Micro 9 - Assignment Essays

Micro 9

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Posted on

March 14th, 2023

question

The opportunity costs of using owned resources are --- costs.

answer

implicit

question

--- profit consists of revenue minus implicit and explicit costs.

answer

Economic

question

A person who has been managing a dry cleaning store for $30,000 per year decides to open his own dry cleaning store. The expenses are $35,000 for salaries (excluding the owner's), $10,000 for supplies, $8,000 for rent, $2,000 for utilities, and $5,000 for interest on a bank loan. The total economic cost is $

answer

90000

question

When the marginal product increases, the marginal cost of production

answer

decreases

question

Costs that increase as production increases and decrease as production decreases are --- costs.

answer

total

question

The --- costs of using owned resources are implicit costs.

answer

opportunity

question

A person who has been managing a dry cleaning store for $30,000 per year decides to open his own dry cleaning store. The expenses are $35,000 for salaries (excluding the owner's) $10,000 for supplies, $8,000 for rent, $2,000 for utilities, and $5,000 for interest on a bank loan. The implicit costs include:

interest on the bank loan.
salaries.
rent.
the owner's forgone salary.
utilities.

answer

the owners forgone salary

question

When the marginal --- increases, the marginal cost of production declines.

answer

product

question

Costs that change with the amount of output produced are --- costs.

answer

variable

question

The opportunity costs of using owned resources are ---costs.

answer

implicit

question

--- costs are also known as accounting costs, whereas --- costs are the opportunity costs of using owned resources.

answer

explicit implicit

question

The shape of the marginal cost curve is dependent on the:

type of output being produced.
shape of the average fixed cost.
law of demand.
law of diminishing marginal returns.

answer

law of diminishing marginal returns.

question

Total --- equals price times quantity.

answer

revenue

question

The --- costs of using owned resources are implicit costs.

answer

opportunity

question

Diseconomies of scale is a condition in which the long-run average total cost of production --- as production increases.

answer

increases

question

Total cost equals total --- cost plus total --- cost.

answer

fixed variable

question

The average fixed cost curve:
Multiple choice question.
increases for all levels of output.
increases for low levels of output, then begins to decrease as output increases.
decreases for all levels of output.
decreases for low levels of output, then begins to increase as output increases.

answer

decreases for all levels of output.

1 of 17

question

The opportunity costs of using owned resources are --- costs.

answer

implicit

question

--- profit consists of revenue minus implicit and explicit costs.

answer

Economic

question

answer

90000

question

When the marginal product increases, the marginal cost of production

answer

decreases

question

Costs that increase as production increases and decrease as production decreases are --- costs.

answer

total

question

The --- costs of using owned resources are implicit costs.

answer

opportunity

question

answer

the owners forgone salary

question

When the marginal --- increases, the marginal cost of production declines.

answer

product

question

Costs that change with the amount of output produced are --- costs.

answer

variable

question

The opportunity costs of using owned resources are ---costs.

answer

implicit

question

--- costs are also known as accounting costs, whereas --- costs are the opportunity costs of using owned resources.

answer

explicit implicit

question

The shape of the marginal cost curve is dependent on the:

type of output being produced.
shape of the average fixed cost.
law of demand.
law of diminishing marginal returns.

answer

law of diminishing marginal returns.

question

Total --- equals price times quantity.

answer

revenue

question

The --- costs of using owned resources are implicit costs.

answer

opportunity

question

Diseconomies of scale is a condition in which the long-run average total cost of production --- as production increases.

answer

increases

question

Total cost equals total --- cost plus total --- cost.

answer

fixed variable

question

answer

decreases for all levels of output.

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