A+ Answers of the following Questions

1. Demand for the services of Derek Jeter is (Points : 1) 
horizontal.
unrelated to his true productivity.
an output demand.
derived from the demand for Yankee's tickets when Jeter plays. 

2. In the short run, as output increases, (Points : 1) 
the difference between average total cost and average variable cost decreases.
the difference between total cost and average variable cost decreases.
marginal cost eventually decreases.
All of the above are correct. 

3. If the price of the product produced by labor increases, the marginal revenue product of labor curve will (Points : 1) 
be unaffected because productivity of labor has not changed.
shift to the left.
shift to the right.
become more elastic. 

1. Economic costs (Points : 1) 
include both a normal rate of return on investment and the opportunity cost of each factor of production.
are equal to the direct costs of hiring all factors of production.
are the opportunity cost of each factor of production minus any interest charges paid on borrowed funds.
are equal to total revenue minus accounting profit. 

2. A point on a total variable cost curve shows the ________ variable cost a firm will bear to produce a certain output. (Points : 1) 
highest
lowest
change in
average 

3. At the Pampered Pet Salon the marginal products of the first, second, and third workers are 20, 16, and 10 dogs washed, respectively. The total product (number of dogs washed) of the two worker is (Points : 1) 
16.
20.
36.
46. 

1. In the short run (Points : 1) 
existing firms do NOT face limits imposed by a fixed input.
all firms have costs that they must bear regardless of their output.
new firms can enter an industry.
existing firms can exit an industry. 

2. If revenues exceed ________, operating profit is ________. (Points : 1) 
total cost; negative
fixed cost; positive
variable cost; negative
variable cost; positive 

3. When Burger Barn hires one worker, 20 customers can be served in an hour. When Burger Barn hires two workers, 50 customers can be served in an hour. The marginal product of the second worker is ________ customers served per hour. (Points : 1) 
15
30
40
67.5 

1. Perfectly competitive firms must make all of the following decisions EXCEPT (Points : 1) 
how much output to supply.
which production technology to use.
how much of each input to demand.
what price to charge for its output.

2. In the short run (Points : 1) 
existing firms do NOT face limits imposed by a fixed input.
all firms have costs that they must bear regardless of their output.
new firms can enter an industry.
existing firms can exit an industry. 

3. If the price of the product produced by labor increases, the marginal revenue product of labor curve will (Points : 1) 
be unaffected because productivity of labor has not changed.
shift to the left.
shift to the right.
become more elastic. 

Question 1
Marks: 1.00 Three of the eight major biome types are: Choose one answer. 
a. tropical grassland, boreal forest, shrublands 
b. rainforest, tundra, ticondaroga 
c. terrestrial, aquatic and adiabatic 
d. tundra, desert and temperate mountain 

Question 2
Marks: 1.00 Permafrost in boreal forests and tundra is responsible for extensive wetlands in these biomes, despite the fact that_______________. Choose one answer. 
a. they have no shallow groundwater aquifers 
b. they receive very low amounts of precipitation 
c. they are frozen for much of the year 
d. their climates are too cold for wetlands 

Question 3
Marks: 1.00 Global patterns of net primary productivity reflect the environmental requirements of ______, ______ and nutrient availability. Choose one answer. 
a. light, herbivor 
b. temperature, light 
c. water, light 
d. temperature, water