Econ Quizzes for Chapter 3-4

question

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

answer

Output

question

What is Profit

answer

The difference between total revenues and total costs

question

Marginal cost is equal to

answer

The change in total cost divided by the change in output

question

The opportunity cost of attending college is:

answer

How much the student could earn in the next best alternative job

question

What are Fixed costs

answer

Do not change with the level of output

question

The cattle feedlot industry is an example of

answer

Constant cost industry

question

The oil industry is an example of:

answer

An increasing cost industry

question

The graph of average variable cost has what on the vertical axis?

answer

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

answer

downward sloping

question

For a firm with typical cost curves:

answer

the ATC decreases then increases

question

In the model where profit maximizing producers choose input levels, profit can best be described as

answer

TRP – TFactorC

question

Comparing benefits and costs of a decision incrementally, or one unit at a time, is known as

answer

marginal analysis

question

perfectly competitive market with many buyers and sellers results in

answer

fixed and constant prices

question

The additional value of output obtained from an additional unit of variable input is:

answer

marginal revenue product

question

Perfect competition assumes all except the following

answer

profits

question

X0 is the profit maximizing input level

answer

False

question

For producers in perfect competition, Marginal Factor Cost = Price of X

answer

True

question

What does X* represent?

answer

Optimal X level that maximizes profit

question

The profit maximizing level of X is found where:

answer

Where MRP = MFC, as long as MRP is decreasing

question

How is Total Revenue Product calculated

answer

by multiplying TPP by output price

1 of 20

question

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

answer

Output

question

What is Profit

answer

The difference between total revenues and total costs

question

Marginal cost is equal to

answer

The change in total cost divided by the change in output

question

The opportunity cost of attending college is:

answer

How much the student could earn in the next best alternative job

question

What are Fixed costs

answer

Do not change with the level of output

question

The cattle feedlot industry is an example of

answer

Constant cost industry

question

The oil industry is an example of:

answer

An increasing cost industry

question

The graph of average variable cost has what on the vertical axis?

answer

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

answer

downward sloping

question

For a firm with typical cost curves:

answer

the ATC decreases then increases

question

In the model where profit maximizing producers choose input levels, profit can best be described as

answer

TRP – TFactorC

question

Comparing benefits and costs of a decision incrementally, or one unit at a time, is known as

answer

marginal analysis

question

perfectly competitive market with many buyers and sellers results in

answer

fixed and constant prices

question

The additional value of output obtained from an additional unit of variable input is:

answer

marginal revenue product

question

Perfect competition assumes all except the following

answer

profits

question

X0 is the profit maximizing input level

answer

False

question

For producers in perfect competition, Marginal Factor Cost = Price of X

answer

True

question

What does X* represent?

answer

Optimal X level that maximizes profit

question

The profit maximizing level of X is found where:

answer

Where MRP = MFC, as long as MRP is decreasing

question

How is Total Revenue Product calculated

answer

by multiplying TPP by output price

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Econ Quizzes for Chapter 3-4

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