Econ 200 certification Study guides, Class notes & Summaries
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ECON 200 Certification Exam Questions and CORRECT Answers
- Exam (elaborations) • 5 pages • 2024
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Economies of scaleA natural monopoly achieves ____ over the entire range of market 
supply: 
the maximum amount of output attainable from a given combination of factor inputsA 
production function describes: 
Marginal Physical ProductThe change in total output that results from one additional 
unit of input is the: 
Diminishing ReturnsIf more of an input factor is used, while holding other inputs 
constant, a firm will eventually experience: 
Total revenue and Total cost (Total revenue - Tot...
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ECON 705 Mod. 6 Self-Assessment Test with Solutions
- Exam (elaborations) • 9 pages • 2023
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- $13.49
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ECON 705 
Mod. 6 Self-Assessment Test with Solutions 
 
 
1.	The ability of a firm to raise its price while still maintaining a certain amount of sales means that the firm 
Select one: 
 
a.	produces a complementary good. 
 
b.	faces perfectly elastic demand for its product. 
 
c.	produces a perfect substitute for the other products in the industry. 
 
 
 
2.	All of the following could be a barrier to entry except Select one: 
a.	large economies of scale. 
 
b.	occupational licenses (e.g., teac...
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ECON 200 Certification Exam Questions and CORRECT Answers
- Exam (elaborations) • 5 pages • 2024
-
- $10.49
- + learn more
Economies of scaleA natural monopoly achieves ____ over the entire range of market 
supply: 
the maximum amount of output attainable from a given combination of factor inputsA 
production function describes: 
Marginal Physical ProductThe change in total output that results from one additional 
unit of input is the: 
Diminishing ReturnsIf more of an input factor is used, while holding other inputs 
constant, a firm will eventually experience
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