...output produced is fixed. C) there is...
...some resources are fixed, and others can...
...Answer: E 3) Fixed inputs are those...
...purchased only in fixed quantity lots (e.g.,...
...the A) minimum cost of producing a...
...curve involve equal cost to the firm....
...the quantity of fixed input constant. B)...
...the quantity of fixed input employed, holding...
...of variable and fixed inputs. D) change...
...change in the cost of the variable...
...worker. A) marginal cost; marginal cost B)...
...marginal cost; marginal cost B) average cost;...
...cost B) average cost; average cost C)...
...average cost; average cost C) marginal product;...
...the higher the cost of producing each...
...C 24) Total fixed cost can be...
...24) Total fixed cost can be defined...
...C 25) Marginal cost is calculated as...
...as A) total cost divided by output....
...increase in total cost divided by the...
...increase in total cost divided by the...
...D) total variable cost minus total fixed...
...cost minus total fixed cost. E) the...
...minus total fixed cost. E) the increase...
...increase in total cost divided by the...
...increase in variable cost. Answer: B 7...
...Swanky's short-run total cost schedule. The average...
...schedule. The average fixed cost of producing...
...The average fixed cost of producing 9...
...Swanky's short-run total cost schedule. The average...
...The average total cost of producing 16...
...Swanky's short-run total cost schedule. When output...
...sweaters, the marginal cost of one of...
...average and marginal cost curves. The average...
...The average variable cost curve is represented...
...30) Average variable cost is at a...
...minimum. E) marginal cost is at a...
...which average variable cost is decreasing is...
...which A) marginal cost is increasing. B)...
...increasing. B) average fixed cost is decreasing....
...B) average fixed cost is decreasing. C)...
...33) The marginal cost (MC) curve intersects...
...D 34) Marginal cost is the amount...
...that A) total cost increases when one...
...is hired. B) fixed cost increases when...
...hired. B) fixed cost increases when one...
...hired. C) variable cost increases when one...
...hired. D) total cost increases when one...
...is produced. E) fixed cost increases when...
...produced. E) fixed cost increases when one...
...D 35) Marginal cost can be specified...
...of plant is fixed. B) all resources...
...all resources are fixed. D) a firm...
...B) average total cost remains constant. C)...
...C) average total cost increases at the...
...D) long-run average cost remains constant. E)...
...E) long-run average cost rises at the...
...short-run average total cost curves for four...
...the average total cost for the largest...
...short-run average total cost curves for four...
...lowest average total cost for an output...
...long-run average total cost of production. An...
...long-run average total cost of production when...
...sentence. Long-run total cost is A) the...
...long-run total variable cost. B) the same...
...as long-run total fixed cost. C) equal...
...long-run total fixed cost. C) equal to...
...to long-run total fixed cost plus long-run...
...long-run total fixed cost plus long-run variable...
...plus long-run variable cost. D) equal to...
...to long-run total fixed cost minus long-run...
...long-run total fixed cost minus long-run variable...
...minus long-run variable cost. E) equal to...
...to short-run total cost. Answer: A 15...