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WGU C211 Final Exam 2025, C211 OA test, global business exam, international strategy, WGU C211 questions and answers, organizational behavior, WGU business exam
the limit on consumption bundles that a consumer can afford - ANSWER-budget constraint
a piece of analysis that shows the combination of goods the consumer can afford given their income and price of goods - ANSWER-budget constraint
an increase in income will shift the budget constraint ________ - ANSWER-outward
the slope of the indifference curve equals the slope of the - ANSWER-budget constraint
the consumer chooses consumption of the two goods so that the marginal rate of substitution equals the - ANSWER-relative price 1 / 3
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the increase in total cost that results from adding an additional unit of production - ANSWER-marginal cost
formula to calculate marginal cost - ANSWER-change in total cost / change in quantity
a firm will produce the quantity where MR = MC as long as ________ - ANSWER-price > AVC
when price falls below the AVC, what will a firm do? - ANSWER-shut down temporarily
someone who has to take the market price of a product and accept it as their own price - ANSWER-price taker
the demand curve for a perfectly competitive firm is - ANSWER-horizontal
the demand curve for a monopolistic market is - ANSWER- downward sloping
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where do firms with market power determine the quantity of product/service they will produce? - ANSWER-quantity where MR = MC, quantity where P = MC
where will firms with price setting capacity maximize profits? - ANSWER-intersection between the marginal cost curve and the marginal revenue curve
a market with only a few sellers offering similar or identical products - ANSWER-oligopoly
a firm is a sole seller of a product with no close substitutes - ANSWER-monopoly
many firms sell similar products but not identical. many firms compete for the same customers, free entry and exit - ANSWER-monopolistic competition
many buyers and sellers, identical products, free entry and exit, perfect information, price taker - ANSWER-perfectly competitive
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