WGU C211 Study Guide
Questions Final Exam
Questions with Answers
Views of globalization (Chp 1.4) - Answer 1. It's a new phenomenom, starting in
the late 20th century.
2. It's a long term part of human history.
3. Neither recent nor one directional, it's a pendulum that swings back and forth.
Strategic goal = Natural resource—seeking - Answer Location specific advantage =
Possession of natural resources and related transport and communication
infrastructure
Resources influencing competitive dynamics: - Answer 1. Value
2. Rarity
3. Imitability
4. Organization
5. Resource similarity
, What are the optimal choices for consumers given income and prices? - Answer
The point on her budget constraint that lies on the highest indifference curve.
The marginal-cost curve always crosses the average-total-cost curve at
__________________. - Answer the minimum of average total cost
When MC < ATC: - Answer average total cost is falling
When MC > ATC: - Answer average total cost is rising
If MR > MC: - Answer firm should increase output
If MC > MR: - Answer firm should decrease output
If MR = MC: - Answer profit-maximizing level of output
Competitive demand curve - Answer horizontal demand curve
Monopolist demand curve - Answer downward sloping demand curve
Questions Final Exam
Questions with Answers
Views of globalization (Chp 1.4) - Answer 1. It's a new phenomenom, starting in
the late 20th century.
2. It's a long term part of human history.
3. Neither recent nor one directional, it's a pendulum that swings back and forth.
Strategic goal = Natural resource—seeking - Answer Location specific advantage =
Possession of natural resources and related transport and communication
infrastructure
Resources influencing competitive dynamics: - Answer 1. Value
2. Rarity
3. Imitability
4. Organization
5. Resource similarity
, What are the optimal choices for consumers given income and prices? - Answer
The point on her budget constraint that lies on the highest indifference curve.
The marginal-cost curve always crosses the average-total-cost curve at
__________________. - Answer the minimum of average total cost
When MC < ATC: - Answer average total cost is falling
When MC > ATC: - Answer average total cost is rising
If MR > MC: - Answer firm should increase output
If MC > MR: - Answer firm should decrease output
If MR = MC: - Answer profit-maximizing level of output
Competitive demand curve - Answer horizontal demand curve
Monopolist demand curve - Answer downward sloping demand curve
