Sample Exam 2 – Econ 1 KEY Multiple Choice Question # Answer 1 A 2 B 3 B 4 C 5 A 6 D 7 B 8 C 9 C 10 C 11 B 12 A 13 C 14 B 15 C Short Answer Sections (3 questions – 30 points total) Question 1 Suppose that coffee beans are produced in a perfectly competitive, constant cost, industry. The diagrams below show short run supply and demand for the industry as a whole and the marginal cost for a typical coffee grower (assume all firms are identical in this industry). Coffee Growing Industry Representative…
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