Test #3
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | "payments" for self-employed resources
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| Explicit Costs are | show 🗑
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| show | some resources are fixed and others are variable
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| show | the amount of all resources can be varied
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| show | Where Average Product is equal to its maximum value
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| show | Independent of the rate of output
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| Marginal Cost can defined as the | show 🗑
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| show | Decrease
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| show | Economies of Scale
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| If all resources used in the production of a product are increased by 20 percent and output increases by 20 percent, then there must be | show 🗑
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| show | Products are standardized and homogeneous
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| Competitive firms are assume to be | show 🗑
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| show | Elastic
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| show | Product Price
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| What is marginal revenue equal to in a short run purely competitive firm? | show 🗑
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| show | earn a economic profit of zero in the long run
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| show | movement of supply curve to the right and increase in market price
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| show | Economic Profit of $0
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| Resources are efficiently allocated when production occurs at that output at which | show 🗑
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
jmartin209