Exam 8: Supply: the Costs of Doing Business

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The figure given below shows three Short Run Average Total Cost (SRATC) curves and the Long Run Average Total Cost (LRATC) curve of a firm.Figure 8.3 -If the cost borne by a firm when output is zero is $100 and that of producing 5 units is $250, then the variable cost of the firm is equal to $150.

(True/False)

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Question 101

The figure given below shows three Short Run Average Total Cost (SRATC) curves and the Long Run Average Total Cost (LRATC) curve of a firm.Figure 8.3 -If marginal product increases with an increase in the variable input, the marginal cost must also increase as more units of the input are hired.

(True/False)

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Question 102

The figure given below shows three Short Run Average Total Cost (SRATC) curves and the Long Run Average Total Cost (LRATC) curve of a firm.Figure 8.3 -In the oil tanker industry, large companies have lower risk and are able to optimize vessel utilization. If consolidation allows companies to lower their long-run average total costs, this is an example of:

(Multiple Choice)

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Question 103

The figure given below shows three Short Run Average Total Cost (SRATC) curves and the Long Run Average Total Cost (LRATC) curve of a firm.Figure 8.3 -If a company is producing at a level of output at which the long-run average-total-cost curve reaches a minimum, then the company:

(Multiple Choice)

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Question 104

The below figure shows the various combinations of the goods X and Y that yield different levels of utility.Figure 7.3 -When the average total cost is at its minimum, it is:

(Multiple Choice)

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Question 105

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The figure given below shows three Short Run Average Total Cost (SRATC) curves and the Long Run Average Total Cost (LRATC) curve of a firm.Figure 8.3 -If the cost borne by a firm when output is zero is $100 and that of producing 5 units is $250, then the variable cost of the firm is equal to $150.

The figure given below shows three Short Run Average Total Cost (SRATC) curves and the Long Run Average Total Cost (LRATC) curve of a firm.Figure 8.3 -If marginal product increases with an increase in the variable input, the marginal cost must also increase as more units of the input are hired.

The figure given below shows three Short Run Average Total Cost (SRATC) curves and the Long Run Average Total Cost (LRATC) curve of a firm.Figure 8.3 -If a company is producing at a level of output at which the long-run average-total-cost curve reaches a minimum, then the company:

The below figure shows the various combinations of the goods X and Y that yield different levels of utility.Figure 7.3 -When the average total cost is at its minimum, it is:

The Wealth of Nations: Ownership and Economic Freedom

Scarcity and Opportunity Costs

Markets and the Price System

The Aggregate Economy

Using Economics to Understand the World Around You

Elasticity: Demand and Supply

Demand: Consumer Choice

Profit Maximization

Perfect Competition

Monopoly

Monopolistic Competition and Oligopoly

Markets and Government

Antitrust and Regulation

Resource Markets

The Labor Market

The Capital Market

The Land Market and Natural Resources

Current Issues: Income, Income Distribution, Poverty, and Government Policy

World Trade Equilibrium

International Trade Restrictions

Exchange Rates and Financial Links Between Countries

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