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Multiple Choice Identify the choice that best completes the statement or answers the question. ____ 1. Analyzing the behavior of the firm enhances our understanding of a. what decisions lie behind the market supply curve. b. how consumers allocate their income to purchase scarce resources. c. how financial institutions set interest rates. d. whether resources are allocated fairly. 2. Industrial organization is the study of how a. labor unions organize workers in industries. b. profitable firms are in organized industries. c. industries organize for political advantage. d. firms' decisions regarding prices and quantities depend on the market conditions they face. 3. Economists assume that the typical person who starts her own business does so with the intention of a. donating the profits from her business to charity. b. capturing the highest number of sales in her industry. c. maximizing profits. d. minimizing costs. 4. When a firm is making a profit-maximizing production decision, which of the following principles of economics is likely to be most important to the firm's decision? a. The cost of something is what you give up to get it. b. A country's standard of living depends on its ability to produce goods and services. c. Prices rise when the government prints too much money. d. Governments can sometimes improve market outcomes. 5. Profit is defined as a. net revenue minus depreciation. b. total revenue minus total cost. c. average revenue minus average total cost. d. marginal revenue minus marginal cost. 6. XYZ corporation produced 300 units of output but sold only 275 of the units it produced. The average cost of production for each unit of output produced was $100. Each of the 275 units sold was sold for a price of $95. Total profit for the XYZ corporation would be a. -$3,875. b. $26,125. c. $28,500. d. $30,000. 7. A firm's opportunity costs of production are equal to its a. explicit costs only. b. implicit costs only. c. explicit costs + implicit costs. d. explicit costs + implicit costs + total revenue.

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000 from her savings account. $30 b. c. $40. and $45. Susan used to work as a telemarketer. the $25. lease payments for the land on which a firm’s factory stands. total revenue. $-5. $400 c. To purchase the necessary equipment.000. $170 d. What is John's annual opportunity cost of the financial capital that has been invested in the business? a. Both a and c are correct. Dianne has decided to start her own photography studio. d. 9. ____ 14. will never exceed accounting profit.000.000. she turned down three separate job offers with annual salaries of $30. If Bev hadn’t opened her own business.650 ____ 11. Bev’s economic profit is $4.000.000 d. d. In her first year. b.000 income that she gave up is counted as part of the catering firm's a. . John has decided to start his own lawn-mowing business.000 per year. which was earning 3% interest. marginal costs. When deciding to open her own business. she would have earned a salary of $25. b. Bev’s revenues were $30. explicit costs.000 from the bank at an interest rate of 8%. $300 b. Economic profit a. $20. Bev’s total implicit costs are $300. What is Jane's economic profit from running her own business? a. $1. When she closed the account. John withdrew $1.000 c. lost opportunity to invest in capital markets when the money is invested in one's business. earning $25.000.300. b. An example of an explicit cost of production would be the a.____ 8. She financed the business by withdrawing money from her personal savings account.000 from the bank at an interest rate of 7%. and borrowed an additional $5. c. Which of the following statements is correct? a.000 in accounting profit the first year.000 ____ 13. In calculating the economic profit of her catering business. $-55. $300 ____ ____ 10. and borrowed an additional $2. ____ 12. To purchase the mowers and the trailer to transport the mowers.000 from his savings account. She gave up that job to start a catering business. c. Bev’s total explicit costs are $25. Dianne withdrew $10. which was earning 3% interest. What is Dianne's annual opportunity cost of the financial capital that has been invested in the business? a. opportunity costs. $5. Bev is opening her own court-reporting business.700.000 b. the bank representative mentioned that she would have earned $300 in interest next year. d. Bev’s accounting profits exceed her economic profits by $300. $700 d. cost of forgone labor earnings for an entrepreneur. $140 c. Jane decides to open her own business and earns $50.

