micro t or f answers

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

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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.
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