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
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Problem 1QTC
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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.

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