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The difference between a fixed and a variable input is that a O A. O B....
Microeconomics multiple choice questions If implicit costs equal accounting profit, economic profit must be Select one:...
Microeconomics multiple choice questions If implicit costs equal accounting profit, economic profit must be Select one: a. negative. b. positive. c. zero. d. higher in the short run than in the long run. e. higher in the long run than in the short run. The reason the change in total cost divided by the change in output is equal to the change in total variable cost divided by the change in output, is because Select one: a. total variable cost...
What is the distinction between the economic short run and the economic long run? A. In...
What is the distinction between the economic short run and the economic long run? A. In the short run, the firm incurs only explicit costs, but in the long run, the firm incurs explicit and implicit costs. OB. In the short run, the firm can vary all inputs, but in the long run, at least one input is fixed. O c. In the short run, the firm incurs only variable costs, but in the long run, the firm incurs fixed...
A factor of production that cannot be easily changed in the relevant time period is called...
A factor of production that cannot be easily changed in the relevant time period is called a A. variable input. B. shortminus−run factor. C. fixed input. D. production anchor.
In the short-run, what is the difference between variable costs and fixed costs? Why are fixed...
In the short-run, what is the difference between variable costs and fixed costs? Why are fixed costs call sunk? Why would your economics professor never ask you the question, "What is the difference between variable costs and fixed costs in the long-run?"
11. A firm sells 30 units of its product at a price of $5 per unit. It incurs a fixed cost of $100 and a variable cost o...
11. A firm sells 30 units of its product at a price of $5 per unit. It incurs a fixed cost of $100 and a variable cost of $20. The firm's profit is ________. a. $50 b. $100 c. $150 d. $30 15. A firm is seeing a $500 loss in the short run. The fixed cost of operation for this firm is $1,000. What is the best decision for this firm in the short run? a. This firm should...
1. The long run is a period that is: A. long enough to vary the quantities...
1. The long run is a period that is: A. long enough to vary the quantities of all factors of production. B. long enough to vary all factors of production except for the amount of capital available. C. at least one year. D. more than one month. 2. In the long run: A. the firm has time to change the level of all inputs. B. all inputs are more expensive. C. inputs are neither variable nor fixed. D. at least...
[Ch5-1] A fixed cost, within the relevant range and in the short term, Select one: O...
[Ch5-1] A fixed cost, within the relevant range and in the short term, Select one: O a. is fixed and unchanging. O b. may vary in response to sudden changes in weather or other external conditions or events. O c. remains unchanged per unit with changes in the production activity level. O d. may vary in total with changes in the firm's production. Clear my choice [Ch5-1] A variable cost, within the relevant range and in the short term, Select...
profit maximization occurs where a. marginal cost crosses marginal revenue b. marginal cost crosses average revenue...
profit maximization occurs where a. marginal cost crosses marginal revenue b. marginal cost crosses average revenue c. average variable cost crosses average revenue d. average variable cost crosses marginal revenue the main difference between the short run and long run is that: a. firms earn zero profits in the long run b. the long run always refers to a time period of one year or longer c. in the long run, only one variable can be fixed d. in the...
dk. Refer to the above data. Creamy Crisp's accounting profit is: Al $150,000 B. $380,000 C....
dk. Refer to the above data. Creamy Crisp's accounting profit is: Al $150,000 B. $380,000 C. $230,000 D. $294.000. 18. Refer to the above data. Creamy Crisp's economic profit is: A $150,000. B. $80,000 C. $230,000 D. $94,000. 19. To economists, the main difference between the short run and the long run is that: A. the law of diminishing returns applies in the long run, but not in the short run. B. in the long run all resources are variable,...
If a profit maximizing firm has a fixed cost of $3000 and an average variable cost...
If a profit maximizing firm has a fixed cost of $3000 and an average variable cost of $40 per unit but a maximum output of 50 units. The firm cannot avoid the fixed costs in the short run but can avoid the fixed costs by shutting down in the long run. The firm should A) produce output at prices no less than $40 and supply 50 outputs at prices above $40 B) produce output at prices no less than $100...
What is the distinction between the economic short run and the economic long run? A. In the short run, the firm incurs only explicit costs, but in the long run, the firm incurs explicit and implicit costs. OB. In the short run, the firm can vary all inputs, but in the long run, at least one input is fixed. O c. In the short run, the firm incurs only variable costs, but in the long run, the firm incurs fixed...
[Ch5-1] A fixed cost, within the relevant range and in the short term, Select one: O a. is fixed and unchanging. O b. may vary in response to sudden changes in weather or other external conditions or events. O c. remains unchanged per unit with changes in the production activity level. O d. may vary in total with changes in the firm's production. Clear my choice [Ch5-1] A variable cost, within the relevant range and in the short term, Select...
dk. Refer to the above data. Creamy Crisp's accounting profit is: Al $150,000 B. $380,000 C. $230,000 D. $294.000. 18. Refer to the above data. Creamy Crisp's economic profit is: A $150,000. B. $80,000 C. $230,000 D. $94,000. 19. To economists, the main difference between the short run and the long run is that: A. the law of diminishing returns applies in the long run, but not in the short run. B. in the long run all resources are variable,...
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