econ

econ

1st Grade

9 Qs

quiz-placeholder

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econ

econ

Assessment

Quiz

Business

1st Grade

Practice Problem

Hard

Created by

Riz .

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9 questions

Show all answers

1.

FILL IN THE BLANK QUESTION

1 min • 1 pt

It says that as successive increments of a variable resource are added to a fixed cost, the marginal product of the variable resource will eventually decline.

2.

FILL IN THE BLANK QUESTION

1 min • 1 pt

a short -run horizon phenomena caused by fixed of at least one factor of production such as land, plant, building, and machineries

3.

FILL IN THE BLANK QUESTION

1 min • 1 pt

means that the marginal cost is increasing, and the increasing marginal cost leads to increasing average costs that will result to decreasing profit.

4.

FILL IN THE BLANK QUESTION

1 min • 1 pt

mean that the long-run average costs are constant or does not change in relation to the output. A certain increase in inputs will have same increase in output.

5.

FILL IN THE BLANK QUESTION

1 min • 1 pt

means that the long-run average costs rise. it is an increase in all inputs, let us say 15%, that will result to a less than proportionate increase in output, let us consider less than 15%. It may occur at a very large output.

6.

FILL IN THE BLANK QUESTION

1 min • 1 pt

means that long run average cost falls, if all inputs are increased at the same proportion, output may increase by a larger proportion than the increase in input due to some factors that may lead to lower average costs.

7.

FILL IN THE BLANK QUESTION

1 min • 1 pt

between two products occur if the cost of producing two products jointly is less than the cost of producing those two products separately:

Cost (Q1, Q2) < Cost(Q1) + Cost (Q2)

8.

FILL IN THE BLANK QUESTION

1 min • 1 pt

between two products occur if the cost of producing two products jointly is higher than the cost of producing them separately:

Cost (Q1, Q2) > Cost (Q1) + Cost (Q2)

9.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Diminishing marginal returns is a long-run horizon factors of production can be changed including buildings, size and number of plants and others which means that the marginal cost becomes a variable cost.

TRUE

FALSE