Econ Chapter 21 - Custom Scholars
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Econ Chapter 21

question
Which of the following requests represents a long run adjustment
answer
construction of a new assembly line plant by car manufacturer
question
Which of the following explains most clearly why business owners have a strong incentive to strive for operational efficiency
answer
As residual claimants, owners will receive higher income from increased efficiency
question
The short run average total cost curve of a firm will tend to be U shaped because
answer
at low levels of output, AFC will be high while at high levels of output MC will be high as a result of diminishing returns
question
The law of diminshing returns
answer
explains why marginal cost eventually increases as output expands
question
A student bought a used car for $10,000 and resold it one year later for $6,500. Insurance, license, and operating costs for the year were $1,500. What was his economic cost of owning and operating the car for the year if the market rate of interest was 10 percent?
answer
6,000
question
In the short run, if average variable cost equals $50, average total cost equals $75, and output equals 100, the total fixed cost must be
answer
$2500
question
A downward-sloping portion of a long-run average total cost curve is the result of
answer
Economies of scale
question
Which of the following is most likely to be an implicit cost of production?
answer
Interest income foregone on funds invested in the firm by the owners
question
Which of the following would shifta firms short run cost curve downwards
answer
an advance in technology
question
When costs that vary with the level of output are divided by the output, you have calculated
answer
Average Variable Cost
1 of 10
question
Which of the following requests represents a long run adjustment
answer
construction of a new assembly line plant by car manufacturer
question
Which of the following explains most clearly why business owners have a strong incentive to strive for operational efficiency
answer
As residual claimants, owners will receive higher income from increased efficiency
question
The short run average total cost curve of a firm will tend to be U shaped because
answer
at low levels of output, AFC will be high while at high levels of output MC will be high as a result of diminishing returns
question
The law of diminshing returns
answer
explains why marginal cost eventually increases as output expands
question
A student bought a used car for $10,000 and resold it one year later for $6,500. Insurance, license, and operating costs for the year were $1,500. What was his economic cost of owning and operating the car for the year if the market rate of interest was 10 percent?
answer
6,000
question
In the short run, if average variable cost equals $50, average total cost equals $75, and output equals 100, the total fixed cost must be
answer
$2500
question
A downward-sloping portion of a long-run average total cost curve is the result of
answer
Economies of scale
question
Which of the following is most likely to be an implicit cost of production?
answer
Interest income foregone on funds invested in the firm by the owners
question
Which of the following would shifta firms short run cost curve downwards
answer
an advance in technology
question
When costs that vary with the level of output are divided by the output, you have calculated
answer
Average Variable Cost
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