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Dontillia
Questions (795)
Which of the following statements is correct?
Total revenue is simply price multiplied by the fixed cost that the firm decides to
1 answer
6 views
In the short run, all firms __________.
face substantial variable costs if no output is produced have costs that they must bear
1 answer
4 views
Which of the following statements is correct?
To calculate potential profits, firms only utilize existing sales data and hope for
1 answer
4 views
_________is/are considered an input of production.
labor electricity steel used in manufacturing automobile
1 answer
4 views
__________is/are considered an input of production.
1 answer
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Which of the following statements is correct?
Diseconomies of scale can occur because of the difficulties in managing large
1 answer
4 views
If a factory installs new production equipment that produces goods more efficiently than workers, __________.
the factory will
1 answer
5 views
Firms must pay for the __________ that they use to produce the goods or services that they sell.
land marginal propensity to
1 answer
5 views
Which of the following is an example of business inputs?
Finished units of the good being produced Sales Revenue Machinery and
1 answer
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The long-run average total cost curve __________.
graphically demonstrates the relationship between marginal cost and the level
1 answer
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_________________is a useful measure of worker productivity.
1 answer
5 views
Capital and labor __________.
are not utilized in manufacturing goods are not useful to the economy are considered output are
1 answer
5 views
________ is a useful measure of worker productivity.
Marginal Cost Maginal Revenue Average Product Total Product
1 answer
4 views
________ is a useful measure of worker productivity._
1 answer
5 views
Which of the following statements is correct?
Diseconomies of scale will occur when a company experiences improved efficiency
1 answer
4 views
For a perfectly competitive firm, __________.
MR = FC / Q marginal revenue is equal to approximately 50% of the market price of
1 answer
7 views
Which of the following statements is correct?
A perfectly competitive firm faces a perfectly elastic demand. Total revenue is
1 answer
5 views
In the short run, all firms __________.
do not have to pay fixed costs if there is no output produced face substantial variable
1 answer
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Capital and labor __________.
are considered output are important inputs of production are not utilized in manufacturing goods
1 answer
4 views
Capital and labor __________.
1 answer
4 views
Which of the following statements is correct?
To calculate potential profits, firms must combine their cost analyses with
1 answer
4 views
For a perfectly competitive firm, marginal revenue is equal to
variable cost TR x FC TR + VC the market price of the product
1 answer
7 views
For a perfectly competitive firm, marginal revenue is equal to
1 answer
6 views
Which of the following statements is correct?
In the long run, all inputs are fixed. In the long run, all inputs are variable. In
1 answer
4 views
Which of the following statements is incorrect?
Average fixed cost (AFC), average variable cost (AVC), and average total cost
1 answer
8 views
Which of the following statements is correct?
Improvements in technology increase worker productivity, holding other variables
1 answer
6 views
Which of the following statements or formula is correct?
Total fixed cost is always increasing as production increases. Marginal
1 answer
4 views
Why are the average total cost (ATC) and average variable cost (AVC) curves graphically represented by U-shaped curves?
As the
1 answer
4 views
Which of the following statements is correct?
Average fixed cost is always decreasing as production increases. Average fixed cost
1 answer
4 views
Which of the following is true about average total cost (ATC)?
Average total cost (ATC) is the cost of production per unit of
1 answer
3 views
If total fixed cost is equal to $1,000 and there are 100 units being produced, average fixed cost is equal to_________
1 answer
4 views
Which of the following assumptions is important in studying production in a perfectly competitive market?
In the long run, all
1 answer
4 views
Which of the following cost curves is represented by a graph that decreases and then increases as the level of output increases?
1 answer
4 views
Which of the following statements is correct?
In the long run, all inputs are fixed. Each of the average cost variables is
1 answer
6 views
If average variable costs is equal to $237 and average fixed cost is equal to $64.25, then average total cost is_______
1 answer
5 views
hich of the following statements is correct?
Average fixed cost is represented graphically as a U-Shaped curve. Fixed cost
1 answer
4 views
Which of the following statements is correct?
Improvements in technology decrease worker productivity, holding other variables
1 answer
6 views
Why are the average total cost (ATC) and average variable cost (AVC) curves graphically represented by U-shaped curves?
1 answer
5 views
Why are the average total cost (ATC) and average variable cost (AVC) curves graphically represented by U-shaped curves?
They
1 answer
9 views
Which of the following statements is incorrect?
Average fixed cost (AFC) increases as quantity increases. Average variable cost
1 answer
5 views
Which of the following is represented graphically by a horizontal line as production increases?
Average variable cost TFC = TC
1 answer
5 views
Which of the following would likely be utilized when calculating economic profit?
Elasticity of demand Total revenue Foregone
1 answer
5 views
Which of the following formulas is correct?
Total costs × Variable costs = Fixed costs Fixed costs + Variable costs = Total
1 answer
5 views
Which of the following is a cost that represents a fixed cost for a clothing factory whose labor needs fluctuate as production
1 answer
2 views
Which of the following formulas is correct?
Marginal revenue = Δ TR + Δ Q Marginal cost = Δ TC / Δ Q Average revenue = Total
1 answer
5 views
If the total revenue is equal to $5,000 and the quantity sold is equal to 250, the average revenue is equal to__________
1 answer
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If 1,000 units are produced at a total cost of $7,000, the average cost per unit is equal to_____
1 answer
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If the profit maximization assumption holds true, then __________.
average costs, total costs, and marginal costs will be
1 answer
5 views
Why is it important for a firm to understand the full scope of revenues and costs that are incurred?
