Payments that a firm makes to obtain needed resources comprise its Multiple Choice O costs. O profits O capital. O.revenues.

Q: 4. On the graph, where do economies of scale exist? A. In the range of outputs from A to B. OB. In…

A: Economies of scale is when the increase in output decreases the long run average cost. Diseconomies…

Q: The return that an entrepreneur can expect to earn, on average, is called Select one: O a normal…

A: Normal Profit is the profit that considers both the implicit as well as explicit costs. It is…

Q: In the Widgit industry, fixed costs are more than marginal cost. Also, Average Total Cost increases…

A: Marginal cost guides businesses in optimizing production and pricing. It helps gauge the extra cost…

Q: Suppose Joann knows the average total cost of producing 9 gallons of ethanol is $5, while the…

A:

Q: The graph at right shows that the marginal response of cost to the production of skates is A.…

A: Cost can be defined as a concept that shows the amount of expenditure and any other sacrifice such…

Q: Which of the following equations calculates the profits of a firm? O A. Total revenues - Fixed costs…

A: Profit is the difference between the total revenue and total cost.=> Profit = TR - TCTotal…

Q: What is the law of diminishing returns? Why does marginal product eventually diminish? b. Explain…

A: Perfectly competitive market is a market structure where there are many small firms producing…

Q: In the short run, when marginal product is positive and increasing O a. stage 1 production O b.…

A: Decreasing but still positive marginal returns characterise Stage II's short-run production. The…

Q: 8 882 889222 100 QUANTITY OF OUTPUT (Units) 90 60 50 40 30 20 10 1 +++ 3 4 5 6 7 8 9 10 LABOR…

A: Visual aids like graphs, diagrams, and models play a vital role in economics by simplifying…

Q: are likely a fixed cost of a firm. O a. The payments for supplies O b. Travel expenses to meet with…

A: Costs which are fixed in short run is called fixed cost.

Q: Total Costs Marginal Costs Use the following information to answer the question. Variable Costs $20…

A: Option a) $52: This option is incorrect because it inaccurately computes the average fixed cost for…

Q: Using the graph on the right, determine how the firm should change the quantity of the production…

A: An isoquant curve refers to a curve that helps to identify the combination of inputs that provides…

Q: 1. Which of the following remains constant as output increases? * a. TFC

A: Total variable cost TVC is the cost which varies with the output produced if more units of output is…

Q: Figure 8.3 shows a firm's marginal cost, average total cost, and average variable cost curves. At…

A: Average total cost = 90Average variable cost = 30

Q: The first building that is constructed by a construction company will take longer to construct than…

A: The significance of productivity in the contemporary economic scenario cannot be overstated. It…

Q: Marginal cost is the one more unit of a good and opportunity cost of producing increases as…

A: Marginal cost refers to additional cost that is incurred by pricing one more unit of a good.

Q: Sam's Club can sell identical items at a lower price than Macy's because of Sam's Club's: O…

A: It can be defined as a form of cost of producing an output which changes when there is any change in…

Q: A firm will operate so long as the price O A. exceeds average variable cost. OB. equals the…

A: A firms optimizes its output at the point where the marginal revenue is equal to the marginal cost .

Q: The concept of opportunity cost is that the economic cost of using a factor of production is the…

A: An opportunity cost shows the possible gains that a person, buyer, or organization lacks by…

Q: What is the average fixed cost and average variable cost if nine instructional modules are produced?…

A: Cost is the total amount spent or the total expenditure which is incurred while producing a product…

Q: Bob produces candles. The average total cost reaches its minimum at a quantity O A. the same as the…

A: The AVC curve, which shows the per-unit variable expenses a company faces at various output levels,…

Q: Exhibit 6-13 Cost curves In Exhibit 6-13, ATC is shown by the graph labeled: O a. V. KERKE Q b. I. O…

A: The Average Total Cost (ATC) curve is a graphical representation of the average cost per unit of…