d. Refer to Figure 13-1. Output TP2 TP1 Inputs ____ 16. is always at least as large as accounting profit. is most often equal to accounting profit. d. c. The firm can vary neither the size of its factory nor the number of workers it employs. Figure 13-1 Suppose the production function shifts from TP1 to TP2. how a firm turns inputs into output. ____ 18. the minimal cost of producing a given level of output. market share. is a less complete measure of profitability than accounting profit. diseconomies. b. d.b. d. The firm is now receiving a higher price for its product. The firm can vary both the size of its factory and the number of workers it employs. Labor skills have become rusty and outdated in the firm. b. ____ 15. how a firm maximizes profits. d. the relationship between cost and output. c. c. c. Which of the following could explain why the total product curve shifted in this diagram? a. A production function describes a. Figure 13-2 . b. Which of these assumptions is often realistic for a firm in the short run? a. The firm can vary the number of workers it employs but not the size of its factory. costs of production. b. Refer to Figure 13-1. The firm has developed new technology in its production facility. ____ 17. A reduction in capital equipment available to the firm. the shift in the total product curve represents an increase in the firm's a. The firm can vary the size of its factory but not the number of workers it employs. c. In this diagram. productivity.

____ 22. total output decreases. The graph illustrates a typical production function. a downward-sloping curve d. d. marginal product decreases. d. production possibilities frontier. what does the corresponding total cost curve look like? a. Both a and b are correct. diminishing marginal cost of cookie production. ____ 21. total output increases but at a decreasing rate. marginal product of labor curve. Refer to Figure 13-2. production function. d. c. Refer to Figure 13-2. total output decreases. marginal product increases but at a decreasing rate. . c. incremental profit associated with a one unit increase in labor. b. Based on its shape. increase in output obtained from a one unit increase in labor. marginal product increases but at a decreasing rate. Refer to Figure 13-2. increase in labor necessary to generate a one unit increase in output. b. d. total-cost curve. a. a horizontal straight line ____ 24. ____ 23. b. d. ____ 20. marginal product increases at an increasing rate. an upward-sloping curve that increases at an increasing rate b. an upward-sloping curve that increases at a decreasing rate c.100 90 80 70 60 50 40 30 20 10 Output 1 2 3 4 5 6 7 8 W orkers ____ 19. decreasing cost of cookie production. b. As the number of workers increases. the figure implies a. Refer to Figure 13-2. c. c. increasing marginal product of workers. b. The marginal product of labor is equal to the a. Refer to Figure 13-2. diminishing marginal product of workers. incremental cost associated with a one unit increase in labor. With regard to cookie production. The graph illustrates a typical a. a. As the number of workers increases. c.

8 units of output. Then the marginal product of the 6th worker is a. the firm is experiencing a. d. the $20 per hour wage paid to a construction foreman b. d. . diminishing marginal product. vary in proportion with production. Assume two points on the firm's production function are (L = 12.000 per year salary paid to the company's bookkeeper c. are incurred only when production is large enough. b. fixed costs and variable costs. Fixed costs can be defined as costs that a. d. c. b. Let L represent the number of workers hired by a firm and let Q represent that firm's quantity of output.600 bushels of wheat when he hires 4 workers.000 bushels of wheat when he hires 4 workers. Then the marginal product of the 13th worker is a. The farmer is able to produce 5. average fixed costs b. the $30. b. the $2 per worker-hour paid to the state government for workers’ compensation insurance d. d. ____ 27. vary inversely with production. c. Total cost can be divided into two types of costs: a. d. ____ 28. Q = 132). 25 units of output. b. a farmer is able to produce 3.800 bushels of wheat when he hires 4 workers. If the total cost curve gets steeper as output increases.____ 25. Let L represent the number of workers hired by a firm and let Q represent that firm's quantity of output. ____ 26. All of the above are correct. Assume two points on the firm's production function are (L = 5. c. fixed costs and marginal costs. 132 units of output. which of the following costs would be a fixed cost? a.000 bushels of wheat when he hires 2 workers. c. variable costs and marginal costs. b. d. fixed costs ____ 31. On a 100-acre farm. economies of scale. b. ____ 32. 10 units of output. For a construction company that builds houses. Q = 125) and (L = 6. 27 units of output. Q = 162). Any of the above could be correct. fixed costs and average fixed costs c. increasing marginal product. The farmer is able to produce 6. 162 units of output. ____ 30. diseconomies of scale. The farmer is able to produce 5. 37 units of output.400 bushels of wheat when he hires 3 workers. ____ 29. marginal costs and average fixed costs d. are incurred even if nothing is produced. 122 units of output. c. c. Q = 122) and (L = 13. average costs and marginal costs. Which of the following costs do not vary with the amount of output a firm produces? a. Which of the following possibilities is consistent with the property of diminishing marginal product? a. He is able to produce 4.

