100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
[Solved] ECON 101 Quiz 5 Week 5 Ch. 8 $7.49   Add to cart
Quickly navigate to
Preview
  2.  
  3. University
  4.  
  5. ECON 101 Quiz 5 Week 5 Ch. 8 (ECON101QUIZ5WEEK5CH.8)

Exam (elaborations)

[Solved] ECON 101 Quiz 5 Week 5 Ch. 8

1 review
 332 views  5 purchases
  • Course
  • ECON 101 Quiz 5 Week 5 Ch. 8 (ECON101QUIZ5WEEK5CH.8)
  • Institution
  • University

ECON 101 Quiz 5 Week 5 Ch. 8 Week 5 Quiz (Chapter 8) Part 1 of 1 - 100.0 Points Question 1 of 10 10.0 Points 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 avera...

[Show more]

Preview 1 out of 3  pages

Document information

  • July 23, 2020
  • 3
  • 2019/2020
  • Exam (elaborations)
  • Questions & answers

Subjects

  • econ 101 quiz 5 week 5 ch 8

Written for

  • University
  • ECON 101 Quiz 5 Week 5 Ch. 8 (ECON101QUIZ5WEEK5CH.8)
All documents for this subject (1)

1  review

review-writer-avatar

By: chavisqc • 3 year ago

Seller

avatar-seller
solutions

Reviews received

Content preview

214156 Week 5 Quiz (Cha
Part 1 of 1 - Week 5 Quiz (Chapter 8) 100.0 Points


Question 1 of 10 10.0 Points
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.
Answer Key: B

Question 2 of 10 10.0 Points
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.
Answer Key: D

Question 3 of 10 10.0 Points
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.
Answer Key: D

Question 4 of 10 10.0 Points
Diminishing marginal returns means that:
A. each additional unit of an input used will decrease output.

B. each additional unit of an input used will increase output, but by smaller and smaller amounts.

C. each additional unit of an input used will increase output by larger and larger amounts.

D. the firm is maximizing profit.
Answer Key: B




Question 5 of 10 10.0 Points
When marginal cost is below average variable cost, average variable cost must be:
A. at its minimum.

B. at its maximum.

C. falling.

D. rising.
Answer Key: C

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller solutions. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $7.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

77254 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$7.49  5x  sold
  • (1)
  Add to cart