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Questions to ECO 365 Week 2 Knowledge Check are as follow: 1. A perfectly competitive firm will be profitable if price at the Profit maximizing quantity is above A. MC B. ACV C. ATC D. AFC 2. in a perfectly competitive market, A. individual producers determine market prices B. market supply and market demand determine the price C. the entrepreneur determines the price D. individual consumers determine market prices Click here to download ECO 365 Week 2 Learning Team Ref lection Production and Cost Analysis

3. The demand for clothing increases. As a result, the price of Clothing increases above the minimum average cost of producing it. In the long run, if the clothing industry is Perfectly competitive and is a constant-cost industry, A. the supply of clothing and the price of clothing will increase B. the supply of clothing will increase but the price will not C. the price of clothing will increase but the price will not D. neither the price nor the supply of clothing will increase 4. If the long-run market supply curve is perfectly elastic, an Increase in demand will cause the final equilibrium to be at A. the original price but at a smaller output B. a higher price with a higher output C. the original price but with a higher output D. a higher price but with the same output Copyright. All Rights Reserved by www.StudentWhiz.com

5. Number of workers Total Output 1 4 2 10 3 18 4 28 5 35 6 41 7 45 8 48 9 50 10 49 Refer to the table shown. Diminishing marginal productivity begins when the A. third worker is hired B. fourth worker is hired C. fifth worker is hired D. sixth worker is hired To download the complete paper click ECO 365 Week 1 Complete

6. A production table can be used to determine A. a firm's profits B. a firm's costs C. how much output is produced from a given quantity of inputs D. how much of a product will be demanded by consumers 7. Mr. Woodard's cabinet shop is experiencing rapid growth in sales. As sales have increased, Mr. Woodard has found it necessary to hire more workers. However, he has observed that doubling the number of workers has less than doubled his output. What is the likely explanation? A. The law of diminishing marginal utility B. The law of diminishing marginal productivity C. The law of supply D. The law of demand Copyright. All Rights Reserved by www.StudentWhiz.com

Want to see the complete Quiz or Knowledge Check..?? Click ECO 365 Final Exam Knowledge Check 8 .Number of workers Marginal Product of workers 1 5 2 7 3 8 4 10 5 11 6 7 7 5 8 3 9 0 10 -1 Refer to the table shown. A firm would be most likely to hire between 1 and 3 workers 3 and 4 workers 5 and 8 workers 8 and 10 workers

About Author This article covers the topic for the University Of Phoenix ECO 365 Week 2 Knowledge Check. The author is working in the field of education from last 5 years. This article covers the basic of ECO 365 Final Exam Knowledge Check from UOP. Other topics in the class are as follows: ECO 365 Week 1 DQ 1 ECO 365 Week 1 DQ 2 ECO 365 Week 1 DQ 3 ECO 365 Week 1 Knowledge Check ECO 365 Week 1 Complete ECO 365 Week 2 DQ 1 ECO 365 Week 2 DQ 2 ECO 365 Week 2 DQ 3 ECO 365 Week 2 Individual Assignments ECO 365 Week 2 Learning Team Ref lection Production and Cost Analysis ECO 365 Week 2 Knowledge Check ECO 365 Week 2 Complete ECO 365 Week 3 DQ 1 ECO 365 Week 3 DQ 2

ECO 365 Week 3 Learning Team Current Market Conditions Competitive Analysis ECO 365 Week 3 Learning Team Ref lection Market Structure ECO 365 Week 3 Knowledge Check ECO 365 Week 3 Complete ECO 365 Week 4 DQ 2 ECO 365 Week 4 DQ 3 ECO 365 Week 4 Individual Assignment Differentiating Between Market Structures ECO 365 Week 4 Learning Team Ref lection Public Policy in Economics ECO 365 Week 4 Knowledge Check ECO 365 Week 4 Complete ECO 365 Week 5 DQ 1 ECO 365 Week 5 DQ 2 ECO 365 Week 5 DQ 3 ECO 365 Week 5 Learning Team Competitive Strategies and Government Policies ECO 365 Week 5 Learning Team Ref lections Global Competition ECO 365 Week 5 Knowledge Check ECO 365 Week 5 Complete Want to check other classes..?? Visit www.StudentWhiz.com