
Production Costs
Quiz
•
Social Studies
•
12th Grade
•
Medium
Chris Swanson
Used 19+ times
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25 questions
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1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
When marginal cost is below average cost
average cost will be rising
average cost will be falling
marginal cost will be negative
average cost will be the same as maginal cost
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which of the following statement is NOT true of a firm's variable cost?
Total variable cost is zero when output is zero.
Variable costs are subject to change as a firm's output rises
Total variable cost always rises by a constant amount
Total variable cost rises as output rises.
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
When Marginal Cost > Average Total Cost
ATC will be pulled down
ATC will most likely be at its lowest value
ATC will be pulled up
MC will be pulled down
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
In the SHORT RUN, what is true?
AVC always declines as output is expanded
Variable cost will exceed total cost
Increases in output will eventually diminish as more inputs are used
All inputs are variable
5.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Variable Cost/Quantity = _______
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
If a firm does not produce any output, its total cost is equal to
Zero
Its fixed costs
Its variable costs
Its marginal cost
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Additional cost associated with producing one additional unit of output:
Fixed Costs
Average Costs
Marginal Costs
Emplicit Costs
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