Understanding Short-Run Costs in Economics

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Business
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11th Grade - University
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Hard
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7 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main difference between the short run and the long run in terms of production factors?
In the short run, all factors are flexible.
In the long run, no factors can be changed.
In the long run, at least one factor is fixed.
In the short run, at least one factor is fixed.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the short run, how can a manufacturing business increase its production?
By increasing only capital.
By reducing both labor and capital.
By increasing only labor.
By increasing both labor and capital.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to the marginal product when more workers are added without increasing capital?
It doubles with each worker added.
It decreases due to limited capital.
It increases indefinitely.
It remains constant.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is marginal cost calculated?
Total cost divided by total output.
Change in output divided by change in total cost.
Change in total cost divided by change in output.
Total output divided by total cost.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What shape does the marginal cost curve typically take due to diminishing returns?
A straight line.
A U-shape.
A downward slope.
An upward slope.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When the marginal cost is below the average cost curve, what happens to the average cost?
It remains unchanged.
It falls.
It becomes zero.
It rises.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is it important to distinguish between short run and long run costs?
Because they impact cost management and decision-making.
Because they influence production location.
Because they determine the number of employees.
Because they affect pricing strategies.
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