a - Assignment Essays

question

"the cost of a typical unit of output if total cost is divided evenly over the units produced"

answer

c (average total cost)

question

which of the following would be true if the firm is in a perfectly competitive market and the price is P1

answer

in the long run, more firms will enter the market until the short run profits are gone for each firms

question

if the firm produces Q1 units of output with two inputs, the firm will be experiencing which of the following in the short run and in the long run

answer

...

question

if long-run average total cost decreases as the quantity of output increases, the firm is experiencing

answer

economies of scale

question

refer to the above diagram. The shut down point for this firm is a price

answer

well below g

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refer to the above diagram. The profit maximizing output:

answer

is n

question

which of the following best describes the graph?

answer

economic losses are incurred, and exit of firms from the market will cause pricies to increase in the long run

question

refer to the above diagram. the quantity where the firm minimizes its costs

answer

is k

question

which of the following is true for a perfectly competitive firm in long run equilibrium

answer

it is allocatively efficient

question

cindys car wash

answer

500

question

whenever marginal cost is greater than average total cost

answer

average total cost is rising

question

refer to the above data. the total variable cost of production 5 units is:

answer

question

refer to the above data. the average total cost of producing 3 units of output is:

answer

question

refer to the above data. the average fixed cost of producing 3 units of output is

answer

question

refer to the above data. The marginal cost of producing the sixth unit of output is

answer

question

profit is defined as

answer

total revenue minus total cost

question

economists assume that the typical person who starts her own business does so with the intention of

answer

maximizing profits

question

total revenue =

answer

price x quantity

question

grace is a self employed artist. she can make 20 pieces of pottery

answer

$15 pieces of pottery

question

refer to table 13-2

answer

question

in the above figure, curves 1 2 3 4

answer

MC and ATC

question

F&D manufacturing company

answer

increasing returns to scale

question

some costs do not vary with the quantity of output

answer

fixed costs

question

for a construction company that builds houses, which of the following costs would be a fixed cost?

answer

the 30,000 per year salary

question

Pete owns a shoe-shine business. Which of the following costs would be implicit costs?

answer

iii and iv only

question

which of the following best expresses the law of diminishing returns

answer

question

table 13-2

answer

150 units

question

refer to figure 13-2. as the number of workers increases

answer

total output increases but at a decreasing rate

question

In the above diagram the range of diminishing marginal returns is:

answer

q1-q3

question

If the three largest widget producers control 85 percent of the total widget market, then these producers are operating in

answer

an oligopoly

question

in microeconomics, the short run is defined as which of the following?

answer

a period during which some inputs in a firms production process cannot be changed (theyre fixed)

question

the amount of money that a firm pays to buy inputs in

answer

total cost

question

Jacqul decides to open

answer

$4,000

question

If a firm produces nothing, which of the following costs will be zero?

answer

variable costs

1 of 34

question

"the cost of a typical unit of output if total cost is divided evenly over the units produced"

answer

c (average total cost)

question

which of the following would be true if the firm is in a perfectly competitive market and the price is P1

answer

in the long run, more firms will enter the market until the short run profits are gone for each firms

question

if the firm produces Q1 units of output with two inputs, the firm will be experiencing which of the following in the short run and in the long run

answer

...

question

if long-run average total cost decreases as the quantity of output increases, the firm is experiencing

answer

economies of scale

question

refer to the above diagram. The shut down point for this firm is a price

answer

well below g

question

refer to the above diagram. The profit maximizing output:

answer

is n

question

which of the following best describes the graph?

answer

economic losses are incurred, and exit of firms from the market will cause pricies to increase in the long run

question

refer to the above diagram. the quantity where the firm minimizes its costs

answer

is k

question

which of the following is true for a perfectly competitive firm in long run equilibrium

answer

it is allocatively efficient

question

cindys car wash

answer

500

question

whenever marginal cost is greater than average total cost

answer

average total cost is rising

question

refer to the above data. the total variable cost of production 5 units is:

answer

question

refer to the above data. the average total cost of producing 3 units of output is:

answer

question

refer to the above data. the average fixed cost of producing 3 units of output is

answer

question

refer to the above data. The marginal cost of producing the sixth unit of output is

answer

question

profit is defined as

answer

total revenue minus total cost

question

economists assume that the typical person who starts her own business does so with the intention of

answer

maximizing profits

question

total revenue =

answer

price x quantity

question

grace is a self employed artist. she can make 20 pieces of pottery

answer

$15 pieces of pottery

question

refer to table 13-2

answer

question

in the above figure, curves 1 2 3 4

answer

MC and ATC

question

F&D manufacturing company

answer

increasing returns to scale

question

some costs do not vary with the quantity of output

answer

fixed costs

question

for a construction company that builds houses, which of the following costs would be a fixed cost?

answer

the 30,000 per year salary

question

Pete owns a shoe-shine business. Which of the following costs would be implicit costs?

answer

iii and iv only

question

which of the following best expresses the law of diminishing returns

answer

question

table 13-2

answer

150 units

question

refer to figure 13-2. as the number of workers increases

answer

total output increases but at a decreasing rate

question

In the above diagram the range of diminishing marginal returns is:

answer

q1-q3

question

If the three largest widget producers control 85 percent of the total widget market, then these producers are operating in

answer

an oligopoly

question

in microeconomics, the short run is defined as which of the following?

answer

a period during which some inputs in a firms production process cannot be changed (theyre fixed)

question

the amount of money that a firm pays to buy inputs in

answer

total cost

question

Jacqul decides to open

answer

$4,000

question

If a firm produces nothing, which of the following costs will be zero?

answer

variable costs

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