ECON 3100
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In general, microeconomic theory assumes that firms attempt to maximize the difference between a. total revenue and accounting costs. b. price and marginal cost. c. total revenues and economic costs. d. economic costs and average cost. ANS: c 2. A firm’s total revenue is equal to a. total quantity produced times marginal cost. b. total quantity produced times market price. c. marginal revenue times total quantity produced. d. market price divided by total quantity produced. ANS: b ...
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ECON 3100•ECON 3100
ntermediate Microeconomcis A Midterm Practice Questions Chapter 1 1. The problem of scarcity a. arises only in poor countries. b. exists because the price of goods is too high. c. exists because of limited resources. d. will eventually be solved by better planning. ANSWER: c POINTS: 1 2. If society is producing a combination of goods on its production possibilities frontier a. it must be employing all available resources. b. it must be growing. c. it is using all the available natura...
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ECON 3100•ECON 3100