Econ Quizzes for Chapter 3-4 - Custom Scholars
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# Econ Quizzes for Chapter 3-4

question
The graph of Average Total Cost will have what on the horizontal axis?

Output

question

What is Profit

The difference between total revenues and total costs
question
Marginal cost is equal to
The change in total cost divided by the change in output
question

The opportunity cost of attending college is:

How much the student could earn in the next best alternative job
question
What are Fixed costs
Do not change with the level of output
question
The cattle feedlot industry is an example of
Constant cost industry
question
The oil industry is an example of:
An increasing cost industry
question
The graph of average variable cost has what on the vertical axis?
Dollars per unit of output
question
If a fixed amount of input cost is spread over an increasing amount of output, the average fixed cost (AFC) curve will be
downward sloping
question
For a firm with typical cost curves:
the ATC decreases then increases
question
In the model where profit maximizing producers choose input levels, profit can best be described as

TRP – TFactorC

question
Comparing benefits and costs of a decision incrementally, or one unit at a time, is known as
marginal analysis
question
perfectly competitive market with many buyers and sellers results in
fixed and constant prices
question
The additional value of output obtained from an additional unit of variable input is:
marginal revenue product
question
Perfect competition assumes all except the following
profits
question
X0 is the profit maximizing input level
False
question
For producers in perfect competition, Marginal Factor Cost = Price of X
True
question
What does X* represent?
Optimal X level that maximizes profit
question
The profit maximizing level of X is found where:
Where MRP = MFC, as long as MRP is decreasing
question
How is Total Revenue Product calculated

by multiplying TPP by output price

1 of 20
question
The graph of Average Total Cost will have what on the horizontal axis?

Output

question

What is Profit

The difference between total revenues and total costs
question
Marginal cost is equal to
The change in total cost divided by the change in output
question

The opportunity cost of attending college is:

How much the student could earn in the next best alternative job
question
What are Fixed costs
Do not change with the level of output
question
The cattle feedlot industry is an example of
Constant cost industry
question
The oil industry is an example of:
An increasing cost industry
question
The graph of average variable cost has what on the vertical axis?
Dollars per unit of output
question
If a fixed amount of input cost is spread over an increasing amount of output, the average fixed cost (AFC) curve will be
downward sloping
question
For a firm with typical cost curves:
the ATC decreases then increases
question
In the model where profit maximizing producers choose input levels, profit can best be described as

TRP – TFactorC

question
Comparing benefits and costs of a decision incrementally, or one unit at a time, is known as
marginal analysis
question
perfectly competitive market with many buyers and sellers results in
fixed and constant prices
question
The additional value of output obtained from an additional unit of variable input is:
marginal revenue product
question
Perfect competition assumes all except the following
profits
question
X0 is the profit maximizing input level
False
question
For producers in perfect competition, Marginal Factor Cost = Price of X
True
question
What does X* represent?
Optimal X level that maximizes profit
question
The profit maximizing level of X is found where:
Where MRP = MFC, as long as MRP is decreasing
question
How is Total Revenue Product calculated

by multiplying TPP by output price

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