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Chapter 8 Quiz Questions

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


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