Kahoot Midterm 2

question

if a firm's total revenue just covers its implicit and explicit costs of production, the

answer

economic profit is zero

question

in the short run, total output in an industry

answer

can vary by using a fixed amount of capital more or less intensively

question

average fixed cost

answer

declines continually as output increases

question

in the long run

answer

all costs are variable

question

A decrease in the long-run average total cost as output is

answer

economies of scale

question

If MC > ATC in the short run, then which is likely to be true?

answer

ATC is increasing

question

which of the following would be an implicit cost for a firm?

answer

the costs of wages foregone by the owner of the firm

question

If a firm increases all of its inputs by 16 percent and its output increases by 18 percent, then

answer

it is encountering economies of scale

question

If a firm increases all of its inputs by 10 percent and its output increases by 10 percent, then

answer

it is encountering constant returns to scale

question

accounting profit is typically

answer

> economic profit because the former doesn't consider implicit costs

question

A perfectly competitive firm does not try to raise its price above the market price because

answer

it would not be able to sell its output

question

The representative firm in a perfectly competitive industry

answer

will earn a normal profit in the long run

question

In long-run equilibrium, a perfectly competitive firm will operate where

answer

P = MR = MC = minimum ATC

1 of 13

question

if a firm's total revenue just covers its implicit and explicit costs of production, the

answer

economic profit is zero

question

in the short run, total output in an industry

answer

can vary by using a fixed amount of capital more or less intensively

question

average fixed cost

answer

declines continually as output increases

question

in the long run

answer

all costs are variable

question

A decrease in the long-run average total cost as output is

answer

economies of scale

question

If MC > ATC in the short run, then which is likely to be true?

answer

ATC is increasing

question

which of the following would be an implicit cost for a firm?

answer

the costs of wages foregone by the owner of the firm

question

If a firm increases all of its inputs by 16 percent and its output increases by 18 percent, then

answer

it is encountering economies of scale

question

If a firm increases all of its inputs by 10 percent and its output increases by 10 percent, then

answer

it is encountering constant returns to scale

question

accounting profit is typically

answer

> economic profit because the former doesn't consider implicit costs

question

A perfectly competitive firm does not try to raise its price above the market price because

answer

it would not be able to sell its output

question

The representative firm in a perfectly competitive industry

answer

will earn a normal profit in the long run

question

In long-run equilibrium, a perfectly competitive firm will operate where

answer

P = MR = MC = minimum ATC

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Kahoot Midterm 2

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