Multiple choice questions #2

E.Economic costs include a} explicit cost b} opportunity costs c} implicit costs d} accounting costs e} all of the above TJvlarginal product and average product intersect at a} the maximum average product b} the minimum average product c} the maximum marginal product d} the minimum marginal product e} none of the above B.Economic prot exist Iwhen a} price is greater than average variable cost b} price is greater than average xed cost c} price is greater than average total cost d} price equals average variable cost e} none of the above Q.When the percentage change in inputs leads to a smaller percentage change in outputs, that is referred to as a} constant returns to scale b} decreasing returns to scale c} increasing retums to scale d} marginal retums to scale e} none of the above 1t}.Which of the following is true a} accounting prot = economic prot +explicit costs b} accounting prot = total revenue -imp|icit costs c} economic prot = total revenue [explicit costs - implicit costs] d} economic prot =accounting prot explicit costs e} none of the above