micro t or f answers

micro t or f answers - Introduction to Microeconomic Theory...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Introduction to Microeconomic Theory Possible Quiz Questions, Chapter 13-14 True/False Indicate whether the sentence or statement is true or false. __F__ 1. When economists speak of a firm's costs, they are usually excluding the opportunity costs. __T__ 2. Implicit costs are costs that do not require an outlay of money by the firm. __F__ 3. Economists and accountants both include forgone income as a cost to a small business owner. ___F_ 4. The shape of the total cost curve is unrelated to the shape of the production function. __F__ 5. Diminishing marginal product exists when the total cost curve becomes flatter as outputs increases. __T__ 6. Diminishing marginal product exists when the production function becomes flatter as inputs increase. ___T_ 7. Fixed costs are incurred even when a firm does not produce anything. __T__ 8. Variable costs equal fixed costs when nothing is produced. __F__ 9. The average total cost curve is unaffected by diminishing marginal product. __T__ 10. The average total cost curve reflects the shape of both the average fixed cost and average variable cost curves. __F__ 11. If the marginal cost curve is rising, then so is the average total cost curve.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This homework help was uploaded on 04/18/2008 for the course ECON 0110 taught by Professor Kenkel during the Spring '08 term at Pittsburgh.

Page1 / 2

micro t or f answers - Introduction to Microeconomic Theory...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online