1.How long is "the short" run in economics?

• A.a period in which all inputs are fixed
• B.a period in which the quantity of at least one input is fixed and the quantities of the other inputs can be varied
• C.one year or less
• D.the time in which all inputs are variable

2.The law of diminishing marginal returns refers to the situation in which _______ eventually declines as more of the variable input is employed, given a certain amount of the fixed input.

A.marginal product

• B.average revenue
• C.average cost
• D.marginal cost

3.Use the data in the following table to answer the question.

Output Total Cost

(units) (R)

0 100

1 110

2 130

3 166

4 220

5 300

The average total cost of the fourth unit is?

The average fixed cost of the fifth unit is?

The average variable cost of the second unit is?

The marginal cost of the fifth unit is?