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Figure: A Firm's Cost Curves
Reference: Ref 11-17
(Figure: A Firm's Cost Curves) Look at the figure A Firm's Cost Curves. The curve
labeled W represents the firm's ________ curve.
218. Multiple Choice: Figure: A Firm's Cost Curves Referenc...
Question Figure: A Firm's Cost Curves
Reference: Ref 11-17
(Figure: A Firm's Cost Curves) Look at the figure A Firm's Cost Curves. The curve X
represents the firm's ________ curve.
Points: 0
219. Multiple Choice: The long-run average total cost curve...
Question The long-run average total cost curve is tangent to an infinite number of:
220. Multiple Choice: At the long-run quantity of output, w...
Question At the long-run quantity of output, where the long-run average total cost curve is at its
lowest point, it is tangent to the ________ of the corresponding short-run average total
cost curve.
221. Multiple Choice: At quantities less than the long-run ...
Question At quantities less than the long-run least cost per unit of output, the long-run average
total cost curve is ________ of the corresponding short-run average total cost curve.
222. Multiple Choice: At quantities greater than the long-r...
Question At quantities greater than the long-run least cost per unit of output, the long-run average
total cost curve is ________ of the corresponding short-run average total cost curve.
Points: 0
Points: 0
Points: 0
Points: 0
223. Multiple Choice: Figure: Long-Run and Short-Run Averag...
Question Figure: Long-Run and Short-Run Average Cost Curves
Reference: Ref 11-18
(Figure: Long-Run and Short-Run Average Cost Curves) Look at the figure Long-Run and
Short-Run Average Cost Curves. If a firm faced the long-run average total cost curve
shown in the figure and it expected to produce 100,000 units of the good in the long run,
the firm should build the plant associated with:
224. Multiple Choice: Figure: Long-Run and Short-Run Averag...
Question
Points: 0
Points: 0
Figure: Long-Run and Short-Run Average Cost Curves
Reference: Ref 11-18
(Figure:Long-Run and Short-Run Average Cost Curves ) Look at the figure Long-Run and
Short-Run Average Cost Curves. If a firm is producing at point C on the ATC2 but
anticipates increasing output to 225,000 units in the long run, the firm will build a
________ plant and have ________.
225. Multiple Choice: In the long run, all costs are:
Question In the long run, all costs are:
226. Multiple Choice: In the long run:
Question In the long run:
Points: 0
Points: 0
227. Multiple Choice: The long-run average cost curve will ...
Question The long-run average cost curve will be upward sloping when the firm is experiencing:
228. Multiple Choice: Reference: Ref 11-19 (Table: Long-Ru...
Question
Reference: Ref 11-19
(Table: Long-Run Total Cost) Look at the table Long-Run Total Cost. Over what range of
output does this soybean grower experience constant returns to scale?
229. Multiple Choice: When an increase in the firm's output...
Question When an increase in the firm's output reduces its long-run average total cost, it
achieves:
Points: 0
Points: 0
Points: 0
230. Multiple Choice: A university that benefits from lower...
Question A university that benefits from lower costs per enrolled student as it builds more
buildings and enrolls more students is an example of a service provider with:
231. Multiple Choice: The slope of a long-run average total...
Question The slope of a long-run average total cost curve exhibiting diseconomies of scale is:
232. Multiple Choice: When diseconomies of scale occur, the:
Question When diseconomies of scale occur, the:
233. Multiple Choice: Figure: Long-Run Average Cost Referen...
Question
Points: 0
Points: 0
Points: 0
Points: 0
Figure: Long-Run Average Cost
Reference: Ref 11-20
(Figure: Long-Run Average Cost) Look at the figure Long-Run Average Cost. This firm
has ________ in the output region from 0 to A.
234. Multiple Choice: Figure: Long-Run Average Cost Referen...
Question Figure: Long-Run Average Cost
Reference: Ref 11-20
(Figure: Long-Run Average Cost) Look at the figure Long-Run Average Cost. This firm
has ________ in the output region from A to B.
235. Multiple Choice: Figure: Long-Run Average Cost Referen...
Question
Points: 0
Points: 0
Figure: Long-Run Average Cost
Reference: Ref 11-20
(Figure: Long-Run Average Cost) Look at the figure Long-Run Average Cost. This firm
has ________ in the output region from B to C.
