question
Which of the following are examples of an opportunity cost?
answer
the o/c of paper used..
the o/c of steel
the o/c of steel
question
_____ cost equals the change or difference in total cost divided by the change or difference in output
answer
marginal
question
When cost curve shifts, it is due to changes in which of the following?
answer
technology, resource prices
question
What is the definition of total cost?
answer
the sum of the fixed cost at each level
question
Which of the following are types of cost that do not vary with changes in output
answer
interest, insurance, rental payments
question
Economies of scale explain the downward sloping part of the _____curve
answer
long-run average total
question
in production to scale occur between economies of scale and diseconomies of scale
answer
constant returns
question
what is the definition of economies of scale
answer
the average total cost of producing a product as the firm expands the size of its plant (its output) in the long run.
question
Which of the following are types of resources that require more time for firm
answer
size, amount
question
economic costs are defined as
answer
the value or ...
question
a firm's plant capacity is fixed in the
answer
short run
question
Which of the following resources can a firm easily and quickly adjust
answer
fuel, raw materials, hourly labor
question
____states that as successive units... product will decline..
answer
the law of diminishing maringal returns
question
What types of cost do firms incur when producing products
answer
explicit implicit
question
economic costs are defined as
answer
the value or worth a resource would have...
question
When marginal p is less than average product, average product
answer
declines
question
learning by doing
answer
economies of scale
question
Which of the following are ways industries ...in the long-run
answer
an industry can change its overall, an industry a firm can build a larger plant
question
explicit cost
answer
labor, utility, raw materials
question
last unit
answer
marginal
question
figure
answer
constant
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