Based on this chart, what is the marginal cost, in dollars, to produce four jackets?

03.05 MC)

Quantity of Jackets
Price (in whole dollars)
Total Revenue
Marginal Revenue
Total Cost
Marginal Cost
Profit (or loss)
0
20

1
20
20

18

2
19
38

33

3
18
54

43

4
17
68

55

5
16
80

68

6
15
90

83

7
14
98

101

8
13
104

120

Based on this chart, what is the marginal cost, in dollars, to produce four jackets?

Question 2 (Multiple Choice Worth 5 points)

(03.06 MC)

Which investment produces a $5 hourly profit for a candy shop earning $1 profit per pound of candy?

Question 3 (Multiple Choice Worth 5 points)

(03.05 MC)

Quantity of Jackets
Price (in whole dollars)
Total Revenue
Marginal Revenue
Total Cost
Marginal Cost
Profit (or loss)
0
20

1
20
20

18

2
19
38

33

3
18
54

43

4
17
68

55

5
16
80

68

6
15
90

83

7
14
98

101

8
13
104

120

Based on this chart, what is the marginal revenue, in dollars, at quantity five jackets?

Question 4 (Multiple Choice Worth 5 points)

(03.03 MC)

Root and Vine is a gardening collective and local delivery service started by two friends. Their clientele has grown, and they want to expand. The owners like the idea of protecting their personal property, but they want to maintain control of the business. Which type of organization might best suit their growth?

Question 5 (Multiple Choice Worth 5 points)

(03.02 MC)

Meg and her mother are opening a cupcake shop. They buy an oven, a walk-in cooler, and a decorating table. In terms of factors of production, what are these items?

Question 6 (Multiple Choice Worth 5 points)

(03.04 MC)

Why do purely competitive markets tend to benefit consumers over producers?

Question 7 (Multiple Choice Worth 5 points)

(03.06 MC)

Adalet runs a newsstand in a busy office complex. Which option would best help her business to grow?

Question 8 (Multiple Choice Worth 5 points)

(03.06 MC)

Which investment produces a $40 daily profit for a game shop earning $2 profit from every game sold?

Question 9 (Multiple Choice Worth 5 points)

(03.03 MC)

Your friend hopes to expand her business to multiple locations. It would be best for her to create a

Question 10 (Multiple Choice Worth 5 points)

(03.06 MC)

Graph shows gallons of strawberry ice cream along the horizontal axis and gallons of chocolate ice cream along the vertical axis. Five points are plotted on the graph. Point A shows four strawberry and eight chocolate. Point B shows 15 chocolate and two strawberry. Point C shows four chocolate and twelve strawberry. Point D shows twelve chocolate and eight strawberry. Point X shows twelve chocolate and twelve strawberry.

Use this image to answer the following question. The ice cream shop needs 5 pounds of strawberries for every gallon of strawberry ice cream. The shop chose to produce 4 gallons of chocolate ice cream. How many pounds of strawberries should the shop purchase?

Question 11 (Multiple Choice Worth 5 points)

(03.06 MC)

Sam works as a transcriptionist for $30,000 per year, and Janet works as a jet propulsion specialist for $73,000 per year. Which of the following statements couldbest explain the disparity in their incomes?

Question 12 (Multiple Choice Worth 5 points)

(03.06 MC)

Stacy owns a hair salon and haircuts are $10. She charges hairdressers $20 per hour to rent a chair and serve clients. What is the minimum number of haircuts a hairdresser should give per hour to earn money at Stacy's salon?

Question 13 (Multiple Choice Worth 5 points)

(03.06 HC)

A production possibilities curve. x-axis is labeled Mystery Novels. Y-axis is labeled Sci-Fi Novels. Curve extends from 0, 11 to 11, 0. Point Q plotted at 5, 11. Point R plotted at 6, 10. Point T plotted at 9, 8. Point V plotted at 10, 5.

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?

Question 14 (Multiple Choice Worth 5 points)

(03.06 MC)

Graph shows gallons of strawberry ice cream along the horizontal axis and gallons of chocolate ice cream along the vertical axis. Five points are plotted on the graph. Point A shows four strawberry and eight chocolate. Point B shows 15 chocolate and two strawberry. Point C shows four chocolate and twelve strawberry. Point D shows twelve chocolate and eight strawberry. Point X shows twelve chocolate and twelve strawberry.

Use this image to answer the following question. The ice cream shop

Question 15 (Multiple Choice Worth 5 points)

(03.04 LC)

An oligopoly is a market for a good or service that

Question 16 (Multiple Choice Worth 5 points)

(03.04 LC)

The most common form of nonprice competition is

Question 17 (Multiple Choice Worth 5 points)

(03.04 MC)

"Buy our cell phone with built-in calendar and reminder features! This way you will never forget an appointment while on the go." This advertisement targets your

Question 18 (Multiple Choice Worth 5 points)

(03.01 LC)

An entrepreneur is best defined as a person who

Question 19 (Multiple Choice Worth 5 points)

(03.02 MC)

Your friend wants to open a clothing shop. A necessary capital resource is a

Question 20 (Multiple Choice Worth 5 points)

(03.05 HC)

Marginal Cost Analysis Chart: ProPhone Blazer
Quantity of Jackets
Price (in whole dollars)
Total Revenue
Marginal Revenue
Total Cost
Marginal Cost
Profit (or loss)
0
220
0
0
90
0

1
200
200
200
170
80

2
180
360
160
200
30

3
160
480
120
290
90

4
150
600
120
340
50

5
140
700
100
400
60

6
135
810
90
500
100

7
130
910
100
620
120

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. How many phones will ProPhone need to sell to maximize profit?