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Question 1 (1 point) 1. The short run is a period of time in which the amount of output is fixed. nothing the firm does can b

Question 2 (1 point) 2. When the demand for electricity peaks during the hottest days of summer, Florida Power and Light Comp

Question 3 (1 point) 3. Which of the following statements is CORRECT? O ATC = AVC - AFC O AFC = ATC + AVC O ATC = AFC + AVC O

Question 4 (1 point) Labor (workers per day) 0 Total product (hats per day) 0 4 10 18 25 30 4. The above table shows the tota

Question 5 (1 point) Labor (workers per day) 0 Total product (hats per day) 0 2 3 10 18 25 30 5. The above table shows the to

Question 6 (1 point) 6. The law of diminishing marginal returns says that as the firm uses more of with a given quantity of t

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Answer #1

1.In the short run some inputs are fixed and some are variable.

Answer-Third option.

2.This means that the company is in long run as resources are limited in the long run.

Answer-Long run.

3.ATC=AFC+AVC

4.MP=Change in TP/Change in Q

MP=25-18/4-3

MP=7

Answer-7 baseball hats

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