COST OF PRODUCTION

COST OF PRODUCTION

Assessment

Assessment

Created by

ita j

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3rd Grade

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10 questions

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1.

Multiple Choice

45 sec

1 pt

The short run is a period of time in which

the quantity of at

least one factor of production is fixed

the amount of output

is fixed.

prices and wages are fixed

nothing the firm does can be altered

2.

Multiple Choice

45 sec

1 pt

Media Image

In the above figure, which of the following statements is FALSE?

The total fixed cost curve is curve C

Marginal

cost is equal to the slope of curve A.

The vertical gap between curves A and B is equal to average fixed cost (AFC)

Total

variable cost and total cost both increase as output increases.

3.

Multiple Choice

30 sec

1 pt

In the long run

all input can be varied

all inputs are fixed

some inputs are variable and other inputs are fixed

outputs is fixed

4.

Multiple Choice

45 sec

1 pt

The vertical distance between a firm's total cost (TC) and its total variable cost (TVC) curves

decreases as output decreases

is equal to the average variable cost (AVC)

is equal to the total fixed cost (TFC)

is equal to the marginal cost (MC)

5.

Multiple Choice

30 sec

1 pt

Media Image

In the above figure, which of the following statements is FALSE?

Average fixed cost decreases (AFC) as output decreases

The vertical gap between curves B and C equals marginal fixed cost.

The vertical gap between curves B and C gets smaller as AFC decreasas

Curve A is the marginal cost (MC) curve

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