Assignment #6

Assignment #6 - Name_ Student ID_ Econ 003: Microeconomics...

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Name___________________________________ Student ID_______________________________ Econ 003: Microeconomics Assignment # 06 Choose the one alternative that best completes the statement or answers the question. 1. The difference between the short run and the long run is: a. Some factors of production are fixed in the long run but these can change in the short run. b. Some factors are production of fixed in the short run but these can change in the long run. c. All factors are variable in the short run and these are all fixed in the long run. d. Nothing can change in the short run but every thing can change in the long run. 2. The example of implicit cost is a. interest paid by a firm on bank loan b. wages paid to workers c. utility bills d. rent that could have been earned on a building owned and used by the firm. 3. When a firm increases quantities of each of its inputs by 10% and finds that output has increased by 30%, then the firm’s technology is described by a. increasing returns to scale
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This note was uploaded on 04/10/2008 for the course ECON 003 taught by Professor Das during the Spring '08 term at UC Riverside.

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Assignment #6 - Name_ Student ID_ Econ 003: Microeconomics...

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