When the slope of the total production curve begins to flatten:
A. additional inputs adds less to total production than the inputs added before.
B. diminishing marginal product must be occurring.
C. the marginal product must be decreasing.
D. All of these are true.
Answer: D
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On a bar graph comparing a firm's economic profit with its accounting profit, it will always be TRUE that
A) explicit costs will be greater in the column representing accounting profit. B) explicit costs will be greater in the column representing economic profit. C) total revenue will be greater in the column depicting accounting profit. D) opportunity costs will be missing from the column depicting accounting profit.
Marginal cost
a. Is the additional cost incurred by producing and selling one more unit b. Is the total cost incurred by producing and selling one more unit c. Is the additional fixed cost incurred by producing and selling one more unit d. None of the above
When a $500 check is cleared from Bank A to Bank B, it does not change the money supply, because:
a. Actually, it reduces the money supply. b. Actually, it increases the money supply. c. Because one individual's checking deposit falls and another individual's rises. d. Because funds are transferred from one loan account to another. e. These funds are temporarily "out of circulation" until the ultimate owner of the funds deposits them.
Which of the following is correct?
A. In the short run, if a firm chooses to produce no output (i.e. shut down) its total costs of production will equal its total fixed costs. B. If a firm decides to shut down, its short-run total costs will equal 0 C. As a firm increases output in the short run, the change in total costs is equal to the change in total variable costs. D. A firm minimizes its total costs of production when average variable cost is minimized. Reset Selection