Please help me to the best of your ability

This quiz covers materials from Module 4:The Production Decision

Flag question: Question 1Question 12 pts

In economics, a firm that faces no competitors is referred to as _________________.

Group of answer choices

an oligopoly

a monopoly

a perfect competitor

an oligopolizor

Flag question: Question 2Question 22 pts

____________________________ occur when the marginal gain in output diminishes as each additional unit of input is added.

Group of answer choices

Diminishing variable returns

Diminishing average returns

Diminishing marginal returns

Diminishing marginal costs

Flag question: Question 3Question 32 pts

In order to reduce the harmful effects of recession and carbon emissions, the government provided tax incentives for manufacturing firm's to ___________________ that provide alternative, more efficient methods of combining inputs to produce output.

Group of answer choices

acquire energy efficient production technologies

increase the returns to scale

maintain constant returns to scale

create perfect competition between firms

Flag question: Question 4Question 42 pts

In microeconomics, the term ___________________ is synonymous with decreasing returns of scale.

Group of answer choices

monopoly

economies of scale

diminishing returns

diseconomies of scale

Flag question: Question 5Question 52 pts

According to the definition of profit, if a profit-maximizing firm will always attempt to produce its desired level of output at the lowest possible cost, then it will

Group of answer choices

do so regardless of what type of competition exists in a market.

take a long-run perspective on costs, when such costs cannot be adjusted.

take a short-run perspective on labor costs which cannot be immediately changed.

breakdown its cost structure according to short-run adjustments.

Flag question: Question 6Question 62 pts

Marcella operates a small, but very successful art gallery. All but one of the following can be classified as a variable cost arising from the physical inputs Marcella requires to operate her business. Which is it?

Group of answer choices

physical space for the gallery

costs of purchasing art work to sell in the gallery

wages paid to three part-time employees

accountant's fees for preparing tax returns

Flag question: Question 7Question 72 pts

The table below sets out cost information for the production of volley balls. Some values are missing. Which of the following statements is correct?

Quantity	Variable Cost	Fixed Cost	Total Cost	Average Variable Cost ($ per unit)	Marginal Cost ($per unit)
0	0	30	30	0	-
1	12		B	12	E
2	25		C	D	F
3	A		72	14	G

Group of answer choices

A = 42; E = 40

A = 70; E = 40

A = 42, E = 12

A = 70; E = 12

Flag question: Question 8Question 82 pts

I'MABigCorp. produces and sells kitchen wares. Last year, it produced 7,000 can openers and sold each one for $6. To produce the 7,000 can openers, the company incurred variable costs of $28,000 and a total cost of $45,000. I'MABIGCorp.'s average fixed cost to produce the 7,000 can openers was

Group of answer choices

$1.50

$1.23

$2.25

$2.43

Flag question: Question 9Question 92 pts

Whatever the firm's quantity of production, _____________ must exceed total costs if it is to earn a profit.

Group of answer choices

marginal costs

average costs

total revenue

variable costs

Flag question: Question 10Question 102 pts

When __________________ exist, doubling of all inputs will result in more than doubling output, which means __________________________________________.

Group of answer choices

economies of scale; a larger factory can produce at a lower average cost than a smaller company.

economies of scale; a smaller factory can produce at a lower average cost than a larger company.

low labor inputs; larger scale of production leads to higher costs.

labor inputs; economies-of-scale curve is U-shaped.