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Implicit and explicit costs are different in that
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the former refer to nonexpenditure costs and the latter to monetary payments.
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Refer to the diagram. At output level Q, total variable cost is
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0BEQ.
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Which of the following is most likely to be a fixed cost?
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property insurance premiums
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Refer to the provided graph. If the firm is producing at Q1, the area 0ADQ1 represents
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total costs.
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In the diagram, curves 1, 2, and 3 represent
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total fixed cost, total variable cost, and total cost respectively.
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Answer the question on the basis of the following information.
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Average total cost is TFC+TVC/Q
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When total product is increasing at a decreasing rate, marginal product is
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positive and decreasing.
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If a technological advance reduces the amount of variable resources needed to produce any level of output, then the
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MC curve will shift downward.
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Which of the following types of firms are least likely to have their MC, AVC, and ATC curves affected by fluctuations in gasoline prices?
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firms like iTunes that distribute their products over the Internet
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The basic difference between the short run and the long run is that
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at least one resource is fixed in the short run, while all resources are variable in the long run.
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Other things equal, if the prices of a firm's variable inputs were to fall,
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marginal cost, average variable cost, and average total cost would all fall.
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Which of the following statements concerning the relationships between total product (TP), average product (AP), and marginal product (MP) is not correct?
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AP continues to rise so long as TP is rising.
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Marginal cost is the
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change in total cost that results from producing one more unit of output.
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