WGU C211 - Quiz Retake Questions with verified ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||
detailed answers ||\\|//||
What is the change in total cost equal to in the marginal cost equation? - correct
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answer✔✔Marginal cost multiplied by change in quantity. ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||
Fixed costs equal: - correct answer✔✔Total costs minus variable costs
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Economic profit is distinct from accounting profit because - correct answer✔✔Economic ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||
profit incorporates both explicit and implicit costs.
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Total costs include: - correct answer✔✔Variable costs plus fixed costs
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Marginal costs consider - correct answer✔✔The increase in total cost arising from an extra ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||
unit of production.
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What response best describes the relationship between marginal costs and total costs? -
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correct answer✔✔Whenever marginal cost is less than average total cost, average total cost
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is falling.
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Which statement is true about productivity? - correct answer✔✔The value of marginal
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product of labor equals wage in a competitive firm. ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||
A production function expresses the relationship between: - correct answer✔✔Quantity of
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resource inputs and product/service outputs. ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||
, Opportunity costs include: - correct answer✔✔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): - correct answer✔✔Marginal analysis. ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||
The primary reason that the marginal cost curve declines and then increases is: - correct
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answer✔✔Firms experience increasing marginal product, then diminishing marginal ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||
product.
When do marginal costs eventually rise? - correct answer✔✔With the quantity of output.
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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? - correct answer✔✔Decrease the
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target output. ||\\|//||
A competitive firm is characterized by: - correct answer✔✔Trading of identical products.
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Competitive firms experience marginal revenue that is: - correct answer✔✔Equal to price. ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||
In the short-run, a competitive firm would continue to produce under the following
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circumstance: - correct answer✔✔Total revenue exceeds total variable costs. ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||
What fundamental shape does a demand curve take in a competitive market? - correct
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answer✔✔Horizontal.
For a perfectly competitive firm which condition is true? - correct answer✔✔The demand
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curve is the same as the marginal revenue curve. ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||
detailed answers ||\\|//||
What is the change in total cost equal to in the marginal cost equation? - correct
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answer✔✔Marginal cost multiplied by change in quantity. ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||
Fixed costs equal: - correct answer✔✔Total costs minus variable costs
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Economic profit is distinct from accounting profit because - correct answer✔✔Economic ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||
profit incorporates both explicit and implicit costs.
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Total costs include: - correct answer✔✔Variable costs plus fixed costs
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Marginal costs consider - correct answer✔✔The increase in total cost arising from an extra ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||
unit of production.
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What response best describes the relationship between marginal costs and total costs? -
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correct answer✔✔Whenever marginal cost is less than average total cost, average total cost
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is falling.
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Which statement is true about productivity? - correct answer✔✔The value of marginal
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product of labor equals wage in a competitive firm. ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||
A production function expresses the relationship between: - correct answer✔✔Quantity of
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resource inputs and product/service outputs. ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||
, Opportunity costs include: - correct answer✔✔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): - correct answer✔✔Marginal analysis. ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||
The primary reason that the marginal cost curve declines and then increases is: - correct
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answer✔✔Firms experience increasing marginal product, then diminishing marginal ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||
product.
When do marginal costs eventually rise? - correct answer✔✔With the quantity of output.
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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? - correct answer✔✔Decrease the
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target output. ||\\|//||
A competitive firm is characterized by: - correct answer✔✔Trading of identical products.
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Competitive firms experience marginal revenue that is: - correct answer✔✔Equal to price. ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||
In the short-run, a competitive firm would continue to produce under the following
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circumstance: - correct answer✔✔Total revenue exceeds total variable costs. ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||
What fundamental shape does a demand curve take in a competitive market? - correct
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answer✔✔Horizontal.
For a perfectly competitive firm which condition is true? - correct answer✔✔The demand
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curve is the same as the marginal revenue curve. ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||