Quiz Review 8. Economics - Principles Of Economics

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Refer to the diagram. The per unit costs at output level Q that are both attainable and imply the least-cost production for this level of output:

2

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Refer to the diagram. For output level Q, per unit costs of B are:

3

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Refer to the diagram. For output level Q, per unit costs of C are:

4

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Refer to the data. At what level of output is minimum efficient scale realized?

5

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Refer to the data. Economies of scale in plant ATC-A are realized over the ___ to ___ levels of output; diseconomies of scale exist over the ___ to ___ levels of output

6

Refer to the data. In the long run the firm should use plant size "C" for:

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Refer to the data. In the long run the firm should use plant size "A" for:

8

The diagram shows the short-run average total cost curves for five different plant sizes of a firm. If in the long run the firm should produce output 0x, it should do it with a plant of size:

9

The diagram shows the short-run average total cost curves for five different plant sizes of a firm. The position of these five curves in relation to one another reflects:

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As the firm in the diagram expands from plant size #3 to plant size #5, it experiences:

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As the firm in the diagram expands from plant size #1 to plant size #3, it experiences:

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The diagram shows the short-run average total cost curves for five different plant sizes of a firm. The shape of each individual curve reflects:

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Refer to the graph. A decrease in fixed costs is shown by:

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Refer to the graph. Diminishing marginal returns are reflected in:

15

Refer to the graph. Which one of the following would cause a move from point b on short-run average total cost curve ATC 1 to point e on short-run average cost curve ATC 2?