Microeconomics Quiz # 5
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Utility is ________ of Satisfaction
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Accounting profits are Total revenues minus total _______
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Average fixed cost is ________ divided by output
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Average total cost is ________ divided by output
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Average variable cost is ________ divided by output
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Constant returns to scale are Returns that occur in an output range where _____ does not change.
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Diminishing marginal product variable input ____, with other inputs ____.
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______ rises as output expands in Diseconomies of scale.
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Economic profits is Total revenues minus
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______ falls as output increases in Economies of scale.
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Opportunity costs of production that require a monetary payment is known as
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_______ Costs are the Costs that do not vary with the level of output.
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The costs of production that do not require a monetary payment is ______
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A period over which all production inputs are variable is called
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Change in total costs resulting from a _____ in output is called Marginal cost
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Marginal product is The change in total output of a good that results from a ______ change
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_____ function is The relationship between the quantity of inputs and outputs produced
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______ is the difference between total revenues and total costs
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A period too brief for some production inputs to be varied is known as
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Sunk costs can’t be _____.
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The _____ of the firm’s fixed costs and variable costs is total cost.
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The total output of a good produced by the firm is the total product.
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Costs that vary with the level of output are variable costs.
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Allocative efficiency is where ____ and production will be allocated to reflect consumer preferences.
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Total revenue divided by the number of units sold is _____.
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An industry where input prices (and cost curves) _____ as industry output changes is a constant-cost industry.
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An industry where input prices fall (and cost curves fall) as industry output rises, decreasing-cost industry.
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An industry where input prices decrease (and cost curves rise) as industry output rises is called increasing-cost industry.
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The increase in total revenue resulting from a one-unit increase in sales is _____.
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When a good is produced at the lowest possible cost ,it is called productive_____.