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Micro Econ Ch. 9 Quiz
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Multiple Choice Questions
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$150,000.
0%
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:
0%
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:
0%
The total output of a firm will be at a maximum where:
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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.
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Economic profits are calculated by subtracting:
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Which of the following is most likely to be a fixed cost?
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Which of the following is a short-run adjustment?
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To the economist, total cost includes:
Fuel and power payments.
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Which of the following is most likely to be a fixed cost?
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Which of the following is most likely to be a variable cost?
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Which of the following is a short-run adjustment?
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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.
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Marginal cost is the:
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Marginal product:
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Marginal product is:
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A natural monopoly exists when:
it is encountering economies of scale.
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If a firm increases all of its inputs by 10 percent and its output increases by 15 percent, then:
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To economists, the main difference between the short run and the long run is that:
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Implicit and explicit costs are different in that:
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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.
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Dis-economies of scale arise primarily because:
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To economists, the main difference between the short run and the long run is that:
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Which of the following best expresses the law of diminishing returns?
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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.
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Marginal product:
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Marginal cost is the:
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Normal profit is:
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Marginal product is:
may initially increase, then diminish, and ultimately become negative.
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Normal profit is:
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Marginal cost is the:
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Marginal product is:
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Marginal product:
a money payment made for resources not owned by the firm itself.
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An explicit cost is:
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Fixed cost is:
0%
Normal profit is:
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Marginal cost is the:
relationship between resource inputs and product outputs in the short run.
0%
Implicit and explicit costs are different in that:
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The law of diminishing returns describes the:
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The basic characteristic of the short run is that:
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Which of the following is a short-run adjustment?
$136,000.
0%
The total output of a firm will be at a maximum where:
0%
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:
0%
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:
0%
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.
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Fixed cost is:
0%
Normal profit is:
0%
An explicit cost is:
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Marginal cost is the:
change in total cost that results from producing one more unit of output.
0%
Marginal product is:
0%
Normal profit is:
0%
Marginal cost is the:
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Marginal product:
Forgone rent from the building owned and used by Company X.
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The law of diminishing returns describes the:
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Which of the following is most likely to be a fixed cost?
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Which of the following is most likely to be an implicit cost for Company X?
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Which of the following best expresses the law of diminishing returns?
the former refer to non expenditure costs and the latter to monetary payments.
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The basic characteristic of the short run is that:
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Marginal product is:
0%
Implicit and explicit costs are different in that:
0%
Dis-economies of scale arise primarily because:
Q1Q3.
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In the diagram, the range of diminishing marginal returns is:
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Which of the following is most likely to be a variable cost?
0%
The total output of a firm will be at a maximum where:
0%
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.
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Which of the following best expresses the law of diminishing returns?
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Which of the following is most likely to be a fixed cost?
0%
Which of the following is a short-run adjustment?
0%
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.
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The basic characteristic of the short run is that:
0%
Dis-economies of scale arise primarily because:
0%
Implicit and explicit costs are different in that:
0%
The total output of a firm will be at a maximum where:
0 h : 0 m : 1 s
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