Question 1

A characteristic of the long run is

Accepted Answer

A) there are fixed inputs. 
B) all inputs can be varied. 
C) plant capacity cannot be increased or decreased. 
D) there are both fixed and variable inputs 
A) there are fixed inputs. 
B) all inputs can be varied. 
C) plant capacity cannot be increased or decreased. 
D) there are both fixed and variable inputs

Question 2

When a firm produces more output using the same inputs or the same output using fewer inputs we say that the firm

Accepted Answer

A) experiences an increase in demand. 
B) experiences positive technological change. 
C) will hire more workers in order to produce more output. 
D) is operating in the short run. 
A) experiences an increase in demand. 
B) experiences positive technological change. 
C) will hire more workers in order to produce more output. 
D) is operating in the short run.

Question 3

When the marginal product of labor rises

Accepted Answer

A) the marginal cost of production will exceed the average total cost. 
B) the marginal cost of production also rises. 
C) the marginal cost of production falls. 
D) the average total cost of production also rises. 
A) the marginal cost of production will exceed the average total cost. 
B) the marginal cost of production also rises. 
C) the marginal cost of production falls. 
D) the average total cost of production also rises.

Question 4

Figure 11-2  
-Refer to Figure 11-2.Diminishing returns to labor set in

Accepted Answer

A) after L1. 
B) after L2. 
C) after L3. 
D) immediately. 
A) after L1. 
B) after L2. 
C) after L3. 
D) immediately.

Question 5

The relationship between the inputs employed by a firm and the maximum output that it can produce with those inputs is the firm's

Accepted Answer

A) production function. 
B) supply curve,or supply schedule. 
C) marginal product of labor. 
D) average product of labor. 
A) production function. 
B) supply curve,or supply schedule. 
C) marginal product of labor. 
D) average product of labor.

Question 6

If a producer is not able to expand its plant capacity immediately,it is

Accepted Answer

A) bankrupt. 
B) operating in the long run. 
C) operating in the short run. 
D) losing money. 
A) bankrupt. 
B) operating in the long run. 
C) operating in the short run. 
D) losing money.

Question 7

Which of the following equations is correct?

Accepted Answer

A) AVC - ATC = AFC 
B) AVC + ATC = AFC 
C) AFC + AVC = ATC 
D) ATC + AVC = AFC 
A) AVC - ATC = AFC 
B) AVC + ATC = AFC 
C) AFC + AVC = ATC 
D) ATC + AVC = AFC

A characteristic of the long run is

When a firm produces more output using the same inputs or the same output using fewer inputs we say that the firm

When the marginal product of labor rises

Figure 11-2 -Refer to Figure 11-2.Diminishing returns to labor set in

The relationship between the inputs employed by a firm and the maximum output that it can produce with those inputs is the firm's

If a producer is not able to expand its plant capacity immediately,it is

Which of the following equations is correct?

Economics: Foundations and Models

Trade-Offs, comparative Advantage, and the Market System

Where Prices Come From: the Interaction of Demand and Supply

Economic Efficiency, government Price Setting, and Taxes

Externalities, environmental Policy, and Public Goods

Elasticity: the Responsiveness of Demand and Supply

The Economics of Health Care

Firms,the Stock Market,and Corporate Governance

Comparative Advantage and the Gains From International Trade

Consumer Choice and Behavioral Economics

Firms in Perfectly Competitive Markets

Monopolistic Competition: the Competitive Model in a More Realistic Setting

Oligopoly: Firms in Less Competitive Markets

Monopoly and Antitrust Policy

Pricing Strategy

The Markets for Labor and Other Factors of Production

Public Choice, taxes, and the Distribution of Income

Gdp: Measuring Total Production and Income

Unemployment and Inflation

Economic Growth, the Financial System, and Business Cycles

Long-Run Economic Growth: Sources and Policies

Aggregate Expenditure and Output in the Short Run

Aggregate Demand and Aggregate Supply Analysis

Money,banks,and the Federal Reserve System

Monetary Policy

Fiscal Policy

Inflation, unemployment, and Federal Reserve Policy

Macroeconomics in an Open Economy

The International Financial System

Filters

Exam 11: Technology,production,and Costs

A characteristic of the long run is

When a firm produces more output using the same inputs or the same output using fewer inputs we say that the firm

When the marginal product of labor rises

Figure 11-2 -Refer to Figure 11-2.Diminishing returns to labor set in

The relationship between the inputs employed by a firm and the maximum output that it can produce with those inputs is the firm's

If a producer is not able to expand its plant capacity immediately,it is

Which of the following equations is correct?

Economics: Foundations and Models

Trade-Offs, comparative Advantage, and the Market System

Where Prices Come From: the Interaction of Demand and Supply

Economic Efficiency, government Price Setting, and Taxes

Externalities, environmental Policy, and Public Goods

Elasticity: the Responsiveness of Demand and Supply

The Economics of Health Care

Firms,the Stock Market,and Corporate Governance

Comparative Advantage and the Gains From International Trade

Consumer Choice and Behavioral Economics

Firms in Perfectly Competitive Markets

Monopolistic Competition: the Competitive Model in a More Realistic Setting

Oligopoly: Firms in Less Competitive Markets

Monopoly and Antitrust Policy

Pricing Strategy

The Markets for Labor and Other Factors of Production

Public Choice, taxes, and the Distribution of Income

Gdp: Measuring Total Production and Income

Unemployment and Inflation

Economic Growth, the Financial System, and Business Cycles

Long-Run Economic Growth: Sources and Policies

Aggregate Expenditure and Output in the Short Run

Aggregate Demand and Aggregate Supply Analysis

Money,banks,and the Federal Reserve System

Monetary Policy

Fiscal Policy

Inflation, unemployment, and Federal Reserve Policy

Macroeconomics in an Open Economy

The International Financial System

Filters