Econ. Principle of economics

If a firm is operating under consant returns to scale, a 10% increase in all given inputs rsults in a(n) ____ increase in output
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If a firm is operating under consant returns to scale, a 10% increase in all given inputs rsults in a(n) ____ increase in output
10%
The long-run average total cost curv is derived from the ____ points of tangency of each of the short-run ATC curves
minimum
Labor ____ allows workers to become even more proficient in their tasks as they work at fewer tasks
specialization
With sufficient time, new firms enter or existing firms exit an industry in the ____ run
long
____ costs are payments made by firms to attract the resources they need away from alternate production opportunites
Opportunity and Economic
Increased ____ becomes more achievable as a plant increase in size
specialization in the use of labor
The ____ curve's shape is determined by technology and the resulting economies and diseconomies of scale
long-run ATC
When ____ product is zero, total product is at a maximum
marginal
Assuming technology and production techniques are fixed and cannot change, if beyond some point of production, a firm experience declining units of additional output with each additional unit of labor input, then the firm is experiencing the law of
diminishing marginal costs
Which of the following is an example of labor specialization?
-Workers can work full-time on the tasks for which they have unique skills
-Each worker may now have just one task instead of five or six
-Hiring more workers means jobs can be divided and subdivided
A firm's monetary payments to those who supply transportation services is an example ofexplicit costsResource supply and demand resourceprices____ (one word) product is the change in total product divided by the change in labor inputMarginalWhich of the following resources can a firm easily and quickly adjust?-Hourly labor -Raw materials -FuelExplicit costs are the monetary payments made to the owners of-labor -capital -resources -land____ and ____ costs are what firms pay for the inputs they use when producing outputExplicit; implicit____ costs are the firm's opportunity costs of using its self-owned, self-employed resourcesimplicit____ determines resource pricesResource supply and demandWhich of the following are examples of implicit costs?-Forgone rent -Forgone wagesEach short-run ATC curve point that touches the long-run ATC curve, also known as a planning curve, shows the ____ unit cost attainable for different output levels when the firm has had time to make all desired changes to its plant sizelowest____ costs are the explicit and implicit payments a firm must make, or the incomes it must provide, to attract the resources it needs away from alternative production opportuniteseconomicUnder the definition of long run, all resources and inputs arevariableWhich of the following are ways that industries and firms can change the amounts of inputs used in the long-run?-An industry can change its overall capacity -An industry can make major complex technological production advances -A firm can build a larger plant____ product of labor is total product divided by units of laboraverageResource supply and demand determine resourceprices____ states that as successive units of a variable resource are added to a fixed resource, beyond some point, the marginal product will declineThe law of diminishing marginal returnsWhat is the difinition of explicit costs?-A firm's monetary payments made for the use of resources owned by others -A firm's monetary payments to those who supply labor services, materials, fuel, and transportation servicesIf the change in total product is 10 units and the change in labor inputs is 1, what is marginal product?10What are the components of plant capacity?-Amount of machinery and equipment -Size of the factory buildingHow can industries and firms adjust their use of inputs in the long run?Industries and firms can increase or decrease their overall capacity and plant capacity, respecitvelyIf a total product is 30 and units of labor are 3, then the average product of labor is:10The shape of a long-run average total cost curve points to the number and size of ____ in an industryfirmsWhich of the following defines constant returns to scale?The unchanging average total cost of producing a product as the firm expands the size of its plant (its output) in the long runIn the ____ run, a firm can increase its output by adding units of laor to its fixed plantshortWhat types of costs do firms incur when producing products?implicit, explicit____ costs are the monetary payments a firm makes to those who provide the factors or inputs to productionexplicitGreater labor specialization has which of the following effects?It eliminates the loss of time that occurs whenever a worker shifts from one task to anotherWhat is the definition of accounting profit?Accounting profit is what remains after a firm has paid its explicit costsWhich of the following would incur an explicit cost?-Raw materials -Utility usage -LaborHigh-volume production and being a large-scale producer are economic justifications for:-the purchase of efficient capital -labor specialization -managerial specializationWhich of the following types of resources that require more time for a firm to adjust, given a change in demand?-size of the factory -amount of machineryHeavy industries, such as aluminum and steel, exhibit the pattern of declining long-run average total costsdecliningWhich resource requires the most time for a firm to adjust, given a change in demand?Plant capacityWhich of the following best defines economic costs?The incomes the firm must provide to resource suppliers to attract resources away from alternative usesThe slope of long-run total cost curves can change because of:Different economies of scale over a broad range of outputThe occurrence of ____ and ____ of scales are important determinants of an industry's structureeconomies ; diseconomiesAverage product is also referred to as laborproductivityWhat is the definition of total product (TP)?The total quantity, or total output, of a particular good or service producedOver what period of time can an industry and firms in that industry adjust all resource inputs used?The long-runLabor _____ allows workers to becomes even more proficient in their tasks as they work at fewer tasksspecializationExplicit costs are the monetary payments made to the owners of-labor -resources -capital -landIf a firm is operating under constant returns to scale, a 10% increase in all given inputs results in a(n) ____% increase in output10Forgone entrepreneurial income is an exmaple of a(n)implicit cost____ costs are the firm's opportunity of costs of using its self-owned, self-employed resourcesimplicitThe long-run average total cost curve's shape is determined by ____ and the resulting economies and diseconomies of scaletechnologyWhich of the following industries highlight the pattern of declining long-run average total costs?-automobile -steel -aluminumTotal ____ profit is what remains after a firm has paid its explicit costsaccountingSociety's economizing problem involves the use of hwich of the following factors of production?-labor -capital -entrepreneurial ability -landHow does labor specialization allow a worker to become even more proficient?allows a worker to focus on more tasks to become a jack-of-all-tradesFrom a firm's perspective, what are economic costs?The payments a firm must make or the incomes it must provide to attract the resources it needs away from alternative production opportunitesWhen ____ product is zero, total prodcut is at a maximummarginal