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KAPLAN MT445 UNIT 4 QUIZ LATEST 2016 FEBRUARY

Question # 00234452
Subject: Economics
Due on: 05/01/2016
Posted On: 04/01/2016 11:52 PM

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1. Question :

If the marginal cost curve is below the average variable cost curve, then

average variable cost is increasing.

average variable cost is decreasing.

marginal cost must be decreasing.

average variable cost could either be increasing or decreasing.

Question 2. Question :

The minimum efficient scale is

the level of output where diminishing returns have not set in yet.

the plant size that yields the most profit.

level of operation where long run average costs are lowest.

the smallest output level where the firm finally reaches productive efficiency.

Question 3. Question :

Which of the following is an implicit cost of production?

the loss in the value of capital equipment due to wear and tear

the salary you pay yourself for running your business

the utility bill paid to water, electricity, and natural gas companies

the interest you pay your mother for the money she loaned you to start your business

Question 4. Question :

Higher isocost lines correspond to higher

profits.

total costs of production.

input prices.

sales revenue.

Question 5. Question :

Which of the following is not a source of technological advancement for a producer?

better trained workers.

more efficient physical capital.

higher skill level of managers.

outsourcing some aspect of production.

Question 6. Question :

Which of the following is an example of a long run adjustment?

Your university offers Saturday morning classes next fall.

Ford Motor Company lays off 2,000 assembly line workers.

A soybean farmer turns on the irrigation system after a month long dry spell.

Wal-Mart builds another Supercenter.

Question 7. Question :

The explicit cost of production is also called

variable cost.

accounting cost.

direct cost.

overhead cost.

Question 8. Question :

If the average variable cost curve is above the marginal cost curve, then

marginal costs must be decreasing.

average variable costs must be increasing.

marginal costs must be increasing.

marginal costs can be either increasing or decreasing.

Question 9. Question :

What is the difference between "diminishing marginal returns" and "diseconomies of scale"?

Both concepts explain why marginal cost increases after some point but diminishing marginal returns applies only in the short run when there is at least one fixed factor, while diseconomies of scale applies in the long run when all factors are variable.

Both concepts explain why average total cost increases after some point but diminishing marginal returns applies only in the short run when there is at least one fixed factor, while diseconomies of scale applies in the long run when all factors are variable.

Diminishing marginal returns which applies only in the short run, when at least one factor is fixed, explains why marginal cost increases, while diseconomies of scale which applies in the long run, when all factors are variable, explains why average cost increases.

Diminishing marginal returns which applies only in the short run, when at least one factor is fixed, explains why average variable cost increases, while diseconomies of scale which applies in the long run, when all factors are variable, explains why average total cost increases.

Question 10. Question :

The law of diminishing marginal returns

explains why the average total cost and marginal cost curves are U-shaped in the short run.

explains why the average total cost, average fixed cost and the marginal cost curves are U-shaped in the short run.

causes average total costs to rise at a decreasing rate as output increases.

causes the difference between average total cost and average variable cost to get smaller as output increases.

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Tutorial Preview …the xxxx profit xxxxx of operation xxxxx long run xxxxxxx costs xxx xxxxxx the xxxxxxxx output level xxxxx the firm xxxxxxx reaches xxxxxxxxxx xxxxxxxxxx Comments: xxxxxxxx 3 Question x Which of xxx following xx xx implicit xxxx of production? xxxxxxx Answer: the xxxx in xxx xxxxx of xxxxxxx equipment due xx wear and xxxx the xxxxxx xxx pay xxxxxxxx for running xxxx business the xxxxxxx bill xxxx xx water, xxxxxxxxxxxx and natural xxx companies the xxxxxxxx you xxx xxxx mother xxx the money xxx loaned you xx start xxxx xxxxxxxx Comments: xxxxxxxx 4 Question x Higher isocost xxxxx correspond xx xxxxxx Student xxxxxxx profits total xxxxx of production xxxxx prices xxxxx xxxxxxx Comments: xxxxxxxx 5 Question x Which of xxx following xx…
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Preview: when xxx factors xxx variable   Both xxxxxxxx explain why xxxxxxx total xxxx xxxxxxxxx after xxxx point but xxxxxxxxxxx marginal returns xxxxxxx only xx xxx short xxx when there xx at least xxx fixed xxxxxxx xxxxx diseconomies xx scale applies xx the long xxx when xxx xxxxxxx are xxxxxxxx   Diminishing marginal xxxxxxx which applies xxxx in xxx xxxxx run, xxxx at least xxx factor is xxxxxx explains xxx xxxxxxxx cost xxxxxxxxxx while diseconomies xx scale which xxxxxxx in xxx xxxx run, xxxx all factors xxx variable, explains xxx average xxxx xxxxxxxxx   Diminishing xxxxxxxx returns which xxxxxxx only in xxx short xxxx xxxx at xxxxx one factor.....
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