**Question 1 (1 point) Question 1 Unsaved In the long-run: Question 1 options: a
ID: 1238012 • Letter: #
Question
**Question 1 (1 point)Question 1 Unsaved
In the long-run:
Question 1 options:
all factors of production are variable.
some factors are fixed and some are variable.
all factors of production are fixed.
economic profits are always positive.
**Question 2 (1 point)
Question 2 Unsaved
The law of diminishing marginal returns is caused by
Question 2 options:
poor quality fixed inputs.
insufficient amounts of the variable input.
some workers performing poorly on the job.
the existence of a fixed input that must be combined with increasing amounts of the variable
input.
**Question 3 (1 point)
Question 3 Unsaved
The minimum possible short-run average costs are equal to long-run average costs when
Question 3 options:
the plant is producing at its short-run minimum point.
the long-run curve is at a minimum point.
short-run and long-run costs are declining.
production is at any point on the long-run average cost curve.
**Question 4 (1 point)
Question 4 Unsaved
When the long-run average cost curve is falling:
Question 4 options:
the firm is experiencing diseconomies of scale.
the firm is experiencing economies of scale.
the firm is experiencing constant returns to scale.
the firm needs to contract the scale of their operations to produce more efficiently.
**Question 5 (1 point)
Question 5 Unsaved
From the perspective of the firm, what is the difference between the short-run and the long-run?
Question 5 options:
The short-run is a period of less than a year while the long-run is a period of one year or more.
There is no difference between the short-run and the long-run from the perspective of the firm.
In the short-run, at least one input is fixed, while in the long-run all inputs are variable.
In the long-run, at least one input is fixed, while in the short-run all inputs are variable.
**Question 6 (1 point)
Question 6 Unsaved
If total physical product is increasing at a decreasing rate, then marginal physical product is
Question 6 options:
decreasing.
constant.
increasing at a decreasing rate.
increasing at an increasing rate.
**Question 7 (1 point)
Question 7 Unsaved
When marginal cost is falling:
Question 7 options:
marginal physical product is at a minimum.
marginal physical product is at a maximum.
marginal physical product must be rising.
marginal physical product must be falling.
**Question 8 (1 point)
Question 8 Unsaved
Why does the marginal physical product of labor eventually decline as more labor is used with another
fixed input?
Question 8 options:
The labor will have, on average, more units of the other inputs to combine with and the increases to total output obtained from more labor will decrease
The labor will have, on average, fewer units of the other inputs to combine with and the increases to total output obtained from more labor will decrease.
The labor will have, on average, fewer units of the other inputs to combine with and the increases to total output obtained from more labor will increase.
The labor will have, on average, more units of the other inputs to combine with and the increases to total output obtained from more labor will decrease.
**Question 9 (1 point)
Question 9 Unsaved
Which of the following statements describes a firm's long-run average cost curve?
Question 9 options:
A U-shaped curve that represents the minimum unit cost of producing any given rate of output.
A U-shaped curve that represents the lowest point on a series of short-run total cost curves.
A U-shaped curve that represents the minimum point on a series of marginal cost curves.
A U-shaped curve that represents the lowest point on a series of short-run variable cost curves.
**Question 10 (1 point)
Question 10 Unsaved
When the total product function begins to increase at a decreasing rate:
Question 10 options:
the law of diminishing returns has set in.
marginal cost is rising.
marginal physical product is falling.
all of the above.
**Question 11 (1 point)
Question 11 Unsaved
What is a firm's minimum efficient scale?
Question 11 options:
The lowest rate of output at which the firm achieves minimum short-run average cost.
All outputs where the firm achieves the minimum marginal cost.
The lowest rate of output at which the firm achieves minimum long-run average cost.
All ranges of output at which the firm achieves minimum long-run average cost.
**Question 12 (1 point)
Question 12 Unsaved
On the graph, where do economies of scale exist?
Question 12 options:
In the range of outputs from B to C.
At point B only.
In the range of outputs from A to B.
At point C only.
At point A only.
In the range of outputs from A to C.
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Explanation / Answer
3.the long-run curve is at a minimum point
5. In the short run, at least one imput is fixed, while in the long run all inputs are variables
8. The labor will have, on average, fewer units of the other inputs to combine with the increase to total outputs obtained from more labor will decrease
11. The lowest rate of out put at which the firm achieves minimum long-run average cost
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