
SR Production costs
Quiz
•
6th Grade
•
Practice Problem
•
Medium
Teo Mui
Used 4+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A cost that is included in economic profit
Implicit Cost
Marginal Cost
Average Cost
Economic Cost
2.
MULTIPLE CHOICE QUESTION
1 min • 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
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The main difference between the SR and the LR is that
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Total Costs / Quantity = _____
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Change in Total Revenue/Change in Quantity
ΔTR/ΔQ = _____
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The average fixed cost of producing 3 units of output is
7.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
For a large firm that produces and sells automobiles, which of the following costs would be a variable cost?
the $20 million payment that the firm pays each year for accounting services
the cost of the steel that is used in producing automobiles
the rent that the firm pays for office space in a suburb of St. Louis
All of the above are correct.
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