Production Costs

Production Costs

12th Grade

•

25 Qs

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Production Costs

Production Costs

Assessment

Quiz

•

Social Studies

•

12th Grade

•

Medium

Created by

Chris Swanson

Used 19+ times

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25 questions

Show all answers

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 = _______

Marginal Variable Cost
Average Fixed Cost
Average Variable Cost
Marginal Total Cost

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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