Unit 3 - Assignment Essays

question

When a firm earning a normal profit from the production of a good, it is true that

answer

Total revenues fron. Production are equal to the sin of explicit and implicit costs

question

Jason cleans swimming pools in a perfectly competitive local market. A profit maximizer, he can charge $10 per pool to clean 9 pools per day, incurring total variable costs of $80 and total fixed cost of $20. Which of the following is true?

answer

Jason should clean 9 pools per day with economic losses of $10

question

If, for each additional unit of a variable input, the increases in output become smaller, which of the following correctly identifies the concept?

answer

Diminishing marginal productivity

question

Shut down point

answer

is at the intersection of the AVC and Mc

question

Example of an implicit cost

answer

the value placed on the owner's skills in an alternative career

question

? = total cost

answer

Total variable cost + total fixed cost

question

In a perfectly competitive firm's demand curve

answer

Price and marginal revenue are equal at all levels of output

question

In the short run a perfectly competitive firm

answer

May earn positive, negative, or normal profits

question

Average total cost =

answer

average fixed cost + average variable cost

question

The condition that P= MC is the direct requirement for which type of efficiency?

answer

Allocative efficiency

question

Which of the following best exemplifies economies of scale?

answer

As a firm's input triples, it's output quadruples

question

production function

answer

Has total productivity curve, average productivity curve, marginal productivity

question

The demand curve for a perfectly competitive firm's product is

answer

Perfectly elastic

question

If the market price is above the perfectly competitive firm's average total cost curve, we expect that in the long run

answer

The industry expands as firms join the market

question

Diminishing marginal returns to short- run production begins when

answer

Marginal product of labor begins to fall

question

Which of the following statements accurately describes the relationship between AP and and MP of labor?

answer

AP rises when MP is above it and falls when MP is below it

question

Which of the following is true in the long run in perfect competition?

answer

P = MR = MC = ATC

question

Which of the following is an example of a long-run adjustment for the owners of a small cafe?

answer

The owners buy the office next door and this doubles the customer seating

question

Which of the following is correct

answer

In the long run, all inputs are variable

question

? = average total cost

answer

Average variable cost + average fixed cost

question

Which of the following is not a characteristic of perfectly competitive industry?

answer

Product differentiation

question

of the following which is true about the relationship of the ATC curve and MC curve?

answer

The MC curve intersects the ATC curve at the minimum point of the ATC curve.

1 of 22

question

When a firm earning a normal profit from the production of a good, it is true that

answer

Total revenues fron. Production are equal to the sin of explicit and implicit costs

question

answer

Jason should clean 9 pools per day with economic losses of $10

question

If, for each additional unit of a variable input, the increases in output become smaller, which of the following correctly identifies the concept?

answer

Diminishing marginal productivity

question

Shut down point

answer

is at the intersection of the AVC and Mc

question

Example of an implicit cost

answer

the value placed on the owner's skills in an alternative career

question

? = total cost

answer

Total variable cost + total fixed cost

question

In a perfectly competitive firm's demand curve

answer

Price and marginal revenue are equal at all levels of output

question

In the short run a perfectly competitive firm

answer

May earn positive, negative, or normal profits

question

Average total cost =

answer

average fixed cost + average variable cost

question

The condition that P= MC is the direct requirement for which type of efficiency?

answer

Allocative efficiency

question

Which of the following best exemplifies economies of scale?

answer

As a firm's input triples, it's output quadruples

question

production function

answer

Has total productivity curve, average productivity curve, marginal productivity

question

The demand curve for a perfectly competitive firm's product is

answer

Perfectly elastic

question

If the market price is above the perfectly competitive firm's average total cost curve, we expect that in the long run

answer

The industry expands as firms join the market

question

Diminishing marginal returns to short- run production begins when

answer

Marginal product of labor begins to fall

question

Which of the following statements accurately describes the relationship between AP and and MP of labor?

answer

AP rises when MP is above it and falls when MP is below it

question

Which of the following is true in the long run in perfect competition?

answer

P = MR = MC = ATC

question

Which of the following is an example of a long-run adjustment for the owners of a small cafe?

answer

The owners buy the office next door and this doubles the customer seating

question

Which of the following is correct

answer

In the long run, all inputs are variable

question

? = average total cost

answer

Average variable cost + average fixed cost

question

Which of the following is not a characteristic of perfectly competitive industry?

answer

Product differentiation

question

of the following which is true about the relationship of the ATC curve and MC curve?

answer

The MC curve intersects the ATC curve at the minimum point of the ATC curve.

Order an Essay Now & Get These Features For Free:

Turnitin Report

Formatting

Title Page

Citation

Outline

Place an Order