Mar12 - I-Clicker Questions 1) What is NOT a short run...

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I-Clicker Questions 1) What is NOT a short run decision to increase the supply of Honda Accord sedans in the US? Building a new assembly plant (takes longer than any other option) 2) Which statement is FALSE? The short run is one year, and anything longer is the long run. 3) At the current quantity, marginal cost is increasing but it is less than average total cost. What happens to average total cost if quantity increases? Decreases. 4) What is the total cost of 3 units of output (see chart at bottom)? $21 5) What is the average total cost of 2 units of output (see chart at bottom)? $5 6) What is the average variable cost of 4 units of output (see chart at bottom)? $3 7) What is the marginal cost when output increases from 1 to 2 (see chart at bottom)? $2 8) Which of the following statements is always true? When average total cost is decreasing, marginal cost is less than average total cost. 9)
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Mar12 - I-Clicker Questions 1) What is NOT a short run...

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