Fill in the blank with the correct multiple choice

Question 1

The most fundamental feature of a perfectly competitive market is that is supplied by _____ usually quite _____enterprises.

few, small

numerous, large

few, large

numerous, small

Question 2

________ level of production is the goal to aim for, rather than one that taxes capacity to the breaking point.

Optimum

Optimal

Overall

Marginal

Question 5

Which of the following short run cost categories are "mathematically derived"?

marginal cost and average total costs

average total costs, marginal cost, and variable costs

average fixed costs, fixed costs, and average variable costs

marginal cost, average total costs, average fixed costs, and average variable costs

Question 9

______ production function is an interval during which a business can vary the amounts of of _____ the resource______ it uses.

Long-run, some, inputs

Short-run, all, outputs

Short-run, some, inputs

Long-run, all, outputs

Question 10 (1 point)

When analyzing a Marginal Revenue-Marginal Cost graph, one would graph the Break-even point(s) where ______.

Average Variable Cost and Marginal Revenue intersect

Marginal Revenue and Marginal Cost intersect

Average Total Cost and Marginal Revenue intersect

Marginal Cost and Average Variable Cost intersect

Question 12 (1 point)

Theory of the Firm is to seek to employ the ______ and ______ of and ways and means of generating a given_________ of ______.

most efficient, least costly, quantity, output

most efficient, most costly, quantity, output

least efficient, least costly, quantity, input

least efficient, most costly, quality, input

Question 13 (1 point)

Law of ______ to Returns states that as successive units of a _______ resource input (say labour) are added to ______ resources (say land and capital), beyond some point the marginal production attributable to each additional unit of the variable resource will________

Increasing, variable, fixed, decline

Increasing, fixed, variable, increase

Diminishing, variable, fixed, decline

Diminishing, fixed, variable, increase

Question 14 (1 point)

Firms in perfectly competitive market supply _________ products such as cauliflower or fresh fish, and ______is their only means of competing.

undifferentiated, "bells and whistles"

differentiated, price

undifferentiated, price

differentiated, "bells and whistles"

QUESTION 15

________ Efficiency is ______when is produced employing the ________costly means available.

Productive, maximized, output, least

Allocative, minimized, output, least

Allocative, maximized, input, most

Productive, minimized, input, least

Question 18

Marginal _______ measures how much more or less _______each additional worker the total.

product, input, deducts from

product, output, contributes to

cost, input, deducts from

cost, output, contributes to

Question 19

Perfect Competition is more an economic ________than it is a ________

desire, fiction

reality, fiction

compromise, reality

fiction, reality

Question 20

Which of the following short run cost categories are "real"?

fixed and variable costs

fixed costs only

fixed, variable, and marginal costs

average total costs, fixed, and variable costs

Question 25

The two determinants of profitability are _________ and _________

deductions, revenues

profits, costs

revenue, costs

input, output

Question 26

__________ Efficiency requires that __________ resources be distributed among __________particular mix of goods and services demanded _________ by economic actors so allow the consumers.

Allocative, plentiful, similar, most

Productive, scarce, similar, least

Productive, plentiful, similar, least

Allocative, scarce, different, most

Question 27

________ is the process whereby _________ are transformed into and __________

Production, resources, goods, services

Cost, resources, production, goods

Revenue, inputs, outputs, revenue

Production Function, quantity, quality, revenue

Question 28

________ Costs are ________ costs which describe the payments that ________have to make to _________ of all the resource_________ they need to operate their enterprises.

Explicit, accounting, producers, suppliers, inputs

Explicit, economic, producers, suppliers, inputs

Implicit, accounting, producers, suppliers, outputs

Accounting, economic, suppliers, producers, outputs

Question 29

________Costs are the __________payments which may or may not be actually transacted to the __________of firms in exchange for the use of company owned resources such as entrepreneurial know-how, labour time and capital equipment.

Implicit, economic, owners

Implicit, accounting, owners

Explicit, economic, producers

Explicit, accounting, suppliers

Question 30

A firm's family of short-run cost curves is determined primarily by the law of ____________.

increasing returns

consistent returns

continuing returns

diminishing returns