Hi for some reason there is a problem with that last task, here is another one for week 3.
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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 |