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ch11 output and costs testbank - C h a p t e r 10 5 A B C D...

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337 10 OUTPUT AND COSTS Decision Time Frames Topic: Short Run Skill: Recognition 1) The short run is a period of time in which A) the quantities of some resources the firm uses are fixed. B) the amount of output is fixed. C) prices and wages are fixed. D) nothing the firm does can be altered. Answer: A Topic: Short Run Skill: Recognition 2) The short run is a period of time in which Topic: Short Run Skill: Recognition 3) The short run is a time frame in which Topic: Short Run Skill: Conceptual 4) An example of a variable resource in the short run is Topic: Sunk Cost Skill: Recognition 5) A cost that has already been made and cannot be recovered is called a A) variable cost. B) fixed cost. C) sunk cost. D) marginal cost. Answer: C Topic: Long Run Skill: Recognition 6) The long run is a time frame in which Topic: Long Run Skill: Conceptual 7) In the long run, a firm can vary Topic: Long Run Skill: Recognition 8) The long run is distinguished from the short run in that, in the long run, C h a p t e r
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3 3 8 C H A P T E R 1 0 Short-Run Technology Constraint Topic: Marginal Product of Labor Skill: Analytical 9) The marginal product of labor is the increase in total product from a A) one unit increase in the quantity of labor, while holding the quantity of capital constant. B) one unit increase in the quantity of labor, while also increasing the quantity of capital by one unit. C) one dollar increase in the wage rate, while hold- ing the price of capital constant. D) one percent increase in the wage rate, while also increasing the price of capital by one percent. Answer: A Topic: Marginal Product of Labor Skill: Recognition
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