32) Bill owns a lawn-care company in Windermere, Florida, whose cost curves are illustrated in the above figure. The market equilibrium price in this perfectly competitive market equals $32 per lawn mowed. At this price, how many lawns will Bill mow per week?

A) more than 10 and less than 30

B) 30

C) 40

D) 50

E) 0

33) Bill owns a lawn-care company in Windermere, Florida, whose cost curves are illustrated in the above figure. The market equilibrium price in this perfectly competitive market equals $32 per lawn mowed. Bill's average total cost curve is ATC, so his total cost of production equals

A) $0 because Bill shuts down.

B) more than $0 and less than $1,200 per week.

C) more than $1,200 and less than $1,400 per week.

D) more than $1,400 per week and less than $1,800 per week.

E) more than $1,800 per week.

34) Bill owns a lawn-care company in Windermere, Florida, Florida, whose cost curves are illustrated in the above figure. The market equilibrium price in this perfectly competitive market equals $32 per lawn mowed. If Bill's average total cost curve is ATC, his total economic ________ equals ________.

A) loss; $800 per week

B) profit; $1,280 per week

C) profit; $480 per week

D) loss; $1,280 per week

E) profit; $32 per week

35) If the market supply curve and market demand curve for a good intersect at 600,000 units and there are 10,000 identical firms in the market, then each firm is producing

A) 600,000 units.

B) 60,000,000,000 units.

C) 60,000 units.

D) 60 units.

E) 10,000 units.

36) In the short run, a perfectly competitive firm

A) must make an economic profit.

B) must incur an economic loss.

C) must make zero economic profit.

D) might make an economic profit, zero economic profit, or incur an economic loss.

E) None of the above answers is correct.

37) A perfectly competitive firm definitely makes an economic profit in the short run if price is

A) equal to marginal cost.

B) equal to average total cost.

C) greater than average total cost.

D) greater than marginal cost.

E) greater than average variable cost.

38) If a perfectly competitive firm is maximizing its profit and is making an economic profit, which of the following is correct?

i.Price equals marginal revenue.

ii.Marginal revenue equals marginal cost.

iii.Price is greater than average total cost.

A) i only

B) i and ii only

C) ii and iii only

D) i and iii only

E) i, ii, and iii

39) The market for watermelons in Alabama is perfectly competitive. A watermelon producer making zero economic profit could make an economic profit if the

A) average total cost of selling watermelons does not change.

B) average total cost of selling watermelons rises.

C) average total cost of selling watermelons falls.

D) marginal cost of selling watermelons does not change.

E) marginal cost of selling watermelons rises.

40) Juan's Software Service Company is in a perfectly competitive market. Juan has total fixed cost of $25,000, average variable cost for 1,000 service calls is $45, and marginal revenue is $75. Juan's makes 1,000 service calls a month. What is his economic profit?

A) $5,000

B) $25,000

C) $45,000

D) $75,000

E) $50,000

41) If a perfectly competitive firm finds that price is less than its ATC, then the firm

A) will raise its price to increase its economic profit.

B) will lower its price to increase its economic profit.

C) is making an economic profit.

D) is incurring an economic loss.

E) is making zero economic profit.

42) A perfectly competitive furniture-rental firm in Phoenix incurs an economic loss if the average total cost of each rental is

A) greater than the marginal revenue of each rental.

B) less than the marginal revenue of each rental.

C) equal to the marginal revenue of each rental.

D) equal to the price of each rental.

E) greater than the average variable cost of each rental.

41. (p. 130) Which of the following is NOT consistent with the American view on the independent enterprise? 
A. The independent enterprise is an instrument for social action.
B. A corporation is an entity that has continuity of existence.
C. A corporation is a separate and vital social institution.
D. Strong feelings of obligation to serve the company accompany the views on a corporation.
E. Usually, family and friends take precedence over the company.

42. (p. 130) Which of the following is the fundamental concept of U.S. corporations? 
A. Individual self-interest is socially beneficial.
B. The corporation has no soul.
C. An organization is the world in miniature.
D. Independent enterprise is an instrument for social action.
E. The government should be an integral part of any organization.

