The Long Run

The Long Run

11th - 12th Grade

12 Qs

quiz-placeholder

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The Long Run

The Long Run

Assessment

Quiz

Social Studies

11th - 12th Grade

Practice Problem

Medium

Created by

Casey Douglas

Used 118+ times

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12 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

Wolfsburg Wagon is a small automaker. Wolfsburg's long run average total cost is shown in the table. For what levels of output does the firm experience increasing returns to scale?

1-4
4-6
6-8
1-8

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

TRUE or FALSE?

The short-run average TOTAL cost can never be less than the long-run average total cost.

TRUE

FALSE

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

TRUE or FALSE?

The short-run average VARIABLE cost can never be less than the long-run average total cost.

TRUE

FALSE

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following must be true if a firm is experiencing economies of scale? 

All costs are explicit.
Economic profits decrease as the firm’s output increases.
Long-run average total cost remains constant as the firm’s output decreases.
Long-run average total cost decreases as the firm’s output increases.

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following must be true of the long run? 

It is at least one year in duration. 
At least one factor of production is fixed. 
All factors of production are variable. 
Average total costs are constant. 

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

If the output of a firm doubles when the firm doubles all of its inputs, the firm must be experiencing:

economies of scale
constant returns to scale 
decreasing returns to scale 
increasing returns to scale 

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

At output level Q, the firm can minimize costs by using factory size ______.

SRATC

SRATC1

SRATC2

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