Output Total Cost015125233340448558670
Refer to Table 5.5. The firm experiences diminishing returns beginning with the ________ unit.
A. first
B. second
C. third
D. fourth
Answer: D
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In the short run, the relevant costs for a firm to consider whether to shut down production are:
A. average total costs. B. average variable costs. C. fixed costs. D. average fixed costs.
In order for spot checks to work:
A. the time of the checks must not be predictable. B. employees must be monitored continually. C. Both employees must be monitored continually and the time of the checks must not be predictable are correct. D. None of the answers are correct.
If a good is produced by firms that incur all private and external costs, the price consumers pay
A) will be efficient since it includes all social costs. B) will not be socially acceptable. C) will be too high because the consumers end up paying all of the costs instead of the firm. D) will be the correct price, but inefficient.
A decrease in supply will tend to cause
A. an increase in demand. B. a decrease in equilibrium price. C. a decrease in equilibrium quantity. D. an increase in equilibrium quantity.