Microeconomics Quiz 6

0 min read

Posted on

March 14th, 2023

question

If a producing firm does not have enough time to expand its plant capacity, it is?

answer

Operating in the short run.

question

The short run is?

answer

As long as it takes a particular firm to change its plant capacity.

question

A characteristic of the long run is?

answer

All the above.

question

Which of the following is an implicit cost of production?

answer

Rent that could have been earned on a building owned and used by the firm.

question

Implicit costs of production are also called?

answer

Opportunity costs.

question

The relationship between different amounts of inputs and the resulting level of output is a?

answer

Production function.

question

As a firm hires more labor in the short run, the?

answer

Extra output of another worker will rise at first but eventually must fall.

question

Figure 10.1
Diminishing returns to labor set in after?

answer

question

Figure10.1
Short run output is maximized at?

answer

question

If four workers can produce 8 chairs a day and five can produce 20 chairs a day, the marginal product of the 5th worker is?

answer

2 chairs.

question

The short run marginal product of labor increasing at first and then falling is an example of the law of?

answer

Diminishing returns.

question

Marginal cost curve is U shaped because of the?

answer

Law of Diminishing Returns.

question

Figure 10.2
The difference between average total cost and average variable costs is?

answer

Average fixed costs.

question

Figure 10.2
Average variable costs approach average total costs as output rises because?

answer

Average fixed costs are falling.

question

If average total cost is $50 and average fixed costs is $15 when output is 20 units, then the firm's total variable costs at this output level would be?

answer

$700.

question

If average total costs is $50 and average fixed costs is $15 when output is 20 units, then the firms average variable cost at that level of output would be?

answer

$35.

question

When the average total cost is $16, the level of total cost is $800, then the number of units the firm is producing is?

answer

50.

question

Marginal cost is equal to the?

answer

Change in total cost divided by the change in output.

question

In the short run, if marginal product is at is maximum then?

answer

Marginal costs is at its minimum.

question

Which of the following costs will not change as output changes?

answer

Total fixed costs.

question

Average fixed costs if production?

answer

Fall as long as output is increased.

question

If marginal cost is above the average variable costs, then average variable costs is decreasing?

answer

False.

1 of 22

question

If a producing firm does not have enough time to expand its plant capacity, it is?

answer

Operating in the short run.

question

The short run is?

answer

As long as it takes a particular firm to change its plant capacity.

question

A characteristic of the long run is?

answer

All the above.

question

Which of the following is an implicit cost of production?

answer

Rent that could have been earned on a building owned and used by the firm.

question

Implicit costs of production are also called?

answer

Opportunity costs.

question

The relationship between different amounts of inputs and the resulting level of output is a?

answer

Production function.

question

As a firm hires more labor in the short run, the?

answer

Extra output of another worker will rise at first but eventually must fall.

question

Figure 10.1
Diminishing returns to labor set in after?

answer

question

Figure10.1
Short run output is maximized at?

answer

question

If four workers can produce 8 chairs a day and five can produce 20 chairs a day, the marginal product of the 5th worker is?

answer

2 chairs.

question

The short run marginal product of labor increasing at first and then falling is an example of the law of?

answer

Diminishing returns.

question

Marginal cost curve is U shaped because of the?

answer

Law of Diminishing Returns.

question

Figure 10.2
The difference between average total cost and average variable costs is?

answer

Average fixed costs.

question

Figure 10.2
Average variable costs approach average total costs as output rises because?

answer

Average fixed costs are falling.

question

If average total cost is $50 and average fixed costs is $15 when output is 20 units, then the firm's total variable costs at this output level would be?

answer

$700.

question

If average total costs is $50 and average fixed costs is $15 when output is 20 units, then the firms average variable cost at that level of output would be?

answer

$35.

question

When the average total cost is $16, the level of total cost is $800, then the number of units the firm is producing is?

answer

50.

question

Marginal cost is equal to the?

answer

Change in total cost divided by the change in output.

question

In the short run, if marginal product is at is maximum then?

answer

Marginal costs is at its minimum.

question

Which of the following costs will not change as output changes?

answer

Total fixed costs.

question

Average fixed costs if production?

answer

Fall as long as output is increased.

question

If marginal cost is above the average variable costs, then average variable costs is decreasing?

answer

False.

Order an Essay Now & Get These Features For Free:

Turnitin Report

Formatting

Title Page

Citation

Outline

Place an Order