Chapter 14 Microeconomics - Assignment Essays %

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The primary goal of a business firm is to

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Maximize profit

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A cost paid in money is

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an explicit and opportunity cost

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A normal profit is

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part of a firms opportunity cost

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The difference between a firms total revenue and its total cost is its

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Economic profit

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Cost in the production of a good or service for which the firm does not need to make a direct monetary payment, is referred to as

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An Implicit cost

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The short run is the time frame:

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During which the quantities of some resources are fixed

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In the long run the firm_____ change the number of workers it employs and______ change the size of its plant.

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can, can

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If 10 workers can produce 1500 units of output and 11 workers can produce 1600 units of output then the average product of 11 workers is:

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145.5 units

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The average product is the greatest in the short run when the

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Marginal product is equal to the average product

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The long run:

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The time frame in which the quantities of all resources can be varied

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Tool cost includes:

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The cost of both variable and fixed resources

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Average total cost equals:

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Average fixed cost plus average variable cost

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In the long run all costs are:

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Variable costs

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Economies of scale can occur as a result of?

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Greater specialization of labor and capital as the firm increases its size

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The portion of the long run average cost curve in which economies of scale are experienced shows that output increases the:

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Average total cost decreases

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In the long run, constant returns to scale necessarily occur when the firm increases its production and the firms

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Average total cost does not change

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The cost that does not change as output changes is:

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Total fixed cost

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List of fixed inputs for a hospital

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Emergency room, Intensive care unit, and other facilities

1 of 18

question

The primary goal of a business firm is to

answer

Maximize profit

question

A cost paid in money is

answer

an explicit and opportunity cost

question

A normal profit is

answer

part of a firms opportunity cost

question

The difference between a firms total revenue and its total cost is its

answer

Economic profit

question

Cost in the production of a good or service for which the firm does not need to make a direct monetary payment, is referred to as

answer

An Implicit cost

question

The short run is the time frame:

answer

During which the quantities of some resources are fixed

question

In the long run the firm_____ change the number of workers it employs and______ change the size of its plant.

answer

can, can

question

If 10 workers can produce 1500 units of output and 11 workers can produce 1600 units of output then the average product of 11 workers is:

answer

145.5 units

question

The average product is the greatest in the short run when the

answer

Marginal product is equal to the average product

question

The long run:

answer

The time frame in which the quantities of all resources can be varied

question

Tool cost includes:

answer

The cost of both variable and fixed resources

question

Average total cost equals:

answer

Average fixed cost plus average variable cost

question

In the long run all costs are:

answer

Variable costs

question

Economies of scale can occur as a result of?

answer

Greater specialization of labor and capital as the firm increases its size

question

The portion of the long run average cost curve in which economies of scale are experienced shows that output increases the:

answer

Average total cost decreases

question

In the long run, constant returns to scale necessarily occur when the firm increases its production and the firms

answer

Average total cost does not change

question

The cost that does not change as output changes is:

answer

Total fixed cost

question

List of fixed inputs for a hospital

answer

Emergency room, Intensive care unit, and other facilities

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