25. ECO1050 u05q1 Question 25 (Points: 2) The U-shaped average total cost curve
ID: 1228770 • Letter: 2
Question
25. ECO1050 u05q1 Question 25 (Points: 2)The U-shaped average total cost curve is which of the following? (2 points).
1. The result of average fixed cost falling and decreasing marginal returns as output increases.
2. A result of firms' wanting to find the output level where cost is at its minimum.
3. A result of constant marginal returns.
4. Unrealistic because average total cost always increases as output increases.
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26. ECO1050 u05q1 Question 26 (Points: 2)
What does the U-shape of the average variable, average total, and marginal cost curves reflect? (2 points).
1. Decreasing marginal returns.
2. Both increasing and decreasing marginal returns.
3. Increasing marginal returns.
4. Decreasing marginal product.
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27. ECO1050 u05q1 Question 27 (Points: 3)
The marginal cost curve is U-shaped. Over the range of output for which the marginal cost is falling as output increases, what is the marginal product doing? (3 points).
1. Increasing.
2. Probably changing, but there is no stable relationship between the marginal cost and the marginal product.
3. It is constant.
4. Decreasing.
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28. ECO1050 u05q1 Question 28 (Points: 2)
What is the relationship between the MP and MC curves? (2 points).
1. Over the range where the MP curve has a negative slope, the MC curve also has a negative slope.
2. Over the range where the MP curve has a positive slope, the MC curve has a negative slope.
3. Over the range where the MC curve has a positive slope, the MP curve also has a positive slope.
4. There is no predictable relationship.
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29. ECO1050 u05q1 Question 29 (Points: 2)
The main sources of economies of scale are what? (2 points).
1. Specialization of resources such as labor and capital.
2. Decreasing marginal cost and increasing marginal product.
3. Increasing marginal cost and decreasing marginal product.
4. Caused by the difficulty of coordinating and controlling large enterprises.
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30. ECO1050 u05q1 Question 30 (Points: 2)
Diseconomies of scale are what? (2 points).
1. A long run phenomenon.
2. The result of decreasing marginal returns.
3. The result of increasing marginal returns.
4. A short run phenomenon.
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31. ECO1050 u05q1 Question 31 (Points: 2)
Diseconomies of scale occur when the average total cost of production ____ as the size of a plant and its labor force ____. (2 points).
1. Increases, increase by the same percentage.
2. Does not change, increase by the same percentage.
3. Decreases, increase by the same percentage.
4. Decreases, do not change.
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32. ECO1050 u05q1 Question 32 (Points: 3)
The long-run average cost curve is U-shaped because of which of the following? (3 points).
1. Increasing marginal returns as more labor is hired.
2. Decreasing marginal returns as more labor is hired.
3. Economies and diseconomies of scale.
4. Constant fixed costs as output is increased.
Explanation / Answer
25. ECO1050 u05q1 Question 25 (Points: 2)
The U-shaped average total cost curve is which of the following? (2 points).
3. A result of constant marginal returns.
26. ECO1050 u05q1 Question 26 (Points: 2)
What does the U-shape of the average variable, average total, and marginal cost curves reflect? (2 points).
2. Both increasing and decreasing marginal returns.
27. ECO1050 u05q1 Question 27 (Points: 3)
The marginal cost curve is U-shaped. Over the range of output for which the marginal cost is falling as output increases, what is the marginal product doing? (3 points).
1. Increasing.
28. ECO1050 u05q1 Question 28 (Points: 2)
What is the relationship between the MP and MC curves? (2 points).
1. Over the range where the MP curve has a negative slope, the MC curve also has a negative slope.
Save Answer
29. ECO1050 u05q1 Question 29 (Points: 2)
The main sources of economies of scale are what? (2 points).
2. Decreasing marginal cost and increasing marginal product.
30. ECO1050 u05q1 Question 30 (Points: 2)
Diseconomies of scale are what? (2 points).
3. The result of increasing marginal returns.
31. ECO1050 u05q1 Question 31 (Points: 2)
Diseconomies of scale occur when the average total cost of production ____ as the size of a plant and its labor force ____. (2 points).
1. Increases, increase by the same percentage.
32. ECO1050 u05q1 Question 32 (Points: 3)
The long-run average cost curve is U-shaped because of which of the following? (3 points).
3. Economies and diseconomies of scale.
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