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American Military University ECON 201 / ECON201 Week 5 Quiz

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Question 1 of 20 Average variable cost is: • A. the firm's variable cost per unit multiplied by the quantity. • B. total variable cost divided by quantity. • C. the difference between average total cost and total variable cost. • D. the difference between total cost...

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  • January 7, 2022
  • 14
  • 2022/2023
  • Exam (elaborations)
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  • american military university econ 201 econ201 week 5 quiz

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Question 1 of 20

Average variable cost

is:



•
A. the firm's variable cost per unit multiplied by the quantity.


•
B. total variable cost divided by quantity.


•
C. the difference between average total cost and total variable cost.


•
D. the difference between total cost and total variable cost.

Question 2 of 20

Which of the following is (are) correct?



•
A. Firms are organizations that produce goods and services.


•
B. Firms seek to maximize profits.


•
C. Firms seek to utilize factors of production in the most efficient way in order to

, maximize profits.


•
D. All of the above are correct.




Question 3 of 20

For a restaurant:



•
A. labor and food would be variable factors of production.


•
B. a building would be a fixed factor of production in the short run.


•
C. fire insurance on a building would be a fixed factor of production.


•
D. A and B are correct.

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