Home / Questions / In Exhibit H-9, by filling in the blanks, it can be determined that the marginal cost of
In Exhibit H-9, by filling in the blanks, it can be determined that the marginal cost of the
third unit of output is
a.$0
b.$200
c.$700
d.$1,200
e.$2,000
102. Economies of scale can be caused by all of the following except
a.price discounts for large scale purchases
b.labor specialization
c.use of more productive equipment
d.increases in the firm’s average total cost
e.more cost-efficient methods of marketing
103. When the long-run average total cost curve is increasing, this means that there are
a.economies of scale
b.diseconomies of scale
c.constant returns to scale
d.diminishing returns
e.some fixed factors of production
104. When the curve that envelops the series of possible short-run average total cost curves is
horizontal, this means that there are
a.economies of scale
b.diseconomies of scale
c.constant returns to scale
d.diminishing returns
e.some fixed factors of production
105. Diseconomies of scale exist for all of the following reasons except
a.bureaucratic inefficiencies
b.management problems
c.failures in information flows
d.firm size is too small
e.organizational problems
106. Which of the following is a short-run decision for a muffin shop?
a.hire more workers
b.add new ovens
c.expand into the building next door
d.open a second shop on the other side of town
e.go out of business
107. An exterior painting company is contemplating buying a bigger truck and ladder. This
is a
a.bad decision because average costs will be higher
b.good decision because average costs will be lower
c.long-run decision
d.short-run decision
e.bad decision because more fuel will be needed
108. The factor of production that is always fixed in the short run is
a.the amount of raw materials
b.the size of the physical plant
c.the number of workers
d.energy costs
e.quantity of output
109. A firm moves from one SRATC curve to another
a.when it changes the number of workers it employs
b.when it has contractual obligations on its plant and equipment
c.when it produces more output with the same plant size
d.in the short run
e.in the long run
110. Which of the following curves reflects the situation in which a firm has complete
flexibility in the choices of resources?
a.TFC
b.SRATC
c.LRATC
d.AVC
e.AFC
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