Micro-Economics Ch 12 Questions

Micro-Economics Ch 12 Questions - Name: _ Date: _ 1. In the...

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Page 1 Name: __________________________ Date: _____________ 1. In the short run: A) all inputs are fixed. B) all inputs are variable. C) some inputs are fixed and some inputs are variable. D) all costs are variable. 2. The short run is a period that is: A) less than 1 week. B) less than 1 month. C) long enough in which to vary output but not plant capacity. D) long enough in which to make all economic adjustments. 3. In the long run: A) all inputs are fixed. B) inputs are neither variable nor fixed. C) at least one input is variable and one input is fixed. D) all inputs are variable. 4. An input whose quantity can be changed during a particular period is a(n): A) marginal input. B) fixed input. C) incremental input. D) variable input. 5. An input whose quantity cannot be changed during a particular period is a(n): A) marginal input. B) fixed input. C) incremental input. D) variable input. 6. A total product curve indicates the relationship between: A) a variable input and price. B) a variable input and variable cost. C) a variable input and output. D) output and price. 7. The total product curve: A) shows the relation between output and the quantity of a variable input for varying levels of the fixed input. B) will become flatter as output increases, if there are diminishing returns to the
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This note was uploaded on 12/02/2011 for the course ECONOMICS 202 taught by Professor Black during the Fall '08 term at Boise State.

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Micro-Economics Ch 12 Questions - Name: _ Date: _ 1. In the...

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