What is the total cost?

• The sum of marginal cost and fixed cost.

• The sum of fixed cost and variable cost.

• The sum of variable cost and marginal cost.

• The product of fixed cost and variable cost.

Is the lenght of time it takes all fixed costs to become variable costs.

• The short run

• The long run

Is all received by a company in a given period of time.

• Marginal Revenue

• Cost Revenue

• Account Revenue

• Total Revenue

To find a firms profit, we use:

• TP= Total revenue - Total Cost

• TR= Q*P

As a business grows larger IQ will create a...

• Democracy

• Authoritarian Regime

• Monarchy

• Bureaucracy

If a business is having a variable cost of 8 of the total revenue of 5 they will...

• Shut down

• Operate

What is the minimum point of the ATC curve?

• When the MC rise.

• When the MC and the ATC curves intersect.

• There is no one correct answer.

• That occurs when ATC is declining.

What is the definition of production function?

• The relationship between the maximum amounts of output a firm can produce.

• The amounts of output a firm can not produce on a period of time.

What is the method of calculating profits and loss?

• First method

• Second method

• Third method

What is price taker?

• Use the loss box JKLM to find total loss.

• A seller who has no influence over price and must sell at market price.