3.08 Module 3 Exam
The greatest goal in advertising is to convince us
a particular product is a "need"
Based on this chart, what is the marginal revenue, in dollars, at quantity six jackets?
10
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. What is the difference between marginal cost and marginal revenue at the point when profits are maximized on the chart?
10
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?
15
Based on this chart, what is the marginal cost, in dollars, to produce seven jackets?
18
Adalet runs a newsstand in a busy office complex. Which option would best help her business to grow?
Buy a new cash register with credit card capability
Jessica is a violinist who believes she can extend her method of learning music to early childhood education. She opens a preschool in her hometown, using her expertise to form an arts-based program. What factor of production is this?
Entrepreneurship
You are starting a lawn care business. Which of the following would be a needed land resource?
Not Lawns Either: Oil Lawnmower Hedge clippers
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?
Partnership or limited liability company
Which of the following correctly arranges market structures in order from easiest entry to hardest entry?
Pure competition, monopolistic competition, oligopoly, monopoly
Mad Hatter Publishing specializes in genre fiction for young adults. A movie company decides to make an adaptation of one of its popular science-fiction novels. Currently, production at Mad Hatter is at point T. To which point or points is production likely to shift?
Q or R
A small town has few available workers, and unemployment is low. A family-owned restaurant in town has just had a very good year in profits and would like to hire additional wait staff to meet higher demand. Based on what you know of how worker earnings are determined, which of the following will most likely happen?
The restaurant will offer a higher wage than other comparable businesses in the area.
Which investment produces a $40 daily profit for a game shop earning $2 profit from every game sold?
Vehicle with $120 daily operating cost, delivering 80 games per day
Which of the following is the least profitable investment for a candy shop that earns $1 profit per pound of candy?
Worker at $10 per hour, producing eight pounds of candy per hour
Joseph Unahue made his fortune in
food distribution
An oligopoly is a market for a good or service that
has few competitive firms
Use this image to answer the following question. The ice cream shop
is most efficient when it produces 2 gallons of strawberry ice cream (Most likely) I answered == wants to produce mostly chocolate ice cream (Incorrect).
"You can't make a great peanut butter sandwich without Smuckers'Ž jelly!" This advertisement targets your
rituals
Your friend likes to direct all the activities of his business. It would be best for him to create a
sole proprietorship
A company will continue to hire workers until
the additional profit is less than the cost of hiring