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Stack #738614

QuestionAnswer
Economists normally assume that people start their own businesses to help society maximize its income. False
When economists speak of a firm’s costs, they are usually excluding the opportunity costs. False
Implicit costs are costs that do not require an outlay of money by the firm. True
Accountants keep track of the money that flows into and out of firms. True
Accountants often ignore implicit costs. True
When trying to understand the decision making process of different firms, economists assume that people think at the margin. True
The shape of the total cost curve is unrelated to the shape of the production function. False
Diminishing marginal product exists when the total cost curve becomes flatter as outputs increases. False
Diminishing marginal product exists when the production function becomes flatter as inputs increase. True
Fixed costs are incurred even when a firm does not produce anything. True
Variable costs usually change as the firm alters the quantity of output produced. True
Variable costs equal fixed costs when nothing is produced. False
The cost of producing an additional unit of a good is not the same as the average cost of the good. True
Average variable cost is equal to total variable cost divided by quantity of output. False
The average total cost curve is unaffected by diminishing marginal product. False
The average total cost curve reflects the shape of both the average fixed cost and average variable cost curves. True
If the marginal cost curve is rising, so is the average total cost curve. False
The marginal cost curve intersects the average total cost curve at the minimum point of the average total cost curve. True
Assume Jack received all A’s in his classes last semester. If Jack gets all C’s in his classes this semester, his GPA may or may not fall. True
A second or third worker may have a higher marginal product than the first worker in certain circumstances. True
Average total cost and marginal cost are merely ways to express information that is already contained in a firm's total cost. True
Average total cost reveals how much total cost will change as the firm alters its level of production. False
The shape of the marginal cost curve tells a producer something about the marginal product of her workers. True
When average total cost rises if a producer either increases or decreases production, then the firm is said to be operating at efficient scale. True
In the long run, a factory is usually considered a fixed input. False
Fixed costs are those costs that remain fixed no matter how long the time horizon is. False
As a firm moves along its long-run average cost curve, it is adjusting the size of its factory to the quantity of production. True
Because of the greater flexibility that firms have in the long run, all short-run cost curves lie on or above the long-run curve. True
Diseconomies of scale often arise because higher production levels allow specialization among workers. False
The fact that many decisions are fixed in the short run but variable in the long run has little impact on the firm's cost curves. FALSE
In some cases, specialization allows larger factories to produce goods at a lower average cost than smaller factories. True
The use of specialization to achieve economies of scale is one reason modern societies are as prosperous as they are. True
Created by: Mets3172
 

 



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