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- 1. Multiple ChoiceTotal Costs / Quantity = _____Marginal CostAverage Total CostImplicit CostExplicit Cost
- 2. Multiple ChoiceVariable Cost/Quantity = _______Marginal Variable CostAverage Fixed CostAverage Variable CostMarginal Total Cost
- 3. Multiple ChoiceChange in Total Revenue/Change in Quantity
ΔTR/ΔQ = _____Marginal costMarginal RevenueProfitMarginal Profit - 4. Multiple ChoiceTotal Revenue - Total Cost = _____ProfitRevenueMarginal RevenueVariable Revenue
- 5. Multiple ChoiceThe quantity of input which minimizes average total costs?Diseconomies of scaleInefficient ScaleEfficient ScaleEconomy of scale
- 6. Multiple ChoiceCosts that do not change when the quanity of output produced changes?Fixed CostsVariable CostsExplicit CostsImplicit Costs
- 7. Multiple ChoiceThe market value of all the inputs a firm uses in production.Implicit CostsExplicit CostsTotal CostsMarginal Costs
- 8. Multiple ChoiceTime period in which one of the costs is fixed?Long RunShort Run
- 9. Multiple ChoiceTime period in which one of the costs is fixed?Long RunShort Run
- 10. Multiple ChoiceThe amount a firm receives after all costs have been paid.RevenueMarginal ProfitProfitMarginal Revenue
- 11. Multiple ChoiceAdditional cost associated by producing one additional unit of product.Fixed CostsAverage CostsMarginal CostsEmplicit Costs
- 12. Multiple ChoiceThe amount a firm receives for the sale of its output.
P x Q = _____ProfitTotal RevenueMarginal RevenueAverage Profit - 13. Multiple ChoiceRevenue generated by producing one additional unit of product.Marginal RevenueMarginal ProfitTotal RevenueAverage Revenue
- 14. Multiple ChoiceCosts that change as the quantity of outputs changes.Fixed CostsVariable Costs
- 15. Multiple Choice
The concept that states long-run average total cost falls as the quantity of output increases is...
Economies of Scale
Efficient Scale
Constant Returns to Scale
Diseconomies of Scale
- 16. Multiple Choice
The concept whereby long-run average total cost rises as the quantity of output increases is...
Economies of Scale
Effecient Scale
Constant Returns to Scale
Diseconomies of Scale
- 17. Multiple ChoiceThe property whereby long-run average total cost stays the same as the quanity of output changes.Constant Returns to ScaleEconomies of ScaleEfficient ScaleDiseconomies of Scale
- 18. Multiple ChoiceFixed Cost divided by the quantity of output.Average Fixed CostAverage Variable CostMarginal CostMarginal Fixed Cost
- 19. Multiple ChoiceOccurs when each addition of an input results in declining quantity of the outputDiminishing Marginal UtilityDiminishing Marginal CostsDiminishing Marginal ReturnsDiminishing Marginal Profits
- Answer choicesTagsAnswer choicesTags