Econ 528 Module 4 || QUESTIONS AND ANSWERS 100% CORRECT!!
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d. As the size of the firm increases it becomes more difficult to coordinate the operations of its manufacturing plants. correct answers Which of the following is a reason why a firm would experience diseconomies of scale?
a. As the size of the firm increases, it becomes more difficult to find mar...
Econ 528 Module 4 || QUESTIONS AND ANSWERS
100% CORRECT!!
d. As the size of the firm increases it becomes more difficult to coordinate the operations of
its manufacturing plants. correct answers Which of the following is a reason why a firm
would experience diseconomies of scale?
a. As the size of the firm increases, it becomes more difficult to find markets where it doesn't
already have operations.
b. As the size of the firm increases, it must operate in other countries where differences in
language, customs and laws increase its average costs.
c. To finance an increase in the size of its plant a firm must borrow more money or sell more
shares of stock.
d. As the size of the firm increases it becomes more difficult to coordinate the operations of
its manufacturing plants.
d. level of operation where long-run average costs are lowest. correct answers The minimum
efficient scale is
a. the plant size that yields the most profit.
b. the level of output where diminishing returns have not set in yet.
c. the smallest output level where the firm finally reaches productive efficiency.
d. level of operation where long-run average costs are lowest.
a. As output increases, the managers can begin to have difficulty coordinating the operations
of their firms. correct answers Which of the following is not a reason why firms experience
economies of scale?
a. As output increases, the managers can begin to have difficulty coordinating the operations
of their firms.
b. Technology can make it possible to increase production with a smaller increase in at least
one input.
c. Larger firms may be able to purchase inputs at lower costs than smaller competitors.
d. Workers and managers can become more specialized, enabling them to be more
productive.
d. the cost of publishing a magazine is lower for book publishers than for other firms. correct
answers Economies of scope exist between book publishing and magazine publishing if
a. the cost of publishing a magazine is lower for firms that publish many magazines than for
firms that publish only one magazine.
b. the cost of publishing a book falls over time as the publisher acquires more experience.
c. the cost of a publishing a book is not subject to diminishing marginal returns.
d. the cost of publishing a magazine is lower for book publishers than for other firms.
d. average variable cost and the cumulative number of units produced correct answers
Learning curves represent the relationship between
a. average variable cost and the rate of increase in technology
b. average variable cost and the number of units produced per time period
c. total cost and technology
d. average variable cost and the cumulative number of units produced
, d. None of the above is correct correct answers If the marginal product of labor is 2, the
marginal product of capital is 4, the wage rate is $3, the rental price of capital is $6, and the
price of output is $1.50, then the firm should
a. Decrease output by reducing the quantity of capital, reducing the number of units of labor,
or both
b. Hold output constant, but hire more labor and less capital
c. Increase output by hiring more labor, more capital, or both
d. None of the above is correct
b. False correct answers If the marginal revenue product of an input is less than the price of
that input, the input is too expensive and the firm should stop using that input and try to find
some alternate inputs.
a. True
b. False
b. False correct answers Economic rent for an input is higher if the input is abundant is
supply
a. True
b. False
c. of the law of diminishing marginal returns. correct answers A firm's demand curve for
labor slopes downwards because
a. of rising marginal product.
b. workers supply less labor services as the wage rate falls.
c. of the law of diminishing marginal returns.
d. firms supply less labor as the wage rate rises.
b. the price of a factor of production that is fixed in supply. correct answers Economic rent is
defined as
a. what you pay to rent your apartment or house.
b. the price of a factor of production that is fixed in supply.
c. the revenue received by a factor of production with an upward sloping supply curve.
d. the surplus received by employing a factor of production in its highest valued use.
b. as a firm expands its production, its profit margin per-unit of output increases. correct
answers Economies of scale exist as a firm increases its size in the long run because of all of
the following except
a. as a larger input buyer, the firm can purchase inputs at a lower per unit cost.
b. as a firm expands its production, its profit margin per-unit of output increases.
c. the firm can afford more sophisticated technology in production.
d. labor and management can specialize even further in their tasks.
b. economies of scale in farming correct answers Over the past twenty years, the number of
small family farms has fallen significantly and in their place there are fewer, but larger, farms
owned by corporations. Which of the following best explains this trend?
a. diminishing returns to labor in farming
b. economies of scale in farming
c. diseconomies of scale in farming
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