3.7 Firm's costs, revenues & objectives
an hour ago
deanhoss
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19 QuestionsShow answers
  • Question 1
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    Q. Total Costs / Quantity = _____
    answer choices
    Marginal Cost
    Average Total Cost
    Implicit Cost
    Explicit Cost
  • Question 2
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    Q. Variable Cost/Quantity = _______
    answer choices
    Marginal Variable Cost
    Average Fixed Cost
    Average Variable Cost
    Marginal Total Cost
  • Question 3
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    Q. Change in Total Revenue/Change in Quantity
    ΔTR/ΔQ = _____
    answer choices
    Marginal cost
    Marginal Revenue
    Profit
    Marginal Profit
  • Question 4
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    Q.  Total Revenue - Total Cost = _____
    answer choices
    Profit
    Revenue
    Marginal Revenue
    Variable Revenue
  • Question 5
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    Q. The quantity of input which minimizes average total costs?
    answer choices
    Diseconomies of scale
    Inefficient Scale
    Efficient Scale
    Economy of scale
  • Question 6
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    Q. Costs that do not change when the quanity of output produced changes?
    answer choices
    Fixed Costs
    Variable Costs
    Explicit Costs
    Implicit Costs
  • Question 7
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    Q. The market value of all the inputs a firm uses in production.
    answer choices
    Implicit Costs
    Explicit Costs
    Total Costs
    Marginal Costs
  • Question 8
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    Q. Time period in which one of the costs is fixed?
    answer choices
    Long Run
    Short Run
  • Question 9
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    Q. Time period in which one of the costs is fixed?
    answer choices
    Long Run
    Short Run
  • Question 10
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    Q. The amount a firm receives after all costs have been paid.
    answer choices
    Revenue
    Marginal Profit
    Profit
    Marginal Revenue
  • Question 11
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    Q. Additional cost associated by producing one additional unit of product.
    answer choices
    Fixed Costs
    Average Costs
    Marginal Costs
    Emplicit Costs
  • Question 12
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    Q. The amount a firm receives for the sale of its output.
    P x Q = _____
    answer choices
    Profit
    Total Revenue
    Marginal Revenue
    Average Profit
  • Question 13
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    Q. Revenue generated by producing one additional unit of product.
    answer choices
    Marginal Revenue
    Marginal Profit
    Total Revenue
    Average Revenue
  • Question 14
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    Q. Costs that change as the quantity of outputs changes.
    answer choices
    Fixed Costs
    Variable Costs
  • Question 15
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    Q.

    The concept that states long-run average total cost falls as the quantity of output increases is...

    answer choices

    Economies of Scale

    Efficient Scale

    Constant Returns to Scale

    Diseconomies of Scale

  • Question 16
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    Q.

    The concept whereby long-run average total cost rises as the quantity of output increases is...

    answer choices

    Economies of Scale

    Effecient Scale

    Constant Returns to Scale

    Diseconomies of Scale

  • Question 17
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    Q. The property whereby long-run average total cost stays the same as the quanity of output changes.
    answer choices
    Constant Returns to Scale
    Economies of Scale
    Efficient Scale
    Diseconomies of Scale
  • Question 18
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    Q. Fixed Cost divided by the quantity of output.
    answer choices
    Average Fixed Cost
    Average Variable Cost
    Marginal Cost
    Marginal Fixed Cost
  • Question 19
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    Q. Occurs when each addition of an input results in declining quantity of the output
    answer choices
    Diminishing Marginal Utility
    Diminishing Marginal Costs
    Diminishing Marginal Returns
    Diminishing Marginal Profits
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