WGU C211 - Exam Retake Questions and
Answers 100% Solved | Graded A+
What is the change in total cost equal to in the marginal cost equation? -
✔✔Marginal cost multiplied by change in quantity.
Fixed costs equal: - ✔✔Total costs minus variable costs
Economic profit is distinct from accounting profit because - ✔✔Economic
profit incorporates both explicit and implicit costs.
Total costs include: - ✔✔Variable costs plus fixed costs
Marginal costs consider - ✔✔The increase in total cost arising from an
extra unit of production.
What response best describes the relationship between marginal costs and
total costs? - ✔✔Whenever marginal cost is less than average total cost,
average total cost is falling.
Which statement is true about productivity? - ✔✔The value of marginal
product of labor equals wage in a competitive firm.
1
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, A production function expresses the relationship between: - ✔✔Quantity of
resource inputs and product/service outputs.
Opportunity costs include: - ✔✔The income the entrepreneur could have
earned working for an employer.
Economists and decision makers study and then make decisions or
judgments based on (select best answer): - ✔✔Marginal analysis.
The primary reason that the marginal cost curve declines and then
increases is: - ✔✔Firms experience increasing marginal product, then
diminishing marginal product.
When do marginal costs eventually rise? - ✔✔With the quantity of output.
Consider the following example: A perfectly competitive firm finds that at
current production levels marginal cost is greater than marginal revenue.
What action should this firm take in order to pursue the maximization of
profit? - ✔✔Decrease the target output.
A competitive firm is characterized by: - ✔✔Trading of identical products.
Competitive firms experience marginal revenue that is: - ✔✔Equal to price.
In the short-run, a competitive firm would continue to produce under the
following circumstance: - ✔✔Total revenue exceeds total variable costs.
2
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
Answers 100% Solved | Graded A+
What is the change in total cost equal to in the marginal cost equation? -
✔✔Marginal cost multiplied by change in quantity.
Fixed costs equal: - ✔✔Total costs minus variable costs
Economic profit is distinct from accounting profit because - ✔✔Economic
profit incorporates both explicit and implicit costs.
Total costs include: - ✔✔Variable costs plus fixed costs
Marginal costs consider - ✔✔The increase in total cost arising from an
extra unit of production.
What response best describes the relationship between marginal costs and
total costs? - ✔✔Whenever marginal cost is less than average total cost,
average total cost is falling.
Which statement is true about productivity? - ✔✔The value of marginal
product of labor equals wage in a competitive firm.
1
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
, A production function expresses the relationship between: - ✔✔Quantity of
resource inputs and product/service outputs.
Opportunity costs include: - ✔✔The income the entrepreneur could have
earned working for an employer.
Economists and decision makers study and then make decisions or
judgments based on (select best answer): - ✔✔Marginal analysis.
The primary reason that the marginal cost curve declines and then
increases is: - ✔✔Firms experience increasing marginal product, then
diminishing marginal product.
When do marginal costs eventually rise? - ✔✔With the quantity of output.
Consider the following example: A perfectly competitive firm finds that at
current production levels marginal cost is greater than marginal revenue.
What action should this firm take in order to pursue the maximization of
profit? - ✔✔Decrease the target output.
A competitive firm is characterized by: - ✔✔Trading of identical products.
Competitive firms experience marginal revenue that is: - ✔✔Equal to price.
In the short-run, a competitive firm would continue to produce under the
following circumstance: - ✔✔Total revenue exceeds total variable costs.
2
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
