Economics - Perfect Competition
Quiz
•
Business
•
10th Grade - University
•
Medium
Tracy Bhoola
Used 163+ times
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The time frame in which the quantities of ALL factors of production can be varied is...
Short run
Long run
Sunk Cost
Medium Run
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The total product is...
Only the minimum quantity of labour
The past expenditure on something that has no resale value
The maximum output that a given quantity of labour can produce
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The increase in total product that results from a 1 unit increase in the variable input, with all other inputs remaining the same is...
Sunk Cost
Marginal Product
Average Product
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The tendency for the marginal product of an additional unit of a factor of production to be less than the marginal product of the previous unit of the factor is...
Diminishing marginal returns
Long run
Total Cost
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A total fixed cost is ...
The cost of all the productive resources that a firm uses
The cost of a firm's fixed inputs
The average product of a factor of production
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The cost of all the firm's variable inputs is called...
Total cost
Very expensive
Minimum cost
Total variable cost
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Features of a firm's technology that make average total cost fall as output increases - the LRAC curve slopes downward is....
Economies of scale
Economies of a city
Long-run average cost curve
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