question
Profit is
answer
the difference between total revenue and total cost
question
Which of the following is most likely a fixed cost?
answer
the rent for a factory
question
The most desirable rate of output for a firm is the output that
answer
maximizes total profit
question
Changes in short-run total costs result from changes in
answer
variable costs
question
The marginal cost curve intersects the minimum of which of the following cost curves?
answer
ATC.
question
Marginal cost is equal to
answer
The change in total costs divided by the change in quantity produced.
question
Average fixed cost at 20 units of output in Table 21.2 is
answer
$2.00
question
The sum of fixed cost and variable cost at any rate of output is
answer
total cost
question
Which of the following is most likely a fixed cost?
answer
property taxes
question
At 20 units of output in Table 21.2, the average variable cost is
answer
$1.10 per unit
question
Diseconomies of scale are reflected in
answer
The upward-sloping segment of the long-run average total cost curve.
question
Marginal cost
answer
Is the change in total cost associated with a one-unit increase in production.
question
The average fixed cost (AFC) curve
answer
Declines as long as output increases.
question
Which of the following costs do not change when output changes in the short run?
answer
fixed costs
question
The marginal cost per unit between 20 and 30 units of output in Table 21.2 is
answer
$1.80
question
Average total cost is equal to
answer
the total cost divided by the quantity produced
question
Economies of scale are reductions in average
answer
Total cost that result from using operations of larger size.
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