Question 1 A cost incurred in the production of a good or service and for which
ID: 1091043 • Letter: Q
Question
Question 1
A cost incurred in the production of a good or service and for which the firm does not make a monetary payment, is referred to as ________ cost.
an explicit
an implicit
a maximized
an invisible
a minimized
1 points
Question 2
$12.
$10.
$49.
$61.
1 points
Question 3
$61.00.
$2.03.
$1.20.
$2.45.
1 points
Question 4
The primary goal of a firm is to
maximize profit.
promote fairness.
increase its production.
make a quality product.
promote workforce job satisfaction.
1 points
Question 5
Chuck owns a factory that produces leather footballs. His total fixed cost equaled $86,000 last year. His total cost equaled $286,000 last year. Hence Chuck's
total variable cost was zero.
incurred an economic loss.
total variable cost equaled $372,000.
total variable cost equaled $200,000.
None of the above answers is correct.
1 points
Question 6
An insurance agent rents a building and has a three-year lease. An increase in the rent for the building increases the agent's
total variable cost and total cost.
total cost and average variable cost.
total fixed cost and total variable cost.
total variable cost and average variable cost.
total fixed cost and average fixed cost.
1 points
Question 7
The cost that a firm pays in money to hire a resource is referred to as a ________ cost.
implicit
explicit
total
maximized
minimized
1 points
Question 8
Marginal cost equals
the change in total cost divided by the change in output.
total variable cost divided by total output.
the change in fixed cost that results from a one-unit increase in output.
total cost minus total variable cost.
total fixed cost divided by total output.
1 points
Question 9
$8.
$5.
$32.
$3.
$2.
1 points
Question 10
The cost that does not change as output changes is
marginal cost.
fixed cost.
variable cost.
total cost.
an explicit
an implicit
a maximized
an invisible
a minimized
Explanation / Answer
Q10) A ( Answer is Total Fixed Cost)
Q9) D ( Correct Answer is $3)
Q8) A( the change in total cost divided by the output_
Q7) B ( Explicit)
Q6) E(total fixed cost and average fixed cost)
Q5) D) total variable cost equaled $200,000.
Q4) A) maximize profit.
Q3) B(2.03$)
Q2) A (12$)
Q1) A) an implicit
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