
Average Variable Cost and Fixed Costs
Interactive Video
•
Business
•
10th - 12th Grade
•
Practice Problem
•
Hard
Jackson Turner
Used 1+ times
FREE Resource
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10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What defines the short-run for a business?
A period of six months
A period of one year
The variability of factors of production
The amount of profit made
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an implicit cost?
Rent
Salaries
Utility bills
Opportunity cost
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a fixed cost?
Interest on loans
Utility bills
Transport cost
Raw material cost
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the shape of the total fixed cost curve?
U-shaped
Constant
Downward sloping
Upward sloping
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why does the average fixed cost curve slope downward?
Because fixed costs decrease with output
Due to the law of diminishing returns
Because fixed costs are spread over more units of output
Due to increasing returns to scale
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What causes the average variable cost curve to have a U-shape?
Law of diminishing returns
Constant returns to scale
Fixed costs
Increasing returns to scale
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the numerical example, what is the average variable cost when 3 workers are hired?
£10
£5
£6.67
£4.28
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