Create an account
Which of the following holds true?
C. when AP is rising AVC falling, and when AP is falling AVC is rising
If a firm doubles its output in the long run and it's unit costs of production decline, we can conclude that:
B. economies of scale are being realized.
The vertical distance between a firm's ATC and AVC curves represent
B. AFC, which decreases as output increases
diagram. where variable inputs of labor are being added to a constant amount of property resources. MC will be at a minimum for this firm when hiring:
C. Q1 workers
diagram. for output level Q, per unit costs of B are:
D. obtainable and imply least-cost production of this output
If an industry's long-run ATC has an extended range of constant returns to scale this implies that:
C. both relatively small and relatively large firms can be viable in the industry.
If you operated a small bakery, which of the following would be a VC in the short run?
baking supplies (flour, salt, etc.)
Which of the following is correct?
D. Marginal product rises faster than average product and also falls faster than average product.
If a firm wanted to know how much it would save by producing one less unit of output it would look to:
The 1st, 2nd, and 3rd workers by a firm add 24, 18, and 9 unites to total production respectively. Therefore, the:
A. Marginal product of the 3rd worker is 9
Please allow access to your computer’s microphone to use Voice Recording.
Having trouble? Click here for help.
We can’t access your microphone!
Click the icon above to update your browser permissions and try again
Reload the page to try again!Reload
Press Cmd-0 to reset your zoom
Press Ctrl-0 to reset your zoom
It looks like your browser might be zoomed in or out. Your browser needs to be zoomed to a normal size to record audio.
Please upgrade Flash or install Chrome
to use Voice Recording.
For more help, see our troubleshooting page.
Your microphone is muted
For help fixing this issue, see this FAQ.
Star this term
You can study starred terms together