WGU C211 - Quiz Retake Questions with answers

WGU C211 - Quiz Retake Questions with
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answers

What is the change in total cost equal to in the marginal
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cost equation? - CORRECT ANSWERS ✔✔Marginal cost
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multiplied by change in quantity. |\ |\ |\ |\




Fixed costs equal: - CORRECT ANSWERS ✔✔Total costs
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minus variable costs |\ |\




Economic profit is distinct from accounting profit because
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- CORRECT ANSWERS ✔✔Economic profit incorporates
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both explicit and implicit costs.
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Total costs include: - CORRECT ANSWERS ✔✔Variable
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costs plus fixed costs
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Marginal costs consider - CORRECT ANSWERS ✔✔The
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increase in total cost arising from an extra unit of
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production.


What response best describes the relationship between
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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.
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A production function expresses the relationship between:
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- CORRECT ANSWERS ✔✔Quantity of resource inputs and
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product/service outputs. |\




Opportunity costs include: - CORRECT ANSWERS ✔✔The |\ |\ |\ |\ |\ |\ |\



income the entrepreneur could have earned working for
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an employer.
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Economists and decision makers study and then make |\ |\ |\ |\ |\ |\ |\ |\



decisions or judgments based on (select best answer): -
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CORRECT ANSWERS ✔✔Marginal analysis. |\ |\ |\




The primary reason that the marginal cost curve declines
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and then increases is: - CORRECT ANSWERS ✔✔Firms
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experience increasing marginal product, then diminishing|\ |\ |\ |\ |\ |\



marginal product. |\