Sophia __ Microeconomics Final Milestone questions with 100% correct answers

Sophia __ Microeconomics Final Milestone Which of the following is true about the field of economics? CONCEPT What is Economics? 2 A real estate agency’s policy is to start all sales commission negotiations at 6%. However, the agency is willing to accept sales commissions as low as 5%. The scenario above is an example of which principle? CONCEPT M arket Equilibrium 3 CEOs are limited in making policy changes regarding climate change by all of the following EXCEPT . CONCEPT S ustainable Returns--Investor Impact 4 A person who consumes a good without paying for it is known as a(n) . CONCEPT P ublic Goods, Private Goods, and the “Tragedy of the Commons” 5 Product Price Cost Per Unit Quantity Sold Quantity Produced Opportunity Cost $1.25 $0.75 690 750 100 Using the data in this table, calculate the firm’s economic profit. CONCEPT Economic Profit 6 If Bundle of Goods A contains two pizzas and three sodas, and Bundle B contains three pizzas and three sodas, then Patrick will select Bundle B based on the principle of . CONCEPT C onsumer Choice Theory 7 Number of Employees Total Production Marginal Product of Labor Marginal Revenue Product 0 0 0 1 18 18 2 30 12 3 41 11 4 46 5 If the price of the item is $10.00 per unit and the employees cost $100 each, how many employees should the firm hire to maximize their profit? CONCEPT O utput Optimization: Marginal Revenue Product 8 When a business owner uses process mapping, an activity is marked by . CONCEPT P rocess Mapping--Efficiency 9 Mariah received a promotion at work and wanted to replace her mobile phone with a more expensive smartphone that she could now afford. The lower-priced cell phone that Mariah no longer wanted to have is an example of which type of good? CONCEPT T ypes of Goods 10 Which one of the answers listed is NOT a reason why businesses have been slow to adopt sustainable practices in regard to unemployment? . CONCEPT A ssessing Costs of Unemployment--Labor Economics 11 Which of the following market structures has only one seller, who acts as a price maker? CONCEPT M onopoly 12 Which statement below is NOT true about the long run average supply curve? CONCEPT L ong-Run Supply Curve 13 Laura was in charge of purchasing food for the next book club meeting. She usually ordered sandwiches from the nearby deli, but the price of sandwiches had increased. One option for food was ordering pizza, which was $3 less than a sandwich. However, because the price of sandwiches had gone up, Laura could afford fewer sandwiches and pizza than previous meetings. The reduction in Laura's ability to purchase both sandwiches and pizza due to the increase of price in sandwiches is known in economic terms as . CONCEPT B udget Constraints: Change in Price 14 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 regarding production? CONCEPT P roduct: Total, Marginal, Average, and (Marginal) Revenue 15 As the women's soccer coach, Karissa was in charge of choosing and ordering uniforms. Since the knee socks and shin guards had a unique matching logo, Karissa only ordered from one particular company. When she ordered them three years ago, the knee socks were $5 per pair, and the shin guards were $7 per pair. Karissa ordered 15 pairs of knee socks and 15 pairs of shin guards. Now the price of the shin guards hasn't changed, but knee socks were $7 per pair. Karissa decided she would only buy 10 pairs of shin guards this year. Using the mid-point formula, the cross-price elasticity for the shin guards is . CONCEPT C ross-Price Elasticity 16 Which of the following is an example of macroeconomics? CONCEPT What is Economics? 17 Which of the following occurs when a subsidy is provided? . CONCEPT T axation and Subsidy 18 Mimi is granted a license to sell her unique Spirit Pins at local high school lacrosse games. When Mimi prices her pins at $10, she sells 20 pins per game. When she lowers her price to $8, she sells 40 pins. The additional money she earns from dropping her price is known as the . CONCEPT R evenue: Total, Marginal and Average 19 Given the information on this graph, this firm needs to produce which of the following number of units to start making a profit? CONCEPT Breakeven Point 20 If the variable costs for a firm are $57, the fixed costs are $143, and the firm sells 40 units, what are the firm's average total costs? CONCEPT C ost: Total, Marginal and Average 21 Given the graph shown here, when is the firm operating at a short run loss? CONCEPT Shut-down Point 22 When Isabella and Sam chose to put up an affordable, maintenance-free plastic fence in their yard instead of the wrought-iron fence they preferred but could not afford on their budget, they demonstrated . CONCEPT C ost and Benefit Optimization for Consumers 23 Which one of the following is NOT an example of a practice that contributes to anthropomorphic climate change? ………………………………..CONTINUED………………………………..