- - In the short run O a firm does not have sufficient time to change the level of use some of its inputs. (O None of these answers is correct. @ a firm does not have sufficient time to change any of the resources it uses. (O all costs are variable costs. Question 2 Which one of the following is an economic, but not an accounting, cost? O Interest paid on a loan O Taxes @ The wages a business owner could have received from a full-time job elsewhere (O The cost of paper (O The wages paid to a part-time employee Question 3 The relationship between a firm's level of output and level of inputs is given by (O an economic cost curve. (O a production possibilities frontier. (O an average cost curve. (O amarginal cost curve. O a production function. Suppose that if you plant one bag of seeds in your small garden 10 sunflowers come up. If you plant two bags of seeds, 18 sunflower come up. And if you plant 3 bags of seeds, 24 sunflowers come up. This illustrates the concept of... (O diminishing marginal returns. () increasing marginal returns. (O constant marginal returns. (O economies of scale. (O profit maximization. Question 5 1 pts The short run marginal cost curve in the traditional microeconomic model eventually rises because of (O increasing marginal productivity of variable inputs. (O diminishing marginal revenues. (O diseconomies of scale. (O diminishing marginal returns. (O rising fixed costs. Question 6 1 pts At a total cost of $3,100, a company can produce 4 scooters. It has fixed costs of $1,000. If it produces 5 scooters, the costs of production total $3,800. Which of the following statements is true? (O The marginal cost of producing the fifth scooter is $700. (O The total cost curve for this firm is downward sloping. (O Variable costs of producing 4 scooters total $3096. (O The average (or per unit) cost of producing 5 scooters is $300 per scooter. (O Fixed costs will be higher when it produces 5 scooters. At a total cost of $3,100, a company can produce 4 scooters. It has fixed costs of $1,000. If it produces 5 scooters, the costs of production total $3,800. Which of the following statements is true? (O The marginal cost of producing the fifth scooter is $1000. () Fixed costs will be higher when it produces 5 scooters. () The average (or per unit) cost of producing 5 scooters is $300 per scooter. (0) Variable costs of producing 4 scooters total $2.100. (O The total cost curve for this firm is downward sloping. Question 8 1pts Suppose a production process exhibits increasing marginal costs throughout a production range. Which one of the graphs below most likely represents its production function (not its marginal cost curve)? 3 Output Q) Qutput Tnput Output Oulput Input b) | / ' Output st c) L Input OA Input oc 0D 0OE OB Question 9 1 pts Consider a farmer who can increase the amount of wheat he grows per acre by using more fertilizer. If the farmer faces diminishing marginal returns to fertilizer, he must also face... () increasing marginal costs. (O) decreasing marginal costs. (O a tragedy of the commons. () economies of scale. (O constant marginal costs. If the long-run average cost of production falls as the firm increases its level of output, then the firm exhibits () None of these. () constant marginal costs. () constant returns to scale. () diseconomies of scale. () economies of scale