chapter 8 quiz questions

12 cards

chapter 8 quiz questions the costs of production


 
  
Created Mar 30, 2009
by
cmckiss

 

 
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  Side A   Side B
1
the marginal cost curve first declines and then increases because of:
 
increasing then diminishing marginal returns
2
the vertical distnace between atc and avc meaures
 
average fixed cost
3
atc:
 
afc+avc
4
when the marginal cost curve lies
 
above the atc curve ATC rises
5
the unlabled red curve in this figure illustrate
 
short run average total cost curves of plant sizes available to a particular firm
6
the unlabled red curves in this figure derive thier shapes from
 
increasing, then decreasing short run returns
7
the long run ATC curve in this figure derives it shape from
 
economies, then diseconomies of scale
8
the long run atc curve is oftern called the firms
 
planning curve
9
which of the following is an assumption underlying these figures?
 
workers are of equal quality
10
marginal product is
 
the change in total product divided by the change in the quantity of labor
11
marginal product in graph B.  is zero when
 
the slope of the total product curve in graph a is zero
12
average product in graph b.
 
rises when it is less than marginal product


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