Unit 2.11 Market power - Theory of production and costs (HL)

Unit 2.11 Market power - Theory of production and costs (HL)

12th Grade

15 Qs

quiz-placeholder

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Unit 2.11 Market power - Theory of production and costs (HL)

Unit 2.11 Market power - Theory of production and costs (HL)

Assessment

Quiz

Other

12th Grade

Medium

Created by

Simon Bloom

Used 1+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the time period where at least one factor of production is fixed?

Short run

Long run

Medium run

Variable run

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the law that states when a variable factor is added to a given set of fixed factors, there is a point where the marginal product of the extra unit falls?

Law of increasing returns

Law of diminishing returns

Law of constant returns

Law of variable returns

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the output per unit of labor input known as?

Average product

Total product

Marginal product

Variable product

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the opportunity cost that exists in every business decision-making situation called?

Indirect costs

Direct costs

Explicit costs

Implicit costs

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which cost is known as the stated money value arising from the use of resources by firms?

Explicit costs

Indirect costs

Direct costs

Implicit costs

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the time period where all factors of production are variable?

Short run

Long run

Medium run

Variable run

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the change in total product when one extra unit of labor is added called?

Average product

Marginal product

Variable product

Total product

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