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Microeconomics Principles and Policy 12th Edition International Edition by Baumol William J. – Test Bank

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  • ISBN-10 ‏ : ‎ 8131528413
  • ISBN-13 ‏ : ‎ 978-8131528419

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SKU:tb1002388

Microeconomics Principles and Policy 12th Edition International Edition by Baumol William J. – Test Bank

Chapter 7—Production, Inputs, and Cost: Building Blocks for Supply Analysis

TRUE/FALSE

1. The short run is that period during which there are no fixed commitments.

ANS: F PTS: 1 DIF: Moderate NAT: Analytic
LOC: Costs of production
TOP: Short-Run Vs. Long-Run Costs: What Makes an Input Variable?

2. The long run is a period long enough so that one of the firm’s commitments ends.

ANS: F PTS: 1 DIF: Moderate NAT: Analytic
LOC: Costs of production
TOP: Short-Run Vs. Long-Run Costs: What Makes an Input Variable?

3. In the short run, a firm has fixed costs but never any variable costs.

ANS: F PTS: 1 DIF: Easy NAT: Analytic
LOC: Costs of production
TOP: Short-Run Vs. Long-Run Costs: What Makes an Input Variable?

4. In the short run the firm has at least one fixed input.

ANS: T PTS: 1 DIF: Easy NAT: Analytic
LOC: Costs of production
TOP: Short-Run Vs. Long-Run Costs: What Makes an Input Variable?

5. In the short run the firm has no more than one fixed input.

ANS: F PTS: 1 DIF: Easy NAT: Analytic
LOC: Costs of production
TOP: Short-Run Vs. Long-Run Costs: What Makes an Input Variable?

6. Fixed cost increases when output rises.

ANS: F PTS: 1 DIF: Moderate NAT: Analytic
LOC: The Study of economics, and definitions in economics
TOP: Short-Run Vs. Long-Run Costs: What Makes an Input Variable?

7. Variable costs increase when output rises.

ANS: T PTS: 1 DIF: Easy NAT: Analytic
LOC: Costs of production
TOP: Short-Run Vs. Long-Run Costs: What Makes an Input Variable?

8. In the long run, more costs become fixed.

ANS: F PTS: 1 DIF: Moderate NAT: Analytic
LOC: Costs of production
TOP: Short-Run Vs. Long-Run Costs: What Makes an Input Variable?

9. In most businesses there is only one way to produce output.

ANS: F PTS: 1 DIF: Moderate NAT: Analytic
LOC: Costs of production
TOP: Production, Input Choice, and Cost with One Variable Input

10. Total physical product shows what happens to the quantity of an output when the firm changes the quantity of an input.

ANS: T PTS: 1 DIF: Easy NAT: Analytic
LOC: Costs of production
TOP: Production, Input Choice, and Cost with One Variable Input

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