236. Multiple Choice: Figure: Long-Run Average Cost Referen...
Question Figure: Long-Run Average Cost
Reference: Ref 11-20
(Figure: Long-Run Average Cost) Look at the figure Long-Run Average Cost. This firm
has ________ in the output region from 0 to A.
237. Multiple Choice: Figure: Long-Run Average Cost Referen...
Question
Points: 0
Points: 0
Figure: Long-Run Average Cost
Reference: Ref 11-20
(Figure: Long-Run Average Cost) Look at the figure Long-Run Average Cost. This firm
has ________ in the output region from B to C.
238. Multiple Choice: A firm that is able to utilize more e...
Question A firm that is able to utilize more efficiently its inputs as it increases production in the
long run is an example of:
239. Multiple Choice: A firm that has diminishing returns i...
Question A firm that has diminishing returns in the management's ability to use and disseminate
information as it increases production in the long run is an example of:
240. Multiple Choice: It is common in large beer breweries ...
Points: 0
Points: 0
Points: 0
Question It is common in large beer breweries for the long-run average total cost to decline as
output increases. This indicates that many breweries operate under:
241. Multiple Choice: Buffalo Aircraft doubles the amount o...
Question Buffalo Aircraft doubles the amount of all of the inputs it uses—the factory doubles in
size and twice as many workers are hired. After this expansion, the number of aircraft
produced triples. This means that Buffalo Aircraft is operating with:
242. Multiple Choice: The long-run average total cost of pr...
Question The long-run average total cost of producing 100 units of output is $4, while the long-run
average cost of producing 110 units of output is $4. These numbers suggest that the
firm producing this output has:
243. Multiple Choice: The U-shape of the long-run average t...
Question The U-shape of the long-run average total cost curve is primarily due to:
Points: 0
Points: 0
Points: 0
244. Multiple Choice: When an increase in the firm's output...
Question When an increase in the firm's output reduces its long-run average total cost, it
undergoes:
245. Multiple Choice: If your firm is operating in the nega...
Question If your firm is operating in the negatively sloped portion of a long-run average total cost
curve, then your production exhibits:
246. Multiple Choice: A manufacturing company that benefits...
Question A manufacturing company that benefits from lower costs per unit as it grows is an
example of a firm exhibiting:
247. Multiple Choice: If a firm has lower costs per unit as...
Question If a firm has lower costs per unit as it increases production in the long run, this is an
example of:
Points: 0
Points: 0
Points: 0
Points: 0
248. Multiple Choice: The slope of a long-run average total...
Question The slope of a long-run average total cost curve exhibiting decreasing returns to scale
is:
249. Multiple Choice: Decreasing and increasing returns to ...
Question Decreasing and increasing returns to scale account for the shape of the:
250. Multiple Choice: The slope of a long-run average total...
Question The slope of a long-run average total cost curve exhibiting increasing returns to scale is:
251. Multiple Choice: Reference: Ref 11-21 (Table: Workers...
Question
Points: 0
Points: 0
Points: 0
Points: 0
Reference: Ref 11-21
(Table: Workers and Output) After graduation you achieve your dream of opening your
own art shop that specializes in selling mud statues. You pay $10 per day on a loan
from your uncle, and you pay $10 per day to each of your workers (who make the mud
statues). After careful study, you determine the production information in the table. The
fixed cost of producing 25 statues is
252. Multiple Choice: Reference: Ref 11-21 (Table: Workers...
Question
Reference: Ref 11-21
(Table: Workers and Output) After graduation you achieve your dream of opening your
own art shop that specializes in selling mud statues. You pay $10 per day on a loan
from your uncle, and you pay $10 per day to each of your workers (who make the mud
statues). After careful study, you determine the production information in the table. The