Average total cost tells us the a.000 tents. d. marginal increment to profitability when price is constant. average total cost is $4. average fixed cost is $10. the total cost of producing twenty pairs of boots is $400. What would the average fixed cost be if ten units were produced? a. cost of a typical unit of output. average cost. a.09.000 per year. $40 d. average variable cost is $3. Tom’s Tent Company has total fixed costs of $300. value of all resources used in a production process. if total cost does not include a fixed cost component. average total cost is $5.75.000. variable cost of a firm that is producing at least one unit of output. $80 b. marginal cost of the 20th pair of boots is $20. its total costs are $3. The marginal cost of producing the twenty-first pair of boots is $83. c.____ 33. ____ 35. c. amount by which output rises when labor is increased by one unit. d. $135 ____ 37. b. $100 d. and the average variable cost is $33. b. c. What is the marginal cost of producing the 101st unit of output? a.750. d. A firm has a fixed cost of $500 in its first year of operation. $250 . We can conclude that the a. b. ____ 38. cost of the last unit of output. average total cost of 21 pairs of boots is $15. ____ 39. A firm produces 300 units of output at a total cost of $1. variable cost. the total cost is $175. c. b. amount by which total cost rises when output is increased by one unit. d. $10 c. average total cost of 21 pairs of boots is $23. $110 ____ 36. When the firm produces 100 units of output. At that level of output. c. At Bert's Bootery. if total cost is divided evenly over all the units produced. Marginal cost tells us the a. Suppose that for a particular firm the only variable input into the production process is labor and that output equals zero when no workers are hired. ____ 34. suppose that when four units of output are produced. b. The firm's average variable cost is $80 for 10. In addition. if total cost is divided evenly over all the units produced. marginal cost. average variable cost of 21 pairs of boots is $23. its total costs are $3. the firm's average total costs equal a. d. $4 b. If fixed costs are $100. $90 c.500. total cost of the first unit of output. fixed cost. The amount by which total cost rises when the firm produces one additional unit of output is called a. When it produces 101 units of output. ____ 40.

d. average total cost is rising. the marginal cost of an extra worker is large. ____ 45. the slope of total cost is the smallest. average fixed cost is high.b. always rises with increased levels of output. marginal cost is high. the marginal cost of one more glass of lemonade is smaller than if output were high. marginal cost is at its minimum. b. average variable cost must be falling. average total cost must be rising. c. c. a. her lemonade stand is likely to be crowded with workers. Because she can easily put her idle resources to use. average variable cost is falling. b. average fixed cost must be rising. $340. declines as long as it is below marginal cost. When marginal cost exceeds average total cost. $350 ____ 41. the marginal cost curve lies below the average variable cost and average total cost curves. average total cost must be falling. b. b. a. Figure 13-4 . d.91 d. ____ 44. Average total cost is very high when a small amount of output is produced because a. ____ 42. $275 c. Thirsty Thelma owns and operates a small lemonade stand. When Thelma is producing a low quantity of lemonade she has few workers and her equipment is not being fully utilized. ____ 43. the average variable cost and average total cost curves intersect. always declines with increased levels of output. d. a. marginal cost must be falling. c. the marginal product of an extra worker is small. ____ 47. d. b. c. d. average fixed cost is rising. declines as long as it is above marginal cost. d. average total cost is at its minimum. c. average total cost is falling. ____ 46. Marginal cost is equal to average total cost when a. average variable cost is high. c. The minimum points of the average variable cost and average total cost curves occur where a. When marginal cost is less than average total cost. c. the marginal cost curve intersects those curves. d. The average fixed cost curve a. b. marginal product is high. marginal cost must be falling. b.

