Microeconomics Quiz # 5

Instructions
Quiz: Microeconomics Quiz # 5
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 # 5
Question 1 of 30
00:00
  • Utility is ________ of Satisfaction

  • Accounting profits are Total revenues minus total _______

  • Average fixed cost is ________ divided by output

  • Average total cost is ________ divided by output

  • Average variable cost is ________ divided by output

  • Constant returns to scale are Returns that occur in an output range where _____ does not change.

  • Diminishing marginal product variable input ____, with other inputs ____.

  • ______ rises as output expands in Diseconomies of scale.

  • Economic profits is Total revenues minus

  • ______ falls as output increases in Economies of scale.

  • Opportunity costs of production that require a monetary payment is known as

  • _______ Costs are the Costs that do not vary with the level of output.

  • The costs of production that do not require a monetary payment is ______

  • A period over which all production inputs are variable is called

  • Change in total costs resulting from a _____ in output is called Marginal cost

  • Marginal product is The change in total output of a good that results from a ______ change

  • _____ function is The relationship between the quantity of inputs and outputs produced

  • ______ is the difference between total revenues and total costs

  • A period too brief for some production inputs to be varied is known as

  • Sunk costs can’t be _____.

  • The _____ of the firm’s fixed costs and variable costs is total cost.

  • The total output of a good produced by the firm is the total product.

  • Costs that vary with the level of output are variable costs.

  • Allocative efficiency is where ____ and production will be allocated to reflect consumer preferences.

  • Total revenue divided by the number of units sold is _____.

  • An industry where input prices (and cost curves) _____ as industry output changes is a constant-cost industry.

  • An industry where input prices fall (and cost curves fall) as industry output rises, decreasing-cost industry.

  • An industry where input prices decrease (and cost curves rise) as industry output rises is called increasing-cost industry.

  • The increase in total revenue resulting from a one-unit increase in sales is _____.

  • When a good is produced at the lowest possible cost ,it is called productive_____.