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Cost Chapter Practice

Authored by Munshi Afzal

Social Studies

University

Used 2+ times

Cost Chapter Practice
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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Average fixed cost

Fixed cost per unit of output
Total fixed cost divided by quantity of output produced
Variable cost per unit of output
Total cost divided by quantity of output produced

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following cost relationships is not true?

Average fixed cost is constant at all levels of output.
Average total cost is the sum of average fixed cost and average variable cost.
Average variable cost decreases as output increases.
Average fixed cost increases as output decreases.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When a firm increased its output by one unit, its AFC decreased. This is an indication that

The firm's average variable cost decreased.
The firm's fixed cost is spread over a larger number of units.
The firm's total cost is spread over a larger number of units.
The firm's variable cost is spread over a larger number of units.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the average fixed cost?

Fixed cost per unit of output

Total fixed cost divided by quantity of output produced

Variable cost per unit of output

Total cost divided by quantity of output produced

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following cost relationships is not true?

Average fixed cost is constant at all levels of output.

Average total cost is the sum of average fixed cost and average variable cost.

Average variable cost decreases as output increases.

Average fixed cost increases as output decreases.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When a firm increased its output by one unit, its AFC decreased. This is an indication that

The firm's average variable cost decreased.

The firm's fixed cost is spread over a larger number of units.

The firm's total cost is spread over a larger number of units.

The firm's variable cost is spread over a larger number of units.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the average variable cost?

Fixed cost per unit of output

Total fixed cost divided by quantity of output produced

Variable cost per unit of output

Total cost divided by quantity of output produced

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