Economic 201 (Ch. 13) - Review Assessment: Chapter 13 Quiz...

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Review Assessment: Chapter 13 Quiz Submitted 3/2/08 11:50 PM Status Completed Score 14 out of 15 points Time Elapsed 0 hours, 30 minutes, and 57 seconds out of 1 hours and 45 minutes allowed. Instructions Note, you can open the quiz only once. Good luck. Question 1 1 out of 1 points Constant returns to scale occur when Selected Answer: long-run average total costs are constant as output increases. Correct Answer: long-run average total costs are constant as output increases. Question 2 1 out of 1 points Table 13-5 Measures of Cost for ABC Inc. Widget Factory Quantity of Widgets Variable Costs Total Costs Fixed Costs 0 $10 1 $ 1 2 $ 3 $13 3 $ 6 $16 4 $10 5 $25 6 $21 $10 Refer to Table 13-5 . What is the variable cost of producing zero widgets? Selected Answer: $0.00 Correct Answer: $0.00 Question 3 1 out of 1 points Which of the following costs do not vary with the amount of output a firm produces? Selected Answer: fixed costs Correct Answer: fixed costs
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Question 4 1 out of 1 points Figure 13-6 The curves below reflect information about the cost structure of a firm. Refer to Figure 13-6
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Economic 201 (Ch. 13) - Review Assessment: Chapter 13 Quiz...

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