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  5. ECON 101 Quiz 5 Week 5 Ch. 8 (ECON101QUIZ5WEEK5CH.8)

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[Solved] ECON 101 Quiz 5 Week 5 Ch. 8

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ECON 101 Quiz 5 Week 5 Ch. 8 Week 5 Quiz (Chapter 8) Part 1 of 1 - 100.0 Points Question 1 of 10 10.0 Points Average variable cost is: A. the firm's variable cost per unit multiplied by the quantity. B. total variable cost divided by quantity. C. the difference between avera...

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  • July 23, 2020
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  • 2019/2020
  • Exam (elaborations)
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  • econ 101 quiz 5 week 5 ch 8

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  • ECON 101 Quiz 5 Week 5 Ch. 8 (ECON101QUIZ5WEEK5CH.8)
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214156 Week 5 Quiz (Cha
Part 1 of 1 - Week 5 Quiz (Chapter 8) 100.0 Points


Question 1 of 10 10.0 Points
Average variable cost is:
A. the firm's variable cost per unit multiplied by the quantity.

B. total variable cost divided by quantity.

C. the difference between average total cost and total variable cost.

D. the difference between total cost and total variable cost.
Answer Key: B

Question 2 of 10 10.0 Points
Which of the following is (are) correct?
A. Firms are organizations that produce goods and services.

B. Firms seek to maximize profits.

C. Firms seek to utilize factors of production in the most efficient way in order to maximize profits.

D. All of the above are correct.
Answer Key: D

Question 3 of 10 10.0 Points
For a restaurant:
A. labor and food would be variable factors of production.

B. a building would be a fixed factor of production in the short run.

C. fire insurance on a building would be a fixed factor of production.

D. A and B are correct.
Answer Key: D

Question 4 of 10 10.0 Points
Diminishing marginal returns means that:
A. each additional unit of an input used will decrease output.

B. each additional unit of an input used will increase output, but by smaller and smaller amounts.

C. each additional unit of an input used will increase output by larger and larger amounts.

D. the firm is maximizing profit.
Answer Key: B




Question 5 of 10 10.0 Points
When marginal cost is below average variable cost, average variable cost must be:
A. at its minimum.

B. at its maximum.

C. falling.

D. rising.
Answer Key: C

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