Economics Chapter 11 Multiple Choice The Ushap The Long run Average

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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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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