Economics

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Economics

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Period 1

Period 2

Period 3

Period 4

Period 5

In the short run: *

1 point

all inputs are fixed.

all inputs are variable.

some inputs are fixed and some inputs are variable.

all costs are variable.

An input whose quantity cannot be changed during a particular period is a(n): *

1 point

marginal input.

fixed input.

incremental input.

variable input.

You own a small deli that produces sandwiches, soups, and other items for customers in your town. Which of the following is a fixed input in the production function at your deli? *

1 point

the dining room where customers eat their meals

loaves of bread used to make sandwiches

cans of tomato sauce used to make soups

employees hired to help make the food

In the long run, all costs are: *

1 point

fixed.

constant.

variable.

marginal.

Holding all factors constant except one and increasing a variable factor is expected to lead to steadily decreasing marginal product of that factor. This is an example of: *

1 point

decreasing returns to scale

the law of diminishing marginal returns

constant returns to scale

an inefficient production technique

The table below shows some cost data for a firm currently operating in the short run. What is the value of the total fixed cost for this firm *

1 point

$40

$50

$100

$70

The table above shows some cost data for a firm currently operating in the short run. What is the value of the total variable cost for this firm when the firm is producing five units of output? *

1 point

$50

$240

$60

$190

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