03.08 Module Three Exam Answers

Flashcard maker : Edwin Holland

 

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Which of the following is the most profitable investment for a candy shop that earns $1 profit per pound of candy?

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Machine with $8 per hour operating cost, producing 14 pounds of candy per hour

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Use this image to answer the following question. If there are only enough strawberries to produce 2 gallons of strawberry ice cream, how many gallons of chocolate ice cream can the shop efficiently produce?

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15

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Your friend hopes to expand her business to multiple locations. It would be best for her to create a

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corporation

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Root and Vine is a gardening collective and local delivery service started by two friends. Their clientele has grown, and they want to expand. The owners like the idea of protecting their personal property, but they want to maintain control of the business. Which type of organization might best suit their growth?

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Which investment produces a $40 daily profit for a game shop earning $2 profit from every game sold?

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Marginal Cost Analysis Chart: ProPhone Blazer Quantity of Jackets: 0; 1; 2; 3; 4; 5; 6; 7 Price (in whole dollars): 220; 200; 180; 160; 150; 140; 135; 130 Total Revenue: 0; 200; 360; 480; 600; 700; 810; 910 Marginal Revenue: 0; 200; 160; 120; 120; 100; 90; 100 Total Cost: 90; 170; 200; 290; 340; 400; 500; 620 Marginal Cost: 0; 80; 30; 90; 50; 60; 100; 120 Profit (or loss): The owner of ProPhone has charted the company’s marginal revenue and marginal cost for its latest line of smartphones, the Blazer. Use the chart to calculate the company’s profit. If ProPhone sells four phones, the company will

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A company will continue to hire workers until

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A firm’s purpose in nonprice competition is to

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“Buy our cell phone with built-in calendar and reminder features! This way you will never forget an appointment while on the go.” This advertisement targets your

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Mad Hatter Publishing specializes in genre fiction for young adults. Recently, several employees have left the company due to a salary dispute. What change to the graph would reflect this change?

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The curve shifts left and inward.

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Which of the following correctly arranges market structures in order from easiest entry to hardest entry?

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Pure competition, monopolistic competition, oligopoly, monopoly

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Quantity of Jackets: 0; 1; 2; 3; 4; 5; 6; 7; 8 Price (in whole dollars): 20; 20; 19; 18; 17; 16; 15; 14; 13 Total Revenue: ?; 20; 38; 54; 68; 80; 90; 90; 104 Marginal Revenue: Total Cost: 0; 18; 33; 43; 55; 68; 83; 101; 120 Marginal Cost: Profit (or loss): Based on this chart, what is the marginal revenue, in dollars, at quantity three jackets?

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You are starting a lawn care business. Which of the following would be a needed land resource?

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Adalet runs a newsstand in a busy office complex. Which option would best help her business to grow?

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Buy a new cash register with credit card capability

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Quantity of Jackets: 0; 1; 2; 3; 4; 5; 6; 7 Price (in whole dollars): 20; 20; 19; 18; 17; 16; 15; 14; 13 Total Revenue: ?; 20; 38; 54; 68; 80; 90; 90; 104 Marginal Revenue: Total Cost: 0; 18; 33; 43; 55; 68; 83; 101; 120 Marginal Cost: Profit (or loss): Based on this chart, what is the marginal cost, in dollars, to produce two jackets?

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Use this image showing the production possibilities curve for shifts at Burger World and college classes to answer the following question. Marcy needs about 6 hours per week for each college class. If she works two shifts each week, how many hours will she spend on her classes if working efficiently?

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An entrepreneur is best defined as a person who

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takes financial risk to try new business ideas

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Meg and her mother are opening a cupcake shop. They buy an oven, a walk-in cooler, and a decorating table. In terms of factors of production, what are these items?

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Capital

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A university has just hired additional faculty and staff. Who of the following is most likely to earn the highest pay?

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Chemistry professor with a doctoral degree

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A monopoly is a market for a good or service that

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