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ECON Chapter 5 Review

Authored by Melanie Morphyades

Social Studies

10th - 12th Grade

Used 27+ times

ECON Chapter 5 Review
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45 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

the mean price of a unit of output

average revenue

break-even point

marginal cost

marginal revenue

total revenue

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

average price of a unit sold times the quantity sold

average revenue

break-even point

marginal cost

marginal revenue

total revenue

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

additional revenue generated from the sale of a single unit

average revenue

break-even point

marginal cost

marginal revenue

total revenue

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

level of production needed for a firm to recover its costs

average revenue

break-even point

marginal cost

marginal revenue

total revenue

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

additional expense of producing

average revenue

break-even point

marginal cost

marginal revenue

total revenue

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which terms describe costs that are incurred regardless of a firm’s rate of production?

fixed costs and overhead

fixed costs and total costs

variable costs and overhead

variable costs and total costs

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Over which of these does a producer have the most direct control?

fixed cost

variable cost

average revenue

marginal revenue

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