiprincipa

lsigoaliisiprofitimaximization

Iniaiperfectlyicompetitiveimarketithereiarei___ibuyers,i____isellersiprod
ucingi____iproducts.i____ihaveifulliinformationiandi____ihaveimarketip
ower.i-iCorrectiAnswer--many
-many

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Uploaded on: October 10, 2024
Number of pages: 14
Written in: 2024/2025
Type: Exam (elaborations)
Contains: Questions & answers

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ECON-B 251 Final Exam (Mod 9-12) Questions With 100% Correct Answers 2024

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