A) the firm is not able to hire more workers.
B) the amount of output produced is fixed.
C) at least one factor of production is fixed.
D) there is not enough time to make all of the decisions necessary to maximize profit.
E) there is a shortage of most factors of production.
A) in which labour is variable, but plant is fixed.
B) when there is at least one variable factor of production.
C) in which all factors of production are variable.
D) of one year or less.
E) of at least 5 years.
A) maximum output that can be produced as technology advances.
B) minimum cost of producing a given amount of output using a given technology.
C) change in total product for a given change in marginal product.
D) maximum profit from each unit of output sold.
E) maximum output that a given quantity of labour can produce.
Refer to Figure 11.2.1 which illustrates Tania's total product curve. Which one of the following statements is false?
A) All the points below the curve are attainable.
B) All the points on the curve are attainable.
C) The cost of producing at point B equals the cost of producing at point C.
D) All the points below the curve are inefficient.
E) All the points above the curve are unattainable
A) The points below the curve are attainable and inefficient.
B) The points below the curve are inefficient and unattainable.
C) The points above the curve are attainable and inefficient.
D) The points on the curve are efficient and unattainable.
E) Marginal product is equal at every point on the total product curve
A) zero to 1.
B) 1 to 2.
C) 2 to 3.
D) 3 to 4.
E) 4 to 5.
A) 9 teapots per worker.
B) 3 teapots per worker.
C) 6 teapots per worker.
D) 7 teapots per worker.
E) 12 teapots per worker.
(1) marginal product eventually rises.
(2) marginal product eventually falls.
(3) marginal cost eventually rises.
(4) marginal cost eventually falls.
A) (1) and (3)
B) (1) and (4)
C) (2) and (3)
D) (2) and (4)
E) (4)
Refer to Figure 11.3.2, which illustrates short-run average and marginal cost curves. Which one of the following statements is false?
A) The vertical gap between curves B and C is equal to average fixed cost.
B) The vertical gap between curves B and C is equal to average variable cost.
C) Line B comes closer to line C as output increases because of a decrease in average fixed cost.
D) Curve D is the marginal cost curve.
E) Average fixed cost decreases with output.
Marginal cost equals
A) (TC - TVC)/Q.
B) ΔTC/ΔQ.
C) ΔQ/ΔTVC.
D) ΔTFC/ΔTC.
E) Q/TVC.
A) $200
B) $310
C) $110
D) $100
E) $210
(1) TP, AP, and MP curves up.
(2) TP, AP, and MP down.
(3) TC, ATC, and MC curves up.
(4) TC, ATC, and MC curves down.
A) (1) and (3)
B) (1) and (4)
C) (2) and (3)
D) (2) and (4)
E) none of the above
Refer to Figure 11.4.2, which illustrates the short-run average total cost curves for four different plant sizes. Which plant has the lowest average total cost for an output rate of 5 sweaters a day?
A) Plant A
B) Plant B
C) Plant C
D) Plant D
E) none of the above
Refer to Figure 11.4.4, which illustrates the long-run average total cost curve. Which one of the following statements is false?
A) Diseconomies of scale exist at quantities greater than Q2 units of output.
B) Constant returns to scale exist between Q0 and Q1 units of output.
C) Economies of scale exist between 0 and Q0 units of output.
D) Diseconomies of scale exist between 0 and Q1 units of output.
E) Constant returns to scale exist between Q1 and Q2 units of output.
A) 19.
B) 20.
C) 22
D) More information is needed to answer the question.
E) None of the above answers is correct.
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