In any business, production and cost are two pivotal processes regarding a business's success and profit. You need to be making sure that the cost of your production does not outweigh the money being brought in. So, let's see how much knowledge do you have about the topic.
True
False
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True
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True
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True
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True
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True
False
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Implicit costs
Explicit costs
The sum of the implicit and explicit costs
Marginal costs
Variable costs
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All costs are fixed in the long run
All costs are variable in the long run
All costs are fixed in the short run
All costs are variable in the short run
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Wages paid to factory labor
Payment on the lease for factory equipment
Rent on the factory
Interest payments on borrowed financial capital
Salaries paid to upper management
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Average fixed costs are rising
Average total costs are falling
Average total costs are are rising
average total costs are minimized
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True
False
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Slope upward
Be U-shaped
Slope downward
Be flat (horizontal)
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Implicit costs
Explicit costs
The sum of implicit and explicit costs
Marginal costs
Variable costs
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Economic profit will exceed accounting profit
Accounting profit will exceed economic profit
Economic profit and accounting profit will be equal
Economic profit will always be zero
Accounting profit will always be zero
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Average total cost
Marginal cost
Average fixed cost
Average variable cost
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Economies of scale
Constant returns to scale
Diseconomies of scale
An increase in average total costs
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True
False
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True
False
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True
False
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Becomes flatter as the quantity of the input increases
Becomes steeper as the quantity of the input increases
Is linear (a straight line)
Could be any of the above
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Becomes flatter as the quantity of output increases
Become steeper as the quantity of output increases
Is linear (a straight line)
Could be any of the above
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True
False
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True
False
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