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Past Exam for ECON 2005 - Principles of Economics with Hilmer at Virginia Tech (VT)

Exam Information

Material Type:Exam 4
Professor:Hilmer
Class:ECON 2005 - Principles of Economics
Subject:Economics
University:Virginia Polytechnic Institute And State University
Term:--
Keywords:
  • Marginal Revenue Product
  • Provided That
  • Marginal Social Cost
  • Factor of Production
  • None of the Above
  • Individual Demand
  • Price Leader
  • Decrease Increase
  • Calculators
  • Derived Demand
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Sample Document Text

FormA Econ 2005 Midterm 4 6~X(AVIA 2- t.~;f..{;t""'\ .. S &1o....W/ !.( MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) If the price of the product produced by labor decreases, the marginal revenue product of labor curve will QD shift to the left. B) be unaffected because productivity of labor has not changed. C) become more inelastic. D) shift to the right. E) none of the above. \~rs Mw 'L~J 1-:::- (D'- Ie.. l;'- ? /YJ IO~(?.. Z-~-~ Refer to the information provided in Figure 13.1 below to answer the questions that follow. Below are cost curves for Dom's Barber Shop, a monopolistically competitive firm Figure 13.1 2) Refer to Figure 13.1. The profit-maximizing price for a haircut is A) $14. (B))$16. 'c)$10. D)$12. E) none of the above. 1 FormA Econ 2005 Midterm 4 3) Refer to Figure 13.1. The profit-maximizing number of haircuts for Dom's Barber Shop is _ ___ _ ~25 ~20 C) 23 D)30 ...

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