To calculate its production
1 answer
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Charlie’s Coffee Cabana has total fixed costs of $400 per month and total variable costs of $1,200 per month. Charlie sells
1 answer
2 views
Which of the following is a cost that represents a variable cost for a clothing factory whose labor needs to fluctuate as
1 answer
6 views
Which of the following is the equation that best describes the formula needed to calculate accounting profit?
= total revenues
1 answer
4 views
Which of the following is a cost that represents a fixed cost for a clothing factory whose labor needs fluctuate as production
1 answer
5 views
Which of the following is a cost that represents a variable cost for a clothing factory whose labor needs to fluctuate as
1 answer
4 views
Kate’s Kites manufactures kites at a manufacturing cost of $1.07 per kite. Which of the following statements is true?
Given the
1 answer
4 views
Why is it important for a firm to understand the full scope of revenues and costs that are incurred?
To calculate its production
1 answer
3 views
Which of the following would likely be utilized when calculating economic profit?
Total revenue Implicit costs Elasticity of
1 answer
5 views
If revenue = $100, fixed costs = $20, labor costs = $40, and other variable costs = $5, then profit =________
1 answer
6 views
Which of the following would be classified as a variable cost?
Freight costs associated with transporting finished goods from the
1 answer
3 views
Which of the following formulas is correct?
Total variable costs × Total labor costs = Other variable costs Total costs = Total
1 answer
6 views
John’s Jelly Bean Jungle currently employs 10 workers and manufactures 100,000 pounds of jelly beans each year. The workers
1 answer
3 views
Firms make important decisions every day to successfully produce output by combining units of __________.
elasticity implicit
1 answer
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Which of the following is a limiting assumption of the model of perfect competition?
Each firm is a pure price taker. Each firm
1 answer
4 views
When you divide total product by the number of workers, the result is the __________ product.
total additional average marginal
1 answer
3 views
John’s Jelly Bean Jungle currently employs 10 workers and manufactures 100,000 pounds of jelly beans each year. The workers
1 answer
2 views
When exploring the relationships between inputs and outputs in economic theory, which of the following is a variable that is
1 answer
5 views
As the variable input of production is increased, __________.
the total product will increase unless the marginal product is
1 answer
2 views
All else held constant, if a firm hires more workers, __________.
labor costs will decrease the average product may increase or
1 answer
3 views
The amount of output produced per worker is the __________ product.
total average additional marginal
1 answer
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The total units of output divided by the total units of labor is equal to___________
1 answer
2 views
Which of the following may help explain why a firm is experiencing increasing marginal returns?
More efficient workers Poorly
1 answer
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Which of the following statements is true about the average product?
It is defined as the additional output gained from hiring
1 answer
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When exploring the relationships between inputs and outputs in economic theory, which of the following is a variable that is
1 answer
5 views
Diminishing marginal returns __________.
occur when each additional worker hired is becoming more productive than the previous
1 answer
2 views
Which of the following is a limiting assumption of the model of perfect competition?
There is significant brand loyalty amongst
1 answer
4 views
John’s Jelly Bean Jungle currently employs 10 workers and manufactures 100,000 pounds of jelly beans each year. The workers
1 answer
2 views
All else held constant, if a firm hires more workers, __________.
the average product will always be increasing it will tend to
1 answer
2 views
When you divide total product by the number of workers, the result is the __________ product.
average marginal total additional
1 answer
2 views
Which of the following concepts can be demonstrated graphically and is relevant to a firm’s decision-making process of finding
1 answer
6 views
The additional output that is derived from hiring additional units of labor is known as_________
1 answer
1 view
Initially, the total product curve is_______
exponential concave derived convex
1 answer
1 view
Initially, the total product curve is___________.
1 answer
1 view
Initially, the total product curve is
1 answer
2 views
Diminishing marginal returns __________.
hold true when “capital is fixed” is a key assumption occur in the long run occur
1 answer
1 view
John’s Jelly Bean Jungle currently employs 10 workers and manufactures 100,000 pounds of jelly beans each year. The workers
1 answer
2 views
As the variable input of production is increased, __________.
the total product will increase unless the marginal product is
1 answer
1 view
When you divide total product by the number of workers, the result is the __________ product.
total average additional marginal
1 answer
1 view
The total units of output divided by the total units of labor is equal to
the average product the total product the marginal
1 answer
1 view
The total units of output divided by the total units of labor is equal to
1 answer
2 views
The additional output that is derived from hiring additional units of labor is known as________
1 answer
2 views
Which of the following statements is true about the average product?
It cannot be represented graphically. It is not subject to
1 answer
2 views
Which of the following is one of the four competitive market structures?
Economic trading Partial competition Monopoly Oligarchy
1 answer
2 views
Which of the following is a characteristic of an industry that is classified as a monopolistic competition?
The product sold
1 answer
3 views
Which of the following industries is a real-world example of oligopolies?
Commercial airlines Fast-food restaurants in a large
1 answer
3 views
Which of the following is an example of barriers to entry?
Marginal costs Property tax relief granted by the government to
1 answer
2 views
Which of the following terms represents a market that has more than one firm?
Monopolist firm A firm that possesses a legal
1 answer
4 views
Which of the following industries is a real-world example of monopolies?
Commercial airline Agricultural vendor Fitness center in
1 answer
1 view
Which of the following is a characteristic of a monopolistic competition?
Firms have no market power. There are relatively low
1 answer
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Markets can vary widely based on key characteristics, such as __________.
changes in individual tastes and preferences barriers
1 answer
4 views
Which of the following is a characteristic of a monopoly?
Monopoly is not a market structure that is frequently observed in the
1 answer
3 views
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