WGU C211 - Quiz Retake Questions with
|\ |\ |\ |\ |\ |\ |\
answers
What is the change in total cost equal to in the marginal
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
cost equation? - CORRECT ANSWERS ✔✔Marginal cost
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multiplied by change in quantity. |\ |\ |\ |\
Fixed costs equal: - CORRECT ANSWERS ✔✔Total costs
|\ |\ |\ |\ |\ |\ |\ |\
minus variable costs |\ |\
Economic profit is distinct from accounting profit because
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- CORRECT ANSWERS ✔✔Economic profit incorporates
|\ |\ |\ |\ |\ |\ |\
both explicit and implicit costs.
|\ |\ |\ |\
Total costs include: - CORRECT ANSWERS ✔✔Variable
|\ |\ |\ |\ |\ |\ |\
costs plus fixed costs
|\ |\ |\
Marginal costs consider - CORRECT ANSWERS ✔✔The
|\ |\ |\ |\ |\ |\ |\
increase in total cost arising from an extra unit of
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
production.
What response best describes the relationship between
|\ |\ |\ |\ |\ |\ |\
marginal costs and total costs? - CORRECT ANSWERS
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, ✔✔Whenever marginal cost is less than average total |\ |\ |\ |\ |\ |\ |\ |\
cost, average total cost is falling.
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Which statement is true about productivity? - CORRECT
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ANSWERS ✔✔The value of marginal product of labor |\ |\ |\ |\ |\ |\ |\ |\
equals wage in a competitive firm.
|\ |\ |\ |\ |\
A production function expresses the relationship between:
|\ |\ |\ |\ |\ |\
- CORRECT ANSWERS ✔✔Quantity of resource inputs and
|\ |\ |\ |\ |\ |\ |\ |\ |\
product/service outputs. |\
Opportunity costs include: - CORRECT ANSWERS ✔✔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 ANSWERS ✔✔Marginal analysis. |\ |\ |\
The primary reason that the marginal cost curve declines
|\ |\ |\ |\ |\ |\ |\ |\ |\
and then increases is: - CORRECT ANSWERS ✔✔Firms
|\ |\ |\ |\ |\ |\ |\ |\
experience increasing marginal product, then diminishing|\ |\ |\ |\ |\ |\
marginal product. |\
|\ |\ |\ |\ |\ |\ |\
answers
What is the change in total cost equal to in the marginal
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
cost equation? - CORRECT ANSWERS ✔✔Marginal cost
|\ |\ |\ |\ |\ |\ |\
multiplied by change in quantity. |\ |\ |\ |\
Fixed costs equal: - CORRECT ANSWERS ✔✔Total costs
|\ |\ |\ |\ |\ |\ |\ |\
minus variable costs |\ |\
Economic profit is distinct from accounting profit because
|\ |\ |\ |\ |\ |\ |\
- CORRECT ANSWERS ✔✔Economic profit incorporates
|\ |\ |\ |\ |\ |\ |\
both explicit and implicit costs.
|\ |\ |\ |\
Total costs include: - CORRECT ANSWERS ✔✔Variable
|\ |\ |\ |\ |\ |\ |\
costs plus fixed costs
|\ |\ |\
Marginal costs consider - CORRECT ANSWERS ✔✔The
|\ |\ |\ |\ |\ |\ |\
increase in total cost arising from an extra unit of
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
production.
What response best describes the relationship between
|\ |\ |\ |\ |\ |\ |\
marginal costs and total costs? - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\
, ✔✔Whenever marginal cost is less than average total |\ |\ |\ |\ |\ |\ |\ |\
cost, average total cost is falling.
|\ |\ |\ |\ |\
Which statement is true about productivity? - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔The value of marginal product of labor |\ |\ |\ |\ |\ |\ |\ |\
equals wage in a competitive firm.
|\ |\ |\ |\ |\
A production function expresses the relationship between:
|\ |\ |\ |\ |\ |\
- CORRECT ANSWERS ✔✔Quantity of resource inputs and
|\ |\ |\ |\ |\ |\ |\ |\ |\
product/service outputs. |\
Opportunity costs include: - CORRECT ANSWERS ✔✔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 ANSWERS ✔✔Marginal analysis. |\ |\ |\
The primary reason that the marginal cost curve declines
|\ |\ |\ |\ |\ |\ |\ |\ |\
and then increases is: - CORRECT ANSWERS ✔✔Firms
|\ |\ |\ |\ |\ |\ |\ |\
experience increasing marginal product, then diminishing|\ |\ |\ |\ |\ |\
marginal product. |\
