Microeconomics Quiz # 13

Instructions
Quiz: Microeconomics Quiz # 13
Subject: Consumer Choice Theory
Total Questions: 30 MCQs
Time: 30 Minutes

Note

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  • Results along with correct answers will be shown at the end of the test.
Microeconomics Quiz # 13
Question 1 of 30
00:00
  • Standard economics views consumers as ______.

  • When we own something, we value it more than other people do. This is known as ______.

  • What are implicit costs?

  • Which of the following is TRUE?

  • What do economists call expenses that have been incurred and cannot be recovered?

  • In terms of production, what do economists mean by the short run?

  • One way an increase in workers can increase marginal product is that it ______.

  • What do economists mean by production function?

  • What are the two categories of short-run costs in a business?

  • What is average total cost?

  • What is shown in the equation ΔTC/Δq?

  • When marginal product rises, ______ falls.

  • Why is average total cost usually relatively high at very low levels of output?

  • When ATC falls it is primarily because ______ is declining.

  • Business’s long-run average total cost curves are typically better than their short-run total cost curves because ______.

  • When LRATC falls as output expands, ______.

  • What do economists call the cost disadvantages that occur in an output range where LRATC rises as output expands?

  • In a perfectly competitive market, there are ______ buyers and ______ sellers.

  • Which of the following is an accurate statement about a perfectly competitive market?

  • In a perfectly competitive market, a supplier will have the most difficulty selling his product when his price is ______ the market price.

  • A firm maximizes profits by maximizing the difference between ______.

  • What is the term used for the additional income derived from the production of one unit of the good?

  • Which of the following is an accurate statement about a firm with zero economic profits?

  • Which of the following shows the equilibrium output that a firm will provide at various prices in the short run?

  • A firm will always shut down when it cannot cover its average ______ costs.

  • A graph shows the portion of the marginal costs above the average variable costs for all the firms in the corn market for a period of six months. This graph is a ______.

  • Which of the following will most likely happen if P < ATC?

  • In an expanding market, the market supply curve will ______.

  • A firm will get a normal return on the use of its resources at ______ economic profits in the ______ run.

  • In a(n) ______ industry, cost curves do not change as output changes.