Q26. Implicit cost is an opportunity cost of doing business. a. true b. false Q2

Question

Q26. Implicit cost is an opportunity cost of doing business.
   a. true
   b. false

Q27. As units of input are added to the production process, the marginal product
   a. increases throughout
   b. at first increases, then eventually decreases
   c. remains the same
   d. declines then rises

Q28. Which of the following is the best example of variable cost?
   a. depreciation on a building
   b. property taxes
   c. wages
   d. rent paid for one's building

Q29. Total fixed cost is frequently referred to as
   a. overhead
   b. depreciation
   c. opportunity cost
   d. marginal cost

Q30. Under conditions of perfect competition, maximum profit or minimum loss occurs at the point where
   a. AR = ATC
   b. MR = AR
   c. MR = MC
   d. AVC = ATC

Explanation / Answer

26. True.

27.  b. at first increases, then eventually decreases and then becomes negative.

28. c. wages as it changes with the units of labor.

29. a. overhead which remains fixed even when output is zero.

30. c. MR = MC

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