variable cost of producing 25 statues is
Points: 0
253. Multiple Choice: Reference: Ref 11-21 (Table: Workers...
Question
Reference: Ref 11-21
(Table: Workers and Output) After graduation you achieve your dream of opening your
own art shop that specializes in selling mud statues. You pay $10 per day on a loan
from your uncle, and you pay $10 per day to each of your workers (who make the mud
statues). After careful study, you determine the production information in the table. The
total cost of producing 25 statues is
254. Multiple Choice: Reference: Ref 11-21 (Table: Workers...
Question
Reference: Ref 11-21
(Table: Workers and Output) After graduation you achieve your dream of opening your
own art shop that specializes in selling mud statues. You pay $10 per day on a loan
from your uncle, and you pay $10 per day to each of your workers (who make the mud
statues). After careful study, you determine the production information in the table. The
variable cost of producing 43 statues is
Points: 0
Points: 0
255. Multiple Choice: Reference: Ref 11-21 (Table: Workers...
Question
Reference: Ref 11-21
(Table: Workers and Output) After graduation you achieve your dream of opening your
own art shop that specializes in selling mud statues. You pay $10 per day on a loan
from your uncle, and you pay $10 per day to each of your workers (who make the mud
statues). After careful study, you determine the production information in the table. The
total cost of producing 43 statues is
256. Multiple Choice: Reference: Ref 11-21 (Table: Workers...
Question
Reference: Ref 11-21
(Table: Workers and Output) After graduation you achieve your dream of opening your
own art shop that specializes in selling mud statues. You pay $10 per day on a loan
from your uncle, and you pay $10 per day to each of your workers (who make the mud
statues). After careful study, you determine the production information in the table. The
variable cost of producing 48 statues is
Points: 0
Points: 0
257. Multiple Choice: Reference: Ref 11-21 (Table: Workers...
Question
Reference: Ref 11-21
(Table: Workers and Output) After graduation you achieve your dream of opening your
own art shop that specializes in selling mud statues. You pay $10 per day on a loan
from your uncle, and you pay $10 per day to each of your workers (who make the mud
statues). After careful study, you determine the production information in the table. The
total cost of producing 48 statues is
$10
258. Multiple Choice: Reference: Ref 11-21 (Table: Workers...
Question
Reference: Ref 11-21
(Table: Workers and Output) Look at the table Workers and Output. After graduation
you achieve your dream of opening your own art shop that specializes in selling mud
statues. You pay $10 per day on a loan from your uncle, and you pay $10 per day to
each of your workers (who make the mud statues). After careful study, you determine
the production information in the table. How many workers should you hire to minimize
your marginal costs?
Points: 0
Points: 0
259. Multiple Choice: Reference: Ref 11-22 (Table: Output ...
Question
Reference: Ref 11-22
(Table: Output and Costs) Look at the table Output and Costs. Using the information in
the table, when output increases from one to two, marginal cost equals:
260. Multiple Choice: Reference: Ref 11-22 (Table: Output ...
Question
Reference: Ref 11-22
(Table: Output and Costs) Look at the table Output and Costs. Using the information in
the table, when output equals four, total variable cost equals:
Points: 0
Points: 0
261. Multiple Choice: Reference: Ref 11-22 (Table: Output ...
Question
Reference: Ref 11-22
(Table: Output and Costs) Look at the table Output and Costs. Using the information in
the table, when output equals three, average total cost equals:
262. Multiple Choice: Reference: Ref 11-23 (Table: Costs o...
Question
Reference: Ref 11-23
(Table: Costs of Producing Bagels) Look at the table Cost of Producing Bagels. The
total cost of producing six bagels is:
Points: 0
Points: 0
263. Multiple Choice: Reference: Ref 11-23 (Table: Costs o...
Question
Reference: Ref 11-23
(Table: Costs of Producing Bagels) Look at the table Cost of Producing Bagels. The
marginal cost of producing the sixth bagel is:
264. Multiple Choice: Reference: Ref 11-23 (Table: Costs o...
Question
Points: 0
Points: 0
Reference: Ref 11-23
(Table: Costs of Producing Bagels) Look at the table Cost of Producing Bagels.
Marginal cost reaches its minimum value for the ________ bagel.
265. Multiple Choice: Reference: Ref 11-23 (Table: Costs o...
Question
Reference: Ref 11-23
(Table: Costs of Producing Bagels) Look at the table Cost of Producing Bagels.
Average total cost reaches its minimum value for the ________ bagel.
Points: 0
