mine
the chart shows the number of inputs and outputs for a specific firm. After which worker does diminishing marginal returns first occur?
2nd worker
in macroeconomics, the short run is defined as which of the following
a period during which some inputs in a firms production process cannot be changed
big clifford's diaper service is a profit maximizing firms currently experiencing short run economic losses. Under which of the following conditions should lil clifford's diaper service shut down.
average revenue is less than average variable cost
a farmer produces peppers in a perfectly competitive market, if the price falls, in the short run the farmer should
continue to produce only if the new price covers average variable cost
assume a perfectly competitive firm is producing where the marginal revenue is less than the marginal cost. the firm should
decrease the quantity they are producing
when total utility is at its maximum, marginal utility is
equal to 0
all of the following are characteristics of perfect competition in general except
firms earn zero accounting profit in the long run
a firm is producing 10 units of output when the ATC is 20, the AVC is 15 and the MC is 10. Which of the following is true
firms total cost is $50
SMOKEY"S SMOKE DECTORS IN A COMPETITIVE MARKET
firms will enter the industry, market price will decrease, economic profits will decrease
the combination of which two concepts below explains whey additional inputs will eventually generate less and less additional output?
fixed resources and the law of diminishing marginal returns
at the current production level of good x, price is greater than marginal cost. Which of the following actions would lead
increasing the production of good x
if the firms output increased 60% as a result of increasing their outputs by 20% the firm
is experiencing increasing returns to scale
If a firm's average total cost decreases as the firm increases its output, the firm's marginal cost must be
less than the average total cost
the average total cost (ATC) of producing a specific unit is decreasing then
marginal cost must be less than the ATC
the vertical change between ATC and AVC reflects
the average fixed costs at each level of output
which of the following is the best definition of marginal cost
the change in total cost from producing and additional output
A perfectly competitive firm is currently in long run equilibrium, its total revenue is 100,000 and the average total cost of production is 100 which of the following can be conducted from this information
the firms output is 1000units, and the profit is zero
for a perfectly competitive firm, the short run supply is
the marginal cost curve above the AVC curve
economists use the term imperfect competition to describe
those markets which are not perfectly competive