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