Hi for some reason there is a problem with that last task, here is another one for week 3.
When inputs are combined so that total production has the lowest possible cost, we are observing (Points : 1) technical efficiency. optimal engineering. economic efficiency. average-cost production.
2. Accounting profit is defined as (Points : 1)
total simplicit costs. total monetary costs. total opportunity costs. total sales(implicit costs + explicit costs). total sales(explicit costs – implicit costs).
3. Last spring, Coil Spring Co. reported that average fixed costs had increased, but average variable costs were unchanged. This indicates that (Points : 1)
marginal costs are less than average variable cost but greater than average cost. fixed costs have increased. output is declining. marginal costs have increased.
4. The change in total cost due to producing one more unit of output is called the (Points : 1)
long-run average cost. short-run average cost. marginal product. average variable cost. marginal cost.
5. Nonprofit firms, both private and governmental, may differ in behavior from profit-seeking private firms because (Points : 1)
there is no residual claimant. the demand for the products is inherently different. government managers seek more capital-intensive means of production. government firms are more difficult to manage. private firms do not compete with government firms.
6. A firm exists to (Points : 1)
make money. organize information. make resources. transform inputs into marketable outputs. transform products into commodities.
7. A firm that owns a car rental agency, a modeling agency, a French bakery, and a pet store is (Points : 1)
horizontally integrated. vertically integrated. inefficient. a perfect competitor. a conglomerate.
8. Because of diminishing marginal product in the short run, a tripling of the total product (assuming input prices are constant) requires (Points : 1)
a tripling of marginal cost. a tripling of total cost. less than a tripling of total variable cost. increased average fixed cost. more than a tripling of total variable cost.
9. Firms exist for all but which one of the following reasons? (Points : 1)
To reduce transactions costs To produce things To organize teams To monitor shirking To reduce the costs of buying
10. Which of the following is most likely to be an implicit cost of production? (Points : 1)
Wages paid to skilled workers Payments for inputs purchased from other companies Interest paid on a loan Rental income from real property Rental income not received from use of a self-owned piece of land
Student has agreed that all tutoring, explanations, and answers provided by the tutor will be used to help in the learning process and in accordance with Studypool's honor code & terms of service.