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Production and Cost Quiz Flashcards | StudBud

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Production and Cost Quiz

5 terms·StudBud Administration·62 plays

A short quiz on production costs in microeconomics

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Questions 5

Answers

1
Economic Costs equal...?
implicit + explicit costs
average fixed cost - average variable cost
average fixed cost + average variable cost
implicit x implicit costs
2
A firm adds more workers, so they must share existing machines. Which describes the effect?
Law of Average Cost
Cost of Production
Law of Diminishing Marginal Productivity
Law of Opportunity Cost
3
Which of the following can be changed in the short run?
entrepreneurship
capital goods
land
labor
4
What is happening in the circled box of the table?
Increasing Marginal Returns
Constant absolute returns
Diminishing Marginal Returns
5
What does line 3 represent?
total cost
total fixed cost
total variable cost