Economics - Perfect Competition

Economics - Perfect Competition

10th Grade - University

15 Qs

quiz-placeholder

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Economics - Perfect Competition

Economics - Perfect Competition

Assessment

Quiz

Business

10th Grade - University

Medium

Created by

Tracy Bhoola

Used 163+ times

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15 questions

Show all answers

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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