Multiple choice - microeconomics 45) Refer to Figure 13-2. What does the changing slope of the total-cost curve reflect? A. decreasing marginal cost B. decreasing marginal product C. decreasing average variable cost D. decreasing average total cost 44) What distinguishes short-run cost analysis from long-run cost analysis for a profit-maximizing firm? A. In the short run the size of the factory is fixed
Multiple choice - microeconomics 45) Refer to Figure 13-2. What does the changing slope of the total-cost curve reflect? A. decreasing marginal cost B. decreasing marginal product C. decreasing average variable cost D. decreasing average total cost 44) What distinguishes short-run cost analysis from long-run cost analysis for a profit-maximizing firm? A. In the short run the size of the factory is fixed
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Multiple choice -
45) Refer to Figure 13-2. What does the changing slope of the total-cost curve reflect?
- A. decreasing marginal cost
- B. decreasing marginal product
- C. decreasing average variable cost
- D. decreasing average total cost
44) What distinguishes short-run cost analysis from long-run cost analysis for a profit-maximizing firm?
- A. In the short run the size of the factory is fixed
- B. In the short run there are no fixed costs
- C. In the short run the number of workers used to produce the firm’s product is fixed.
- D. In the short run output is not variable.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education