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

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 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

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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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