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Question Score:  1 of 1 pt                                                                             Test Score: 57.78% (8.67 of 15 pts)

 

Which of the following is true about the long-run average cost curve?

 

Question Score:  0.67 of 1 pt                                                                       Test Score: 57.78% (8.67 of 15 pts)

 

At its current short-run level of production, a firm’s average variable costs equal $30.00 per unit and its average fixed costs equal $25.00 per unit. Its total costs at this production level equal $3,500.

 

Question Score:  1 of 1 pt                                                                             Test Score: 57.78% (8.67 of 15 pts)

 

The wage rate divided by marginal product equals

 

Question Score:  1 of 1 pt                                                                             Test Score: 57.78% (8.67 of 15 pts)

 

The short run is defined as

 

Question Score:  1 of 1 pt                                                                             Test Score: 57.78% (8.67 of 15 pts)

 

 

 

Total                   Input

Total

Product

(Labor)

(Televisions)

1

12

2

25

3

39

4

50

5

60

6

58

7

54

8

48

   

 

 In the table above, diminishing returns begins with the addition of worker number.

 

In the table above, the marginal physical product becomes negative when the ___worker is added

 

Question Score:  0 of 1 pt                                                                             Test Score: 57.78% (8.67 of 15 pts)

 

Using the 3-point curved line drawing tool, draw a possible long-run average cost curve for a firm that always experiences diseconomies of scale no matter what plant size it selects.  Label this curve  ‘ATC’.           

 

Question Score:  1 of 1 pt                                                                             Test Score: 57.78% (8.67 of 15 pts)

 

The law of diminishing marginal returns shows the relationship between

 

 

 

 

 

Question Score:  1 of 1 pt                                                                            Test Score: 57.78% (8.67 of 15 pts)

 

The shape of the short-run cost curves are the result of

 

Question Score:  1 of 1 pt                                                                            Test Score: 57.78% (8.67 of 15 pts)

 

If a firm hires an additional worker and discovers that its total physical output has fallen, then it must be true that

 

Question Score:  1 of 1 pt                                                                             Test Score: 57.78% (8.67 of 15 pts)

 

In economics, the planning horizon is defined as

 

Question Score:  0 of 1 pt                                                                            Test Score: 57.78% (8.67 of 15 pts)

 

 Economies of scale in production

 

Question Score:  0 of 1 pt                                                                             Test Score: 57.78% (8.67 of 15 pts)

 

Which of the graphs represents the correct relationship among the cost curves?

 

Question Score:  0 of 1 pt                                                                            Test Score: 57.78% (8.67 of 15 pts)

 

In the long run there

 

Question Score:  0 of 1 pt                                                                            Test Score: 57.78% (8.67 of 15 pts)

 

Consider the long-run average cost curve to the right.

 

Question Score:  0 of 1 pt                                                                             Test Score: 57.78% (8.67 of 15 pts)

 

The firm’s minimum efficient scale occurs

 

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