ECON 1101 Chapter 6

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The __________ is the increase in output obtained by hiring an additional worker.

Marginal Product

The change in total output resulting in from a one-unit increase in the quantity of an input used, holding the quantities of all other inputs constant, is:

Marginal Product

When a firm has diminishing marginal returns:

Marginal Product is falling but still positive.

A total product curve indicates that the relationship between:

A variable input and output.

In the long run:

All inputs are variable.

The U-shape of the long-run average total cost curve is primarily due to:

Economics and diseconomics of scale.

In the long, all costs are:

Variable.

The average total cost curve in the short run slopes upward because of:

Diminishing Returns

The long run is a planning period:

Over which a firm can consider all inputs is fixed.

The short run is defined as a:

Period in which some inputs are considered fixed.

In the short run:

Some inputs are fixed and some inputs are variable.

Which of the following curves is not affected by diminishing returns?

The average fixed cost curve.

A firm's marginal cost is:

The ratio of the change in total cost to the change in the quantity of output.

The marginal product of labor is:

The slope of the total product of labor curve.

A curve showing the quantities of output that can be obtained from different quantities of a variable input, assuming other inputs are fixed, is called the _________ curve.

Total Product

The sum of fixed and variable costs is:

Total cost

Average total cost is:

Total cost divided by the change in output

Marginal cost is the change in _______ cost resulting from a one-unit change in ________.

Total; output

An input whose quantity can be changed during a particular period is a(n):

Variable Cost

Average variable cost equals all of the following except:

Variable cost times output.

A fixed input is one:

Whose quantity cannot be changed in a particular period.

A fixed cost:

Will be positive, even if the firm doesn't produce any output in the short run.


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