Economics Basic Questions - User Guidew
Question: As output rises:
2. Question: When average total cost is declining, then:
3. Question: The law of diminishing returns:
4. Question: If fixed cost is $8,000, variable cost is $5,000 at an output of 2 and $9,000 at an output of 3, how much is marginal cost at an output of 3?
5. Question: Which statement is true?
6. Question: The average fixed cost curve:
7. Question: As a firm's output expands, the:
8. Question: Marginal cost may be defined as the __________ cost that results from producing one more unit of output.
9. Question: Which is most clearly a fixed cost?
10. Question: Fixed cost is sometimes referred to as __________ cost.
11. Question: Adam Smith noted each of the following economies of scale EXCEPT:
12. Question: Parkinson's Law is an example of:
13. Question: Which of the following is the most likely to be a variable cost?
14. Question: As long as there are __________ costs, we are in the short run.
15. Question: If price is between the break-even point and the shutdown point, in the long run the firm will:
16. Question: Adam Smith used a pin factory to demonstrate:
17. Question: When output is 0, total cost equals __________ cost.
18. Question: At an output of 1, marginal cost is:
19. Question: The law of diminishing marginal returns implies:
20. Question: Which of the following cost curves will NOT shift downward if the price of a variable input decreases?