Which curve is most likely to represent average total cost? a. Curve D is increasing because of a. at the minimum of average fixed cost. ____ 52. the fact that increasing marginal product follows decreasing marginal product. A b. ____ 53. C d. d. at the efficient scale. . the fact that increasing marginal product follows decreasing marginal product. Curve A is always declining because of a. Refer to Figure 13-4. c. c. the fact that decreasing marginal product follows increasing marginal product. B c. increasing marginal product. where fixed costs equal variable costs. Which curve is most likely to represent marginal cost? a. b. D ____ 49. b. diminishing marginal product. b. B c. D ____ 51. d. C d. dividing fixed costs by higher and higher levels of output. A b. Refer to Figure 13-4. the fact that decreasing marginal product follows increasing marginal product. Which of the curves is most likely to represent average fixed cost? a. Refer to Figure 13-4. C d. B c. where the firm maximizes profit. A b. diminishing marginal product. Curve D intersects curve C a. Refer to Figure 13-4. Refer to Figure 13-4.Cost D 11 10 9 8 7 6 5 4 3 2 1 C B A 1 2 3 4 5 6 7 8 9 10 11 12 Quantity ____ 48. Refer to Figure 13-4. d. D ____ 50. c.

b. inputs that were fixed in the short run remain fixed. Economies of scale occur when a firm’s a. When comparing short-run average total cost with long-run average total cost at a given level of output. long-run average total costs are decreasing as output increases. d. b. marginal costs are constant as output increases. If a firm wants to capitalize on economies of scale. inputs that were variable in the short run become fixed. b. assigning limited tasks to its employees. In the long run Firm A incurs total costs of $1. b. ____ 60. d. b. it may be able to do so by a. c. short-run average total cost is typically the same as long-run average total cost. increasing marginal cost. The total cost to the firm of producing zero units of output is a. producing an output level higher than the efficient scale. decreasing marginal cost. b. short-run average total cost is typically above long-run average total cost.____ 54. explicit but not implicit costs. product of an extra worker is less than the previous worker's marginal product. ____ 56. long-run average total costs are increasing as output increases. marginal costs are equal to average total costs for all levels of output. c. short-run average total cost is typically below long-run average total cost. the relationship between short-run and long-run average total cost follows no clear pattern. d. d. diseconomies of scale because average total cost is rising as output rises. diseconomies of scale because total cost is rising as output rises. c. its variable cost in both the short run and the long run. c. its fixed cost in the short run and zero in the long run. employing a smaller number of workers. firm’s revenues. a. c. ____ 57. its fixed cost in both the short run and the long run. The nature of a firm’s cost (fixed or variable) depends on the a. ____ 59.050 when output is 30 units and $1. producing a smaller quantity of output. specialization of labor. c. variable inputs are rarely used. b. d. coordination problems. cost of an extra worker is unchanged. a. ____ 55. d. . b. zero in both the short run and the long run. In the long run. b. ____ 61. so they can master those tasks. inputs that were fixed in the short run become variable.200 when output is 40 units. cost of an extra worker is less than the previous worker's marginal cost. c. The most likely explanation for economies of scale is a. ____ 62. d. time horizon under consideration. Firm A exhibits a. d. product of an extra worker is greater than the previous worker's marginal product. ____ 58. price the firm charges for output. c. Diminishing marginal product suggests that the marginal a.

long-run average cost curve is rising as output increases. marginal costs are constant as output increases. d. . b. ____ 63. Diseconomies of scale occur when a firm’s a. long-run average total costs are increasing as output increases. diseconomies of scale because average total cost is rising as output rises. c. In the long run Firm A incurs total costs of $1. d. diseconomies of scale because total cost is rising as output rises. ____ 65. b. constant returns to scale because average total cost is constant as output rises. long-run total costs are constant as output increases. economies of scale because average total cost is falling as output rises.c. economies of scale because average total cost is falling as output rises. c. c. b. long-run average total costs are constant as output increases. economies of scale because total cost is rising as output rises. marginal costs are equal to average total costs for all levels of output. d. d. Constant returns to scale occur when the firm’s a. Firm A exhibits a. long-run average total costs are decreasing as output increases.600 when output is 40 units.200 when output is 30 units and $1. long-run average cost curve is falling as output increases. ____ 64.

