The addition to total product resulting from employing one more unit of a productive resource is the _
Question 1The addition to total product resulting from employing one more unit of a productive resource is the __________.
marginal input
marginal product
average product
total product
Question 2An example of a horizontally integrated firm is one that __________.
owns several plants, each manufacturing the same product
owns several plants, each handling a different stage of production
has several factories making different products within the same region
produces a variety of goods and sells them in widely disparate markets
Question 3A description of the amounts of output expected from various combinations of inputs is called __________.
technical efficiency
a production function
economic efficiency
an economic forecast
Question 4In a production function, in the short run, some inputs are fixed. In the long run, all inputs are __________.
fixed
variable
increasing
decreasing
Question 5If Geeta buys wood and piano wire every month to manufacture pianos in the plant she has leased for 4 years, she is operating __________.
without a production function
in the short run
in the long run
a vertically integrated firm
Question 6A firm should leave production unchanged when __________.
marginal cost ≥ marginal revenue
marginal cost > marginal revenue
marginal cost = marginal revenue
marginal cost < marginal revenue
Question 7A company’s profits are greatest when __________ by the largest possible amount.
marginal revenue exceeds total revenue
explicit costs exceed opportunity costs
short-run profits exceed long-run profits
total revenue exceeds total cost
Question 8Economic profit is calculated as __________.
total revenue – opportunity costs
total revenue – implicit costs
total revenue – (explicit costs + implicit costs)
total revenue – explicit costs
Question 9The rate of return that is necessary to keep capital and enterprise in an industry is known as __________ profit.
accounting
opportunity
economic
normal
Question 10The long-run decision regarding the size of a firm’s physical operations is determined by the selection of the desired __________.
short-run AC curve
long-run AC curve
plant size that matches the fixed quantity of labor
quantity of labor supported by the fixed capital
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