Liberty University ECON 213 Quiz 8 Complete Solutions Correct Answers Key

A complete solution set for ECON 213 Quiz 8, covering key economic concepts.

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Liberty University ECON 213 quiz 8complete solutions correct answers keyTwo versionsQuestion 1 Total revenue minus total cost is equal to:Question 2 In the short run, the cost of __________ is variable, whereas the cost of __________ isfixed.Question 3 Which of the following is a question that a firm must answer in the long run but notin the short run?Question 4 If all workers are able to specialize and become more productive as more labor ishired, the amount of total output produced:Question 5 It is important for a firm to know its minimum efficient scale of production becausethat is where:Question 6 The production function of a restaurant includes items such as labor (i.e., cooks,waiters, a manager), capital (i.e., ovens, counters, tables, chairs, and a building), and land. In theshort run, the owner of the restaurant will optimize production by employing a variable amountof __________ given a fixed amount of __________.Question 7 Which is the best example of diseconomies of scale?Question 8 Refer to the accompanying graph to answer the questions that follow.If the firmdepicted in the graph had to pay higher rent to its landlord, we would expect its __________ curveto shift __________.Question9Refertothefollowinggraphtoanswerthequestionsthatfollow.Thefirmisexperiencing diminishing marginal product beyond what level of output along the marginal costcurve?Question 10 Use the following graph to answer the questions that follow. If the firm expanded itsscale of production and found that its average costs increased, which of the curves would reflectthis situation?Question 11 Which is the best example of economies of scale?Question 12 Economists consider both explicit and implicit costs when measuring economic profit.The reason they consider implicit costs is that:

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University

Liberty University

Course

ECON 213

Subject

Economics

Liberty University ECON 213 Quiz 8 Complete Solutions Correct Answers Key

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