Economists generally define the short run as being that period of time in which at least one
Question:
Economists generally define the short run as being
| that period of time in which at least one of the firm's inputs, usually plant size, is fixed. |
| that period of time in which all inputs are variable. |
| any period of time less than one year. |
| any period of time less than six months. |
Flag this Question
Question 122 pts
Suppose that one worker can produce 15 cookies, two workers can produce 35 cookies together, and three workers can produce 65 cookies together. What is the marginal product of the 3rd worker?
| 21.67 cookies |
| 65 cookies |
| 30 cookies |
| 35 cookies |
Flag this Question
Question 132 pts
The marginal cost curve intersects
| the average fixed cost curve at its minimum. |
| the average total cost curve at its maximum. |
| the minimum of the average fixed cost, average variable cost and the average total cost curves. |
| the minimum of the average variable cost and average total cost curves. |
Flag this Question
Question 142 pts
Which of the following equals the amount of money a firm receives from the next unit sold?
| Total cost |
| Average revenue |
| Demand |
| Marginal revenue |
Flag this Question
Question 152 pts
Firms maximize profit when they produce a level of output where
| MR > MC |
| MR < MC |
| TR > TC |
| MR = MC |
Flag this Question
Question 162 pts
Economic profit can be calculated as
| total revenue - explicit costs. |
| total revenue - implicit costs. |
| total revenue - explicit costs - implicit costs. |
| total revenue - fixed costs. |
Flag this Question
Question 172 pts
A horizontal long-run average cost curve indicates
| diseconomies of scale. |
| constant marginal physical product. |
| constant returns to scale. |
| economies of scale. |
Flag this Question
Question 182 pts
Economies of scale exist where the long-run average cost curve is
| horizontal. |
| downward sloping. |
| upward sloping. |
| tangent to the marginal cost curve. |
Flag this Question
Question 192 pts
Suppose that a firm is currently producing 1,000 units of output. At this level of output, AVC is $1 per unit, and TFC is $500. What is the firm's TC?
| $1000 |
| $1500 |
| $501 |
| $499 |
Flag this Question
Question 202 pts
Total revenue is equal to
| Price x Cost |
| Price x Quantity |
| Price / Cost |
Expert Answer:
1 Answer that period of time in which at least one firm inputs usually plant size is fixed Explanati... View the full answer
