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

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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
  •  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.
Total
Cost
Quantity of Output
(# of cookies)
Figure 13-2
Transcribed Image Text:Total Cost Quantity of Output (# of cookies) Figure 13-2
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