...able to maximize total profit. C) the...
...C 4) The total product curve is...
...the A) minimum cost of producing a...
...E) change in total product for a...
...which illustrates Swanky's total product curve. Which...
...curve involve equal cost to the firm....
...illustrates Swanky's short-run total product curve. Which...
...the change in total product caused by...
...change in the cost of the variable...
...which represents Swanky's total product curve. The...
...which represents Swanky's total product curve. The...
...firm increases the total units of labour...
...result, the firm's total output increases from...
...slope of the total product curve. C)...
...average product minus total product. Answer: B...
...13) If the total product of three...
...214 and the total product of four...
...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;...
...increasing. C) the total product curve is...
...product is zero, total product is minimized....
...the increase in total product divided by...
...used. B) the total product divided by...
...slope of the total product curve. D)...
...difference between the total product and marginal...
...the higher the cost of producing each...
...Answer: C 24) Total fixed cost can...
...24) Total fixed cost can be defined...
...C 25) Marginal cost is calculated as...
...calculated as A) total cost divided by...
...as A) total cost divided by output....
...the increase in total cost divided by...
...increase in total cost divided by the...
...the increase in total cost divided by...
...increase in total cost divided by the...
...of capital. D) total variable cost minus...
...D) total variable cost minus total fixed...
...variable cost minus total fixed cost. E)...
...minus total fixed cost. E) the increase...
...the increase in total cost divided by...
...increase in total cost divided by the...
...increase in variable cost. Answer: B 7...
...represents Swanky's short-run total cost schedule. The...
...Swanky's short-run total cost schedule. The average...
...The average fixed cost of producing 9...
...represents Swanky's short-run total cost schedule. The...
...Swanky's short-run total cost schedule. The average...
...schedule. The average total cost of producing...
...The average total cost of producing 16...
...represents Swanky's short-run total cost schedule. When...
...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)...
...B) average fixed cost is decreasing. C)...
...33) The marginal cost (MC) curve intersects...
...D 34) Marginal cost is the amount...
...amount that A) total cost increases when...
...that A) total cost increases when one...
...hired. B) fixed cost increases when one...
...hired. C) variable cost increases when one...
...is hired. D) total cost increases when...
...hired. D) total cost increases when one...
...produced. E) fixed cost increases when one...
...D 35) Marginal cost can be specified...
...same rate, A) total output remains constant....
...constant. B) average total cost remains constant....
...B) average total cost remains constant. C)...
...constant. C) average total cost increases at...
...C) average total cost increases at the...
...D) long-run average cost remains constant. E)...
...E) long-run average cost rises at the...
...the short-run average total cost curves for...
...short-run average total cost curves for four...
...represents the average total cost for the...
...the average total cost for the largest...
...the short-run average total cost curves for...
...short-run average total cost curves for four...
...the lowest average total cost for an...
...lowest average total cost for an output...
...firm's long-run average total cost of production....
...long-run average total cost of production. An...
...scale. D) constant total costs. E) constant...
...the long-run average total cost of production...
...long-run average total cost of production when...
...following sentence. Long-run total cost is A)...
...sentence. Long-run total cost is A) the...
...same as long-run total variable cost. B)...
...long-run total variable cost. B) the same...
...same as long-run total fixed cost. C)...
...long-run total fixed cost. C) equal to...
...equal to long-run total fixed cost plus...
...long-run total fixed cost plus long-run variable...
...plus long-run variable cost. D) equal to...
...equal to long-run total fixed cost minus...
...long-run total fixed cost minus long-run variable...
...minus long-run variable cost. E) equal to...
...equal to short-run total cost. Answer: A...
...to short-run total cost. Answer: A 15...