Exam 3 – Flashcards

Samuel F.B. Morse patented the

Your friend wants to open a hamburger stand. A necessary labor resource is

Passerine runs a tapestry shop in Rome, weaving historical images for the tourism industry. Lately, her arthritis has gotten worse, so she brings in several young workers and begins to teach them how to weave her images. Which factor of production did Passerine enhance?

Your friend likes to direct all the activities of his business. It would be best for him to create a

Stefan has inherited a large amount of money and decides he wants to start a skateboard shop. He has money to invest up front, but he lacks business expertise. Which of the following would be his best business options, depending on what he is willing to risk?

A monopoly is a market for a good or service that

The most common form of nonprice competition is

"Don't be like John, who had no health insurance when he needed emergency surgery. We make health insurance easy and affordable." This advertisement targets your

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

Based on this chart, what is the marginal cost, in dollars, to produce seven jackets?

Based on this chart, what is the marginal revenue, in dollars, at quantity five jackets?

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. How many phones will ProPhone need to sell to maximize profit?

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?

Use this image to answer the following question. The ice cream shop needs about 2 pounds of cocoa for each gallon of chocolate ice cream. If the shop produces 8 gallons of strawberry ice cream, how many pounds of cocoa will it need for the most efficient production of chocolate ice cream?

Stacy owns a hair salon and haircuts are $10. She charges hairdressers $20 per hour to rent a chair and serve clients. What is the minimum number of haircuts a hairdresser should give per hour to earn money at Stacy's salon?

Which investment produces a $5 hourly profit for a candy shop earning $1 profit per pound of candy?

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

Mad Hatter Publishing specializes in genre fiction for young adults. A popular mystery author has just completed the final book in a trilogy. Currently, production at Mad Hatter Publishing is at point R. To which point or points is production likely to shift?

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

Marco works as a freelance science writer. He wants to improve his productivity. Which of the following steps is he most likely to take?