$150,000.
  • Answer the question on the basis of the following output data for a firm. Assume that the amounts of all non labor resources are fixed.Refer to the data. Diminishing marginal returns become evident with the addition of the:
  • The following is cost information for the Creamy Crisp Donut Company:Entrepreneur's potential earnings as a salaried worker = $50,000Annual lease on building = $22,000Annual revenue from operations = $380,000Payments to workers = $120,000Utilities (electricity, water, disposal) costs = $8,000Value of entrepreneur's talent in the next best entrepreneurial activity = $80,000Entrepreneur's forgone interest on personal funds used to finance the business = $6,000Refer to the data. Creamy Crisp's explicit costs are:
  • The total output of a firm will be at a maximum where:
  • The following is cost information for the Creamy Crisp Donut Company:Entrepreneur's potential earnings as a salaried worker = $50,000Annual lease on building = $22,000Annual revenue from operations = $380,000Payments to workers = $120,000Utilities (electricity, water, disposal) costs = $8,000Value of entrepreneur's talent in the next best entrepreneurial activity = $80,000Entrepreneur's forgone interest on personal funds used to finance the business = $6,000Refer to the data. Creamy Crisp's implicit costs, including a normal profit, are:
explicit and implicit costs.
  • Economic profits are calculated by subtracting:
  • Which of the following is most likely to be a fixed cost?
  • Which of the following is a short-run adjustment?
  • To the economist, total cost includes:
Fuel and power payments.
  • Which of the following is most likely to be a fixed cost?
  • Which of the following is most likely to be a variable cost?
  • Which of the following is a short-run adjustment?
  • Which of the following best expresses the law of diminishing returns?
unit costs are minimized by having one firm produce an industry's entire output.
  • Marginal cost is the:
  • Marginal product:
  • Marginal product is:
  • A natural monopoly exists when:
it is encountering economies of scale.
  • If a firm increases all of its inputs by 10 percent and its output increases by 15 percent, then:
  • To economists, the main difference between the short run and the long run is that:
  • Implicit and explicit costs are different in that:
  • Which of the following is most likely to be a variable cost?
in the long run all resources are variable, while in the short run at least one resource is fixed.
  • Dis-economies of scale arise primarily because:
  • To economists, the main difference between the short run and the long run is that:
  • Which of the following best expresses the law of diminishing returns?
  • If a firm increases all of its inputs by 10 percent and its output increases by 15 percent, then:
the increase in total output attributable to the employment of one more worker.
  • Marginal product:
  • Marginal cost is the:
  • Normal profit is:
  • Marginal product is:
may initially increase, then diminish, and ultimately become negative.
  • Normal profit is:
  • Marginal cost is the:
  • Marginal product is:
  • Marginal product:
a money payment made for resources not owned by the firm itself.
  • An explicit cost is:
  • Fixed cost is:
  • Normal profit is:
  • Marginal cost is the:
relationship between resource inputs and product outputs in the short run.
  • Implicit and explicit costs are different in that:
  • The law of diminishing returns describes the:
  • The basic characteristic of the short run is that:
  • Which of the following is a short-run adjustment?
$136,000.
  • The total output of a firm will be at a maximum where:
  • Answer the question on the basis of the following output data for a firm. Assume that the amounts of all non labor resources are fixed.Refer to the data. Diminishing marginal returns become evident with the addition of the:
  • The following is cost information for the Creamy Crisp Donut Company:Entrepreneur's potential earnings as a salaried worker = $50,000Annual lease on building = $22,000Annual revenue from operations = $380,000Payments to workers = $120,000Utilities (electricity, water, disposal) costs = $8,000Value of entrepreneur's talent in the next best entrepreneurial activity = $80,000Entrepreneur's forgone interest on personal funds used to finance the business = $6,000Refer to the data. Creamy Crisp's explicit costs are:
  • The following is cost information for the Creamy Crisp Donut Company:Entrepreneur's potential earnings as a salaried worker = $50,000Annual lease on building = $22,000Annual revenue from operations = $380,000Payments to workers = $120,000Utilities (electricity, water, disposal) costs = $8,000Value of entrepreneur's talent in the next best entrepreneurial activity = $80,000Entrepreneur's forgone interest on personal funds used to finance the business = $6,000Refer to the data. Creamy Crisp's implicit costs, including a normal profit, are:
any cost that does not change when the firm changes its output.
  • Fixed cost is:
  • Normal profit is:
  • An explicit cost is:
  • Marginal cost is the:
change in total cost that results from producing one more unit of output.
  • Marginal product is:
  • Normal profit is:
  • Marginal cost is the:
  • Marginal product:
Forgone rent from the building owned and used by Company X.
  • The law of diminishing returns describes the:
  • Which of the following is most likely to be a fixed cost?
  • Which of the following is most likely to be an implicit cost for Company X?
  • Which of the following best expresses the law of diminishing returns?
the former refer to non expenditure costs and the latter to monetary payments.
  • The basic characteristic of the short run is that:
  • Marginal product is:
  • Implicit and explicit costs are different in that:
  • Dis-economies of scale arise primarily because:
Q1Q3.
  • In the diagram, the range of diminishing marginal returns is:
  • Which of the following is most likely to be a variable cost?
  • The total output of a firm will be at a maximum where:
  • To the economist, total cost includes:
As successive amounts of one resource (labor) are added to fixed amounts of other resources (capital), beyond some point the resulting extra or marginal output will decline.
  • Which of the following best expresses the law of diminishing returns?
  • Which of the following is most likely to be a fixed cost?
  • Which of the following is a short-run adjustment?
  • Which of the following is most likely to be a variable cost?
the firm does not have sufficient time to change the size of its plant.
  • The basic characteristic of the short run is that:
  • Dis-economies of scale arise primarily because:
  • Implicit and explicit costs are different in that:
  • The total output of a firm will be at a maximum where:
0 h : 0 m : 1 s

Answered Not Answered Not Visited Correct : 0 Incorrect : 0