Q8 Winnie - Question 1 0 out of 1 points In the above...

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Question 1 0 out of 1 points In the above long-run average total cost curve the: Selected Answer: [None Given] Correct Answer: movement from B to C reflects diseconomies of scale. Question 2 0 out of 1 points Refer to the above diagram. This firm's average fixed costs are:
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Selected Answer: [None Given] Correct Answer: the vertical distance between AVC and ATC. Question 3 0 out of 1 points Answer the next question(s) on the basis of the accompanying table that shows average total costs (ATC) for a manufacturing firm whose total fixed costs are $10: Refer to the above data. The average variable cost of 4 units of output is: Selected Answer: [None Given] Correct Answer: $28.50. Question 4 0 out of 1 points The relationship between marginal cost and average fixed cost is such that: Selected Answer: [None Given] Correct Answer: MC may either rise or fall as AFC declines. Question 5 0 out of 1 points The first, second, and third workers employed by a firm add 24, 18, and 9 units to total product respectively. Therefore, the: Selected Answer: [None Given] Correct Answer: marginal product of the third worker is 9. Question 6 0 out of 1 points
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In the above figure, curves 1, 2, 3, and 4 represent the: Selected Answer: [None Given] Correct Answer: MC, ATC, AVC, and AFC curves respectively. Question 7 0 out of 1 points Use the following cost information for the Creamy Crisp Donut Company to answer questions 16-23: Entrepreneur's potential earnings as a salaried worker = $50,000 Annual lease on building = $22,000 Annual revenue from operations = $380,000 Payments to workers = $120,000 Utilities (electricity, water, disposal) costs = $8,000 Entrepreneur's potential economic profit from the next best entrepreneurial activity = $80,000 Entrepreneur's forgone interest on personal funds used to finance the business = $6,000 Refer to the above data. Creamy Crisp: Selected Answer: [None Given] Correct Answer: is earning an economic profit. Question 8 0 out of 1 points
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Answer the next question(s) on the basis of the following information: Refer to the above information. Total cost is: Selected Answer: [None Given] Correct Answer: Question 9 0 out of 1 points Assume that in the short run a firm is producing 100 units of output, has average total costs of $200, and average variable costs of $150. The firm's total fixed costs are: Selected Answer: [None Given] Correct Answer: $5,000. Question 10 0 out of 1 points Marginal product is: Selected Answer: [None Given] Correct Answer: the increase in total output attributable to the employment of one more worker. Question 1 0 out of 1 points The minimum efficient scale of a firm: Selected Answer: [None Given] Correct Answer: is the smallest level of output at which long-run average total cost is minimized. Question
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This note was uploaded on 02/10/2011 for the course ECON 201 taught by Professor Ron during the Spring '10 term at Edmonds Community College.

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Q8 Winnie - Question 1 0 out of 1 points In the above...

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