43. (p. 131) According to the text, which of the following is the most fundamental notion in Western management? 
A. The "master of destiny" philosophy
B. Decisions based on objective analysis
C. Wide sharing in decision making
D. Never-ending quest for improvement
E. Competition is crucial for efficiency

44. (p. 131) Adam Smith in his Wealth of Nations stated, "By pursuing his own interest he frequently promotes that of the society more effectually than when he really intended to promote it." Which of the following notions is most closely associated with this view as stated by Adam Smith? 
A. Master of destiny
B. Caveat emptor
C. Greed is good
D. The invisible hand
E. Survival of the fittest

45. (p. 132) In _____ countries, subordinates are not likely to contradict bosses, but in _____ countries, they often do. 
A. low collectivism; low PDI
B. low PDI; high individualism
C. high-PDI; low-PDI
D. high individualism; high collectivism
E. high-PDI; low individualism

46. (p. 132) Which of the following firms is most likely to practice top-level management decision making? 
A. A team of sales professionals working as a unit to achieve set targets
B. A winery owned and run by the owner-manager family
C. A franchise of an international engineering firm
D. A hospital formed by service-minded doctors
E. A web content development company run by professionals with industry experience

47. (p. 132) As businesses grow and professional management develops, there is a shift toward: 
A. dilution of standards in decision making.
B. decentralized management decision making.
C. centralized decision making.
D. concentration of authority.
E. laissez-faire management.

48. (p. 132) Which of the following is the distinguishing characteristic of committee decision making? 
A. Decision making is centralized.
B. Decision making is decentralized.
C. Decision making follows a bottom-up approach.
D. Decision making is done by upper management.
E. Decision making is by consensus.

49. (p. 132) Which of the following forms of business decision-making characterizes most Asian countries? 
A. Independent
B. Contractual
C. Dual
D. Consensus
E. Dictatorial

50. (p. 132) What explains the fact that group decision making predominates in Asian cultures? 
A. Asian leaders consider themselves benevolent and inclusive leaders.
B. Asian cultures lack sufficient aggressiveness for bold individual decision making.
C. Most Asian cultures and religions emphasize harmony and collectivism.
D. Most Asian countries lack expert professionals capable of bold decision making.
E. Ownership, if things go wrong, is distributed amongst all decision makers.

41. (p. 130) Which of the following is NOT consistent with the American view on the independent enterprise? 
A. The independent enterprise is an instrument for social action.
B. A corporation is an entity that has continuity of existence.
C. A corporation is a separate and vital social institution.
D. Strong feelings of obligation to serve the company accompany the views on a corporation.
E. Usually, family and friends take precedence over the company.

42. (p. 130) Which of the following is the fundamental concept of U.S. corporations? 
A. Individual self-interest is socially beneficial.
B. The corporation has no soul.
C. An organization is the world in miniature.
D. Independent enterprise is an instrument for social action.
E. The government should be an integral part of any organization.

43. (p. 131) According to the text, which of the following is the most fundamental notion in Western management? 
A. The "master of destiny" philosophy
B. Decisions based on objective analysis
C. Wide sharing in decision making
D. Never-ending quest for improvement
E. Competition is crucial for efficiency

44. (p. 131) Adam Smith in his Wealth of Nations stated, "By pursuing his own interest he frequently promotes that of the society more effectually than when he really intended to promote it." Which of the following notions is most closely associated with this view as stated by Adam Smith? 
A. Master of destiny
B. Caveat emptor
C. Greed is good
D. The invisible hand
E. Survival of the fittest

45. (p. 132) In _____ countries, subordinates are not likely to contradict bosses, but in _____ countries, they often do. 
A. low collectivism; low PDI
B. low PDI; high individualism
C. high-PDI; low-PDI
D. high individualism; high collectivism
E. high-PDI; low individualism

46. (p. 132) Which of the following firms is most likely to practice top-level management decision making? 
A. A team of sales professionals working as a unit to achieve set targets
B. A winery owned and run by the owner-manager family
C. A franchise of an international engineering firm
D. A hospital formed by service-minded doctors
E. A web content development company run by professionals with industry experience

47. (p. 132) As businesses grow and professional management develops, there is a shift toward: 
A. dilution of standards in decision making.
B. decentralized management decision making.
C. centralized decision making.
D. concentration of authority.
E. laissez-faire management.

48. (p. 132) Which of the following is the distinguishing characteristic of committee decision making? 
A. Decision making is centralized.
B. Decision making is decentralized.
C. Decision making follows a bottom-up approach.
D. Decision making is done by upper management.
E. Decision making is by consensus.

49. (p. 132) Which of the following forms of business decision-making characterizes most Asian countries? 
A. Independent
B. Contractual
C. Dual
D. Consensus
E. Dictatorial

50. (p. 132) What explains the fact that group decision making predominates in Asian cultures? 
A. Asian leaders consider themselves benevolent and inclusive leaders.
B. Asian cultures lack sufficient aggressiveness for bold individual decision making.
C. Most Asian cultures and religions emphasize harmony and collectivism.
D. Most Asian countries lack expert professionals capable of bold decision making.
E. Ownership, if things go wrong, is distributed amongst all decision makers.

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