
Business Costs Part I
Authored by Jacob Emrey
Social Studies
11th - 12th Grade
Used 4+ times

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15 questions
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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
What is the variable cost for producing 3 units?
$11
$17
$3
$15
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