33. ECO1050 u05q1 Question 33 (Points: 3) The portion of the long-run average co

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33. ECO1050 u05q1 Question 33 (Points: 3)
The portion of the long-run average cost curve in which economies of scale are experienced shows that as plant size increases, this happens. (3 points).



1. Average total cost decreases.

2. Average total cost increases.

3. Marginal cost decreases.

4. Marginal cost increases.

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34. ECO1050 u05q1 Question 34 (Points: 2)
Which of the following statements is true of the average product curve? (2 points).



1. It initially rises and then falls.

2. It rises as average variable cost increases.

3. It shows how productivity changes as output changes.

4. It initially falls then rises.

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35. ECO1050 u05q1 Question 35 (Points: 3)
Which of the following contributes to increasing marginal returns? (3 points).



1. Increasing explicit costs.

2. Increasing implicit costs.

3. Specialization of labor.

4. None of the above answers is correct.

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36. ECO1050 u05q1 Question 36 (Points: 2)
When does average total cost decrease? (2 points).



1. As the average product of labor decreases.

2. As long as output increases.

3. Initially, and then it starts to increase.

4. In the long run and the short run.

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37. ECO1050 u05q1 Question 37 (Points: 2)
The marginal cost curve intersects the ____ curves at their ____ points. (2 points).



1. Average product and marginal product, maximum.

2. Average total cost and average fixed cost, minimum.

3. Average total cost and average variable cost, minimum.

4. Average variable cost and total variable cost, maximum.

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38. ECO1050 u05q1 Question 38 (Points: 3)
Suppose one week Fresh Cuts Lawn Service hires 10 units of labor and 10 units of capital and cuts 50 yards. The next week, Fresh Cuts increases its labor and its capital by 10% and cuts 60 yards. What has Fresh Cuts experienced? (3 points).



1. Decreasing returns to scale.

2. Decreasing marginal returns.

3. Increasing marginal returns.

4. Increasing returns to scale.

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39. ECO1050 u05q1 Question 39 (Points: 3)
A cost incurred in the production of a good or service and for which the firm does not need to make a direct monetary payment is referred to as what? (3 points).



1. A maximized cost.

2. An implicit cost.

3. A minimized cost.

4. An explicit cost.

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40. ECO1050 u05q1 Question 40 (Points: 3)


Anna owns a dog grooming salon in Brunswick, Georgia. The above table has Anna's total product schedule. Anna pays each worker $300 per week, and she pays rent of $600 a week for her salon. These are her only costs. When Anna has a staff of two workers, what does her average total cost equal? (3 points).





1. $2,400.

2. $10.

3. $300

4. $12.

Explanation / Answer

1. Average total cost decreases. 1. It initially rises and then falls. 3. Specialization of labor. 2. As long as output increases. 4. Average variable cost and total variable cost, maximum. 3. Increasing marginal returns. 3. A minimized cost. 3. $300

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