AGEC 324 Economic Decision Making

question

Costs that fluctuate based on the number of products/services sold or produced by a business.

answer

Variable Costs

question

This curve demonstrates the lowest point at which
a business is able to produce a given quantity of
output in the long run

answer

Long-Run Average Cost Curve

question

The term ______ refers to the sensitivity of a product to changes in price in the market.

answer

Elasticity

question

The long-run decision making rule is to produce so
long as expectations are that price received per unit equals ________ and exceeds or equals Average Total Cost.

answer

Marginal Cost

question

ALL costs should be considered when determining whether or not to begin or continue a business for this economic decision making rule.

answer

Long-Run

question

Only the variable costs should be considered for this economic decision making rule.

answer

Short-Run

question

A ______ market is a market with many buyers and sellers.

answer

Competitive

question

In the short-run a firm should continue to operate if price exceeds _______________.

answer

Average Variable Costs

question

In the __________ firms will produce if the market price covers at least variable costs.

answer

Short-Run

question

Costs that are NOT dependent on the number of products/services sold or produced by a business.

answer

Fixed Costs

question

The combined sum of costs that do and do NOT vary with the production of products/services by a business.

answer

Total Cost

1 of 11

question

Costs that fluctuate based on the number of products/services sold or produced by a business.

answer

Variable Costs

question

This curve demonstrates the lowest point at which
a business is able to produce a given quantity of
output in the long run

answer

Long-Run Average Cost Curve

question

The term ______ refers to the sensitivity of a product to changes in price in the market.

answer

Elasticity

question

The long-run decision making rule is to produce so
long as expectations are that price received per unit equals ________ and exceeds or equals Average Total Cost.

answer

Marginal Cost

question

ALL costs should be considered when determining whether or not to begin or continue a business for this economic decision making rule.

answer

Long-Run

question

Only the variable costs should be considered for this economic decision making rule.

answer

Short-Run

question

A ______ market is a market with many buyers and sellers.

answer

Competitive

question

In the short-run a firm should continue to operate if price exceeds _______________.

answer

Average Variable Costs

question

In the __________ firms will produce if the market price covers at least variable costs.

answer

Short-Run

question

Costs that are NOT dependent on the number of products/services sold or produced by a business.

answer

Fixed Costs

question

The combined sum of costs that do and do NOT vary with the production of products/services by a business.

answer

Total Cost

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AGEC 324 Economic Decision Making

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