Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password

Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.

Microeconomics- Ch10 Test

Enter the letter for the matching Answer
incorrect
1.
opportunities that could have generated revenue if the firm had invested its resources in another wat
incorrect
2.
an input that can be changed in the short run and that changes if the level of output changes
incorrect
3.
ATC does not change as output increases
incorrect
4.
ATC falls as output increases
incorrect
5.
Marginal Revenue=
incorrect
6.
Marginal Cost=
incorrect
7.
requires a firm to spend money
incorrect
8.
eventually marginal product follows the _____
incorrect
9.
What are the 3 problems that a firm must solve to achieve profit maximization?
incorrect
10.
Total Cost=
incorrect
11.
period of time when all of the firms inputs can be changed
incorrect
12.
suggests that if all firms have identical cost structures, all firms should earn zero economic profit in the long run
incorrect
13.
the amount that a firm receives from the sale of goods and services
incorrect
14.
if P < AVC
incorrect
15.
profit=
incorrect
16.
marginal product increases with ____
incorrect
17.
if AVC is less than or equal to P which is less than ATC
incorrect
18.
an input that cannot be changed in the short run and that stays the same regardless of how much output is produced
incorrect
19.
a firms total costs of operation has two components
incorrect
20.
Can marginal product be negative?
A.
fixed factor of production
B.
variable factor of production
C.
how to make the product, what is the cost of making the product, how much can the seller get for the product in the market
D.
TR-TC
E.
change in variable cost/ change in quantity
F.
Yes
G.
competitive market theory
H.
economies of scale
I.
implicit costs
J.
fixed cost + variable cost
K.
law of diminishing returns
L.
Total revenue
M.
the first couple of workers
N.
explicit and implicit costs
O.
constant returns to scale
P.
shut down in the short run
Q.
exit in the long run
R.
explicit costs
S.
change in TR/ change in Q= price
T.
long run
Type the Answer that corresponds to the displayed Question.
incorrect
21.
What is the main goal of a firm?
incorrect
22.
period of time when some of the firms inputs cannot be changed
incorrect
23.
profit increases as long as ...
incorrect
24.
produce if profits are positive, produce if losses from producing are smaller than losses from not producing and shut down in vice versa
incorrect
25.
when companies report their profits, they provide ____
incorrect
26.
the amount that a firm pays for inputs used to produce goods or services
Type the Question that corresponds to the displayed Answer.
incorrect
27.
TR- explicit costs
incorrect
28.
accounting profit- implicit costs
incorrect
29.
diseconomies of scale
incorrect
30.
PxQ

edit
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how
Created by: lmssorgi
Popular Economics sets