7th quiz

7th quiz

University

30 Qs

quiz-placeholder

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7th quiz

7th quiz

Assessment

Quiz

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University

Practice Problem

Hard

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30 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In the short run

existing firms do not face limits imposed by a fixed input

all firms have costs that they must bear regardless of their output

new firms can enter an industry

existing firms can exit an industry

Answer explanation

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which type of cost does not depend on a firm's output?

fixed cost

variable cost

total cost

marginal cost

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which type of cost does depend on a firm's output?

variable cost

total cost

marginal cost

all of the above

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Economists usually assume that ________ is a fixed input in the ________ run.

labor; short

capital; short

labor; long

capital; long

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Total variable cost ________ as output increases, and total fixed cost ________ as output increases.

increases; increases

increases; decreases

increases; does not change

does not change; does not change

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The formula for total fixed cost is

TFC = TC + TVC

TFC = TVC -TC

TFC = TC/TVC

TFC = TC -TVC

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Total cost is calculated as

the sum of total fixed cost and total variable cost

the product of average total cost and price

the sum of all the firm's explicit costs

the sum of average fixed cost and average variable cost

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