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Miderm Examination I 2020.pdf

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ECON 2020
C I Wen

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Midterm Examination I ECON 2020E Intermediate MicroeconomicsProducers and Market structures InstructorWen CiOctober 18 2012 Instructions 1 You must answer all the questions 2 The exam will last 25 hours 3 Please write your answers on the booklets clearly 4 The exam contains 3 pages 5 There are three big questions each of which includes several subquestions Question 1 multiple choice questions 16 Marks 1 A market A always involves the personal exchange of goods for money B allows interactions between consumers and firms C always takes place at a physical location D has no influence on prices2 With respect to production the short run is best defined as a time period A lasting about six months B lasting about two years C in which all inputs are fixed D in which at least one input is fixed3 The Average Product of Labor is A the change in total product resulting from an extra unit of labor holding other factors constant B the r
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