Section A: True/False Questions 1. Total revenue equals the quantity of output the firm produces times the price at which it sells its output. 2. Wages and salaries paid to workers are an example of implicit costs of production. 3. If total revenue 100, explicit costs are $50, and implicit costs are $30, then accounting profit equals $50. 4. If there are implicit costs of production, accounting profits will exceed economic profits. 5. Ifa firm continues to employ more workers within the same size factory, it will eventually experience diminishing marginal product. 6. Fixed costs plus variable costs equal total costs. 7. The efficient scale for a firm is the quantity of output that minimizes marginal cost. 8. In the long run, as a firm expands its production facilities, it generally first experiences diseconomies of scale, then constant returns to scale, and finally economies of scale