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How can producers maximize their profit? a. They can work to increase their marginal cost. b. They can work to decrease their marginal cost. c. They can raise prices to increase marginal revenue. d. They can lower prices to decrease marginal revenue. e. They can keep marginal costs below marginal revenues. f. They can keep…

Which of the following is a possible cost of using renewable resources? a. Loss of animal species b. Land degradation c. Lower availability of freshwater d. All of the above Answer: d. All of the above The processes of extracting and harnessing renewable solar, wind, and biofield energy have various environmental costs and effects. Annihilation…

Which one of the following statements related to the internal rate of return (IRR) is correct? A. The IRR yields the same accept and reject decisions as the net present value method given mutually exclusive projects. B. A project with an IRR equal to the required return would reduce the value of a firm if…

Which of the following is a limitation of the autoclave? A. It requires an excessively long time to achieve sterilization. B. It cannot inactivate viruses. C. It cannot kill endospores. D. It cannot be used with heat-labile (heat sensitive) materials. E. It cannot be used with glassware. Answer: C. It cannot kill endospores. An autoclave…

The primary difference between a static budget and a flexible budget is that: a. the static budget contains only fixed costs, while the flexible budget contains only variable costs. b. the static budget is prepared for a single level of activity, while a flexible budget is adjusted for different activity levels. c. the flexible budget…

Which of the following are arithmetic sequences? A) 1, 2, 3, 4, 5, 6… B) 2, 6, 18, 54… C) 100, 230, 360, 490 D) 2, 2, 2, 2, 2… Answer: The correct options are A and D. According to the definition, an arithmetic sequence is a sequence of numbers in which the difference between…

A person should consume more of something when its marginal A. cost exceeds its marginal benefit B. cost equals its marginal benefit C. benefit is still positive D. benefit exceeds its marginal cost Answer: D. benefit exceeds its marginal cost The terms marginal benefit and marginal cost are used to describe the additional satisfaction that…

A consumer might respond to a negative incentive because it could be a chance to: a. purchase a very popular item. b. avoid additional charges. c. buy a good at a cheap price. d. take advantage of a sale. Answer: b. avoid additional charges. Negative incentive is therefore a term indicating a kind of repellent…

Anxiety disorders are defined as all the following EXCEPT _____. a. Panic disorders b. Agoraphobia c. Post-traumatic stress disorder d. Social phobia Answer: d. Social phobia Anxiety disorders are a category of mental health disorders marked by worrying, fear, and anxiety that are beyond normal and constantly persisting, thus hindering one’s ability to function. The…

A cost that includes both fixed and variable cost components is called a: a) Mixed cost. b) Step-variable cost. c) Composite cost. d) Curvilinear cost. e) Differential cost. Answer: a) Mixed cost. This type of cost is also called a semi-variable cost or semi-fixed cost since this direction contains both fixed and variable costs. On…