【单选题】Variable costs are
a production expense that changes with the quantity of output produced.
equal to total cost divided by the units of output produced.
the amount by which a firm's cost changes if the firm produces one more unit of output.
a production expense that does not vary with output.
【单选题】If average cost is decreasing,
Not enough information is given.
marginal cost exceeds average cost.
marginal cost equals average cost.
marginal cost is less than average cost.
【单选题】Monopolistically competitive firms
have no market power because of free entry.
have no market power because they earn zero economic profit.
have market power because they can set price above marginal cost.
have no market power because price equals marginal cost.
【单选题】A production function tells the firm
the maximum it can expect to produce with a given mix of inputs.
the minimum it can expect to produce with a given mix of inputs.
the average level of production for other firms in the industry.
the average it can expect to produce with a given mix of inputs.
【单选题】Economic models are most often tested
using data from the real world.
using computer simulations.
using data from the distant past.
using logic alone.
【单选题】Efficient production occurs if a firm
All of the above.
cannot produce its current level of output with fewer inputs.
given the quantity of inputs, cannot produce more output.
【单选题】Microeconomics studies the allocation of
【单选题】In the long run, all factors of production are
【单选题】If two bundles are on the same indifference curve, then
the consumer derives the same level of ordinal utility from each but not the same level of cardinal utility.
B and C.
no comparison can be made between the two bundles since utility cannot really be measured.
the consumer derives the same level of utility from each.
【单选题】What links the decisions of consumers and firms in a market?
【单选题】By selecting a bundle where MRS = MRT, the consumer is saying
All of the above.
【单选题】market where no single buyer or seller can influence the price is
a seller's market
a buyer's market
a competitive market
【单选题】With respect to production, the short run is best defined as a time period
lasting about six months.
in which all inputs are fixed.
in which at least one input is fixed.
lasting about two years.
【单选题】In a perfectly competitive resource market the Marginal Revenue Product Curve is( )