Micro-Economics Ch 12-16 Review

Micro-Economics Ch 12-16 Review - Chapter 12 Review 1 The...

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Chapter 12 Review 1. The short run is defined as a: A) period of time less than 1 year. B) period of time less than 6 months. C) planning period in which some inputs are considered to be fixed in quantity. D) time period in which some inputs are fixed, but it cannot exceed 1 year. 2. The marginal cost curve is the mirror image of the: Chapter 12 Review Chapter 12 Review 3. A input whose quantity cannot be changed during a particular period is a(n): Chapter 12 Review 4. Average variable cost is the ratio of:
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Chapter 12 Review 5. If marginal cost is equal to average total cost, then: A) average total cost is increasing. B) average total cost is at its maximum. C) average total cost is at its minimum. D) marginal cost is increasing. Chapter 12 Review Chapter 12 Review 6. (Figure: Long-Run Average Cost) Output per period in the region from O to A indicates that a firm is experiencing: Chapter 12 Review 7. (Figure: Long-Run Average Cost) Output per period in the region B to C indicates that a firm is experiencing:
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