ECON 2000 : Exam 2
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Instructions: the test contains 33 multiple choice questions which are worth 3 points each. Refer to the information provided in figure 1 below to answer the questions that follow. If this farmer is producing the profit-maximizing level of output, her profit is: ______, sh, ,800, ,000, ,000, refer to figure 1. This farmer s profit-maximizing level of output is ________ units of output: ______, 200, 700, 1,000, 1,400, refer to figure 1. At the market price of per bushel, if this farmer produces the profit: _______ maximizing level of soybeans, the profit would be, sh, ,800, ,600, ,000. Refer to the information provided in figure 2 below to answer the questions that follow. Diminishing marginal returns set in after the ________ worker is hired: ______, first, fifth, eighth, sixteenth. Refer to the information provided in table 1 below to answer the questions that follow.