ANS: NAT: MSC: 10. ANS: NAT: MSC: 11. ANS: NAT: MSC: 6. ANS: NAT: MSC: 8.Problem Set #10 Answer Section MULTIPLE CHOICE 1. ANS: NAT: MSC: 7. ANS: NAT: TOP: 14. ANS: NAT: MSC: 12. ANS: NAT: MSC: 15. ANS: A PTS: 1 DIF: Analytic LOC: Costs of production Applicative D PTS: 1 DIF: Analytic LOC: Costs of production Definitional C PTS: 1 DIF: Analytic LOC: Costs of production Applicative A PTS: 1 DIF: Analytic LOC: Costs of production Interpretive B PTS: 1 DIF: Analytic LOC: Costs of production Definitional A PTS: 1 DIF: Analytic LOC: Costs of production Applicative C PTS: 1 DIF: Analytic LOC: Costs of production Definitional B PTS: 1 DIF: Analytic LOC: Costs of production Interpretive C PTS: 1 DIF: Analytic LOC: Costs of production Analytical C PTS: 1 DIF: Analytic LOC: Costs of production Analytical C PTS: 1 DIF: Analytic LOC: Costs of production Interpretive C PTS: 1 DIF: Analytic LOC: Costs of production Analytical D PTS: 1 DIF: Analytic LOC: Costs of production Economic profit | Accounting profit A PTS: 1 DIF: Analytic LOC: Costs of production Interpretive B PTS: 1 DIF: 1 REF: 13-0 TOP: Supply curve REF: 13-0 TOP: Industrial organization REF: 13-1 TOP: Profit maximization REF: 13-1 TOP: Profit maximization REF: 13-1 TOP: Profit REF: 13-1 TOP: Profit REF: 13-1 TOP: Opportunity cost REF: 13-1 TOP: Opportunity cost REF: 13-1 TOP: Opportunity cost REF: 13-1 TOP: Opportunity cost REF: 13-1 TOP: Explicit costs REF: 13-1 TOP: Economic profit REF: 13-1 MSC: Analytical REF: 13-1 TOP: Economic profit REF: 13-2 1 1 2 1 2 1 1 3 2 2 2 2 2 1 . ANS: NAT: MSC: 9. ANS: NAT: MSC: 3. ANS: NAT: MSC: 13. ANS: NAT: MSC: 2. ANS: NAT: MSC: 5. ANS: NAT: MSC: 4.

18. 26. 22. 24. 17. NAT: MSC: ANS: NAT: MSC: ANS: NAT: MSC: ANS: NAT: MSC: ANS: NAT: MSC: ANS: NAT: MSC: ANS: NAT: MSC: ANS: NAT: MSC: ANS: NAT: TOP: ANS: NAT: MSC: ANS: NAT: MSC: ANS: NAT: MSC: ANS: NAT: MSC: ANS: NAT: MSC: ANS: NAT: MSC: ANS: NAT: MSC: ANS: NAT: Analytic LOC: Costs of production Definitional B PTS: 1 DIF: Analytic LOC: Costs of production Analytical C PTS: 1 DIF: Analytic LOC: Costs of production Interpretive C PTS: 1 DIF: Analytic LOC: Costs of production Definitional B PTS: 1 DIF: Analytic LOC: Costs of production Interpretive A PTS: 1 DIF: Analytic LOC: Costs of production Analytical A PTS: 1 DIF: Analytic LOC: Costs of production Analytical A PTS: 1 DIF: Analytic LOC: Costs of production Analytical A PTS: 1 DIF: Analytic LOC: Costs of production Production function | Total-cost curve D PTS: 1 DIF: Analytic LOC: Costs of production Definitional B PTS: 1 DIF: Analytic LOC: Costs of production Applicative C PTS: 1 DIF: Analytic LOC: Costs of production Applicative A PTS: 1 DIF: Analytic LOC: Costs of production Analytical C PTS: 1 DIF: Analytic LOC: Costs of production Interpretive A PTS: 1 DIF: Analytic LOC: Costs of production Definitional D PTS: 1 DIF: Analytic LOC: Costs of production Definitional D PTS: 1 DIF: Analytic LOC: Costs of production TOP: Production function 2 REF: 13-2 TOP: Production function REF: 13-2 TOP: Production function REF: 13-2 TOP: Production function | Short run REF: 13-2 TOP: Production function REF: 13-2 TOP: Production function REF: 13-2 TOP: Production function REF: 13-2 TOP: Marginal product REF: 13-2 MSC: Interpretive REF: 13-2 TOP: Marginal product REF: 13-2 TOP: Marginal product REF: 13-2 TOP: Marginal product REF: 13-2 TOP: Diminishing marginal product REF: 13-2 TOP: Total-cost curve REF: 13-3 TOP: Fixed costs | Variable costs REF: 13-3 TOP: Fixed costs REF: 13-3 TOP: Fixed costs 2 1 2 2 3 2 3 2 2 2 2 2 1 2 1 . 23. 27. 30. 31.16. 29. 25. 28. 21. 19. 20.

