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Producing an additional unit whose marginal cost exceeds the average total cost incurred thus far has the effect of pulling the:
A. fixed cost up
B. average cost up
C. average cost down
D. total cost down
33.In order to divide a given production quota between two production processes in such a way as to produce the quota at the lowest possible cost, one should produce the output where:
A. average costs are equal for both processes
B. average cost is equal to marginal cost for both processes
C. marginal costs are equal in both processes
D. marginal costs are at least equal to ATC in each process
34.The long-run total cost of zero output is equal to:
A. variable cost
B. fixed cost
C. zero
D. the marginal revenue product of labour
35.Markets characterized by declining long-run average costs are often referred to as:
A. perfect competition
B. diseconomies of scale
C. natural monopolies
D. nonprofit organizations
36.The MC curve slopes upward due to:
A. increasing returns to scale
B. decreasing returns to scale
C. diminishing returns
D. constant returns to scale
37.The total fixed cost function:
A. is horizontal
B. is U-shaped
C. is an upward sloping line
D. is a downward sloping line
38.The AFC curve:
A. always slopes downward
B. is U-shaped
C. is a horizontal line
D. is the same as the total fixed cost curve
39.ATC equals:
A. AVC - AFC
B. FC/Q
C. (TFC + TVC)/Q
D. MC + AFC
40.MC equals:
A. dTC/dQ
B. dFC/dQ
C. FC/Q
D. VC/Q
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