Intro to Short-Run Costs

Quiz
•
Social Studies
•
University
•
Medium
Bekah Selby
Used 4+ times
FREE Resource
6 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following costs remains constant in the short run regardless of the level of output?
Variable
Total
Fixed
Marginal
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is the sum of average fixed and average variable costs?
AFC
AVC
ATC
MC
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the short run, if a firm produces one additional unit of output and its total cost increases, what is this increase called?
Fixed cost
Variable cost
Average total cost
Marginal cost
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A firm's average fixed cost decreases as the level of output increases because:
Variable costs decrease
Fixed costs remain the same
Total costs increase
Marginal costs decrease
5.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
At a certain level of output, a firm's average variable cost is $10, and its average total cost is $15. What is the firm's average fixed cost at this level of output?
$5
$10
$15
$25
6.
DRAW QUESTION
3 mins • 1 pt
Draw an example of MC, ATC, and AVC that illustrate diminishing marginal returns.
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