Question: this is prep test, I don't know some of them would someone can help me please ? 1. In the momentary time frame a. Price

this is prep test, I don't know some of them would someone can help me please ?


1. In the momentary time frame a. Price is fixed b. Demand is fixed c. Quantity is fixed d. Nothing is fixed 2. Cost that does not change with quantity is a. Fixed Cost b. Variable Cost c. Marginal Cost d. Budgeted Cost 3. Which of the following are true: a. VC =FC + TC b. TC =FC + VC c. MC =FC + AVC d. FC = VC+ TC 4. AFC = a. FC/p b. FC/u . FC/c d. FC/q 5. A curve that shows the minimum cost to produce products given the ideal size facilities is the a. Short-Run Marginal Cost Curve b. Long-Run Marginal Cost Curve c. Short-Run Average Cost Curve d. Long-Run Average Cost Curve 6. The cost of the next best use of a product is a. Opportunity Cost b. Economic Cost c. Alternate Cost d. Sunk Cost Use the following graphs for question 8 & 9.Use the following graphs for question & & 9. C. 7. Which curve should be labeled VC? 8. Which curve should be labeled TC? 9. A situation in which adding additional labor to fixed facilities results in 1... .arginal Title costs is a. Economies of Scale b. Diseconomies of Scale . Increasing Marginal Returns d. Diminishing Marginal Returns Use the questions below to label the curves. B A 10. AVC 11. AFC 12. MC ATC
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