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Let's assume that a firm is losing money, so they decide not to produce anything in the short run. The firms costs would be:
Implicit and Explicit Costs
The fixed costs.
Smaller than an accounting profit because it includes implicit costs.
Diapers
Proctor and Gamble announces that they are going to hire 2,000 additional workers.
$10,000
A cost that changes based on the number of units produced.
it is hard to manage and coordinate a large business enterprise.
Firms experience diseconomies of scale primarily due to:
Implicit and Explicit Costs
The fixed costs.
Smaller than an accounting profit because it includes implicit costs.
Diapers
Proctor and Gamble announces that they are going to hire 2,000 additional workers.
$10,000
A cost that changes based on the number of units produced.
it is hard to manage and coordinate a large business enterprise.
Let's assume that in the short run a firm is producing 100 units of output, that they have average total costs of $1000, and average variable costs of $900. The firm's total fixed costs are:
Implicit and Explicit Costs
The fixed costs.
Smaller than an accounting profit because it includes implicit costs.
Diapers
Proctor and Gamble announces that they are going to hire 2,000 additional workers.
$10,000
A cost that changes based on the number of units produced.
it is hard to manage and coordinate a large business enterprise.
An economic profit is usually:
Implicit and Explicit Costs
The fixed costs.
Smaller than an accounting profit because it includes implicit costs.
Diapers
Proctor and Gamble announces that they are going to hire 2,000 additional workers.
$10,000
A cost that changes based on the number of units produced.
it is hard to manage and coordinate a large business enterprise.
Variable cost is:
Implicit and Explicit Costs
The fixed costs.
Smaller than an accounting profit because it includes implicit costs.
Diapers
Proctor and Gamble announces that they are going to hire 2,000 additional workers.
$10,000
A cost that changes based on the number of units produced.
it is hard to manage and coordinate a large business enterprise.
Which of the following would be considered to be a short-run adjustment?
Implicit and Explicit Costs
The fixed costs.
Smaller than an accounting profit because it includes implicit costs.
Diapers
Proctor and Gamble announces that they are going to hire 2,000 additional workers.
$10,000
A cost that changes based on the number of units produced.
it is hard to manage and coordinate a large business enterprise.
When an economist talks about total cost, they include:
Implicit and Explicit Costs
The fixed costs.
Smaller than an accounting profit because it includes implicit costs.
Diapers
Proctor and Gamble announces that they are going to hire 2,000 additional workers.
$10,000
A cost that changes based on the number of units produced.
it is hard to manage and coordinate a large business enterprise.
If you ran a day care facility, which of the following would be a short-run variable cost?
Implicit and Explicit Costs
The fixed costs.
Smaller than an accounting profit because it includes implicit costs.
Diapers
Proctor and Gamble announces that they are going to hire 2,000 additional workers.
$10,000
A cost that changes based on the number of units produced.
it is hard to manage and coordinate a large business enterprise.
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