Micro 3.2-Short-Run Cost Curves MCQ Open Practice
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Last updated 2 months ago
10 questions
Required
1
What is the correct definition of Total Fixed Cost?
What is the correct definition of Total Fixed Cost?
Required
1
If the Total Cost is $500 and the Total Variable Cost is $300, what is the Total Fixed Cost?
If the Total Cost is $500 and the Total Variable Cost is $300, what is the Total Fixed Cost?
Required
1
How does Marginal Cost behave as output increases when exhibiting diminishing returns?
How does Marginal Cost behave as output increases when exhibiting diminishing returns?
Required
1
Average Variable Cost is:
Average Variable Cost is:
Required
1
Calculate the Average Total Cost if Total Cost is $600 and output is 50 units.
Calculate the Average Total Cost if Total Cost is $600 and output is 50 units.
Required
1
When production starts, which cost is always positive?
When production starts, which cost is always positive?
Required
1
Which cost is calculated as the change in Total Cost divided by the change in output?
Which cost is calculated as the change in Total Cost divided by the change in output?
Required
1
If Average Fixed Cost is $4 and quantity is 100, what is the Total Fixed Cost?
If Average Fixed Cost is $4 and quantity is 100, what is the Total Fixed Cost?
Required
1
If Marginal Cost is higher than Average Total Cost, what happens to Average Total Cost?
If Marginal Cost is higher than Average Total Cost, what happens to Average Total Cost?
Required
1
A decrease in total variable cost usually means:
A decrease in total variable cost usually means: