Business Costs Part I

Business Costs Part I

11th - 12th Grade

15 Qs

quiz-placeholder

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Business Costs Part I

Business Costs Part I

Assessment

Quiz

Social Studies

11th - 12th Grade

Practice Problem

Easy

Created by

Jacob Emrey

Used 4+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Fixed Costs are...

costs that do NOT change depending on output.

Costs that DO change depending on output.

costs that are always higher than variable costs.

costs that equal zero with zero output.

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Total Revenue =

Price X Profit

Price X Variable + fixed costs

Price X Quantity

Variable + Fixed Costs

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Low barriers to entry and identical products describe what type of market?

Perfect Competition

Monopolistic Competition

Oligopoly

Monopoly

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A few large firms dominate the market describes what type of market?

Perfect Competition

Monopolistic Competition

Oligopoly

Monopoly

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Profit =

Total Revenue - Average Fixed Costs

Total Revenue - Total Costs

Total Costs - Variable Costs

Total Revenue + (VC-FC)

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Assume a firm produces 8 units and sells each unit for $4. There ATC is $20 and their AVC is $10. Based on this information what is the firms Fixed Costs?

FC = $50

FC = $60

FC = $80

FC = $90

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

What is the variable cost for producing 3 units?

$11

$17

$3

$15

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