ECO 100 ECO100 WEEK 3 QUIZ ANSWERS (2020) - STRAYER
Strayer ECO 100 Week 3 Quiz Answers (2020)
1. Which term describes a situation where the quantity of output rises, but the average cost of production falls?
2. Which of the following are all of the costs of production that increase with the quantity produced?
3. If a firm is experiencing _____________________, then as the quantity of output rises, the average cost of production rises.
4. "Constant returns to scale" describes a situation where:
5. In microeconomics, which of the following is synonymous with decreasing returns of scale?
6. In the ________, the perfectly competitive firm will react to profits by __________________________.
7. In the ________, the perfectly competitive firm will react to losses by __________________________.
8. Which of the following refers to a firm operating in a perfectly competitive market that must take the prevailing market price for its product?
9. If a perfectly competitive firm is a price taker, then which of the following is true?
10. Why are some producers forced to sell their products at the prevailing market price?
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