ANS: NAT: MSC: 38. ANS: NAT: MSC: 45. ANS: NAT: MSC: 37. ANS: NAT: MSC: 44. ANS: NAT: MSC: 36. ANS: NAT: MSC: 33. ANS: NAT: MSC: 40.MSC: 32. ANS: NAT: MSC: 46. ANS: NAT: MSC: 39. ANS: NAT: MSC: 41. ANS: NAT: MSC: 42. ANS: NAT: MSC: 34. ANS: NAT: MSC: 47. ANS: NAT: MSC: 35. ANS: NAT: MSC: Interpretive B Analytic Interpretive B Analytic Interpretive B Analytic Applicative D Analytic Applicative A Analytic Analytical B Analytic Analytical B Analytic Definitional C Analytic Interpretive A Analytic Analytical B Analytic Interpretive A Analytic Interpretive B Analytic Interpretive C Analytic Interpretive B Analytic Interpretive D Analytic Interpretive B Analytic Interpretive PTS: 1 DIF: 2 LOC: Costs of production PTS: 1 DIF: 2 LOC: Costs of production PTS: 1 DIF: 3 LOC: Costs of production PTS: 1 DIF: 2 LOC: Costs of production PTS: 1 DIF: 3 LOC: Costs of production PTS: 1 DIF: 2 LOC: Costs of production PTS: 1 DIF: 1 LOC: Costs of production PTS: 1 DIF: 2 LOC: Costs of production PTS: 1 DIF: 2 LOC: Costs of production PTS: 1 DIF: 2 LOC: Costs of production PTS: 1 DIF: 2 LOC: Costs of production PTS: 1 DIF: 2 LOC: Costs of production PTS: 1 DIF: 2 LOC: Costs of production PTS: 1 DIF: 2 LOC: Costs of production PTS: 1 DIF: 2 LOC: Costs of production PTS: 1 DIF: 2 LOC: Costs of production REF: 13-3 TOP: Fixed costs REF: 13-3 TOP: Average total cost REF: 13-3 TOP: Average total cost REF: 13-3 TOP: Average total cost REF: 13-3 TOP: Average fixed cost REF: 13-3 TOP: Average variable cost REF: 13-3 TOP: Marginal cost REF: 13-3 TOP: Marginal cost REF: 13-3 TOP: Marginal cost REF: 13-3 TOP: Marginal cost REF: 13-3 TOP: Cost curves | Average fixed cost REF: 13-3 TOP: Cost curves | Average total cost REF: 13-3 TOP: Cost curves REF: 13-3 TOP: Cost curves REF: 13-3 TOP: Cost curves REF: 13-3 TOP: Cost curves . ANS: NAT: MSC: 43.

ANS: NAT: MSC: 52. ANS: NAT: MSC: 54. ANS: NAT: MSC: 59. ANS: NAT: MSC: 61. ANS: NAT: MSC: 56. ANS: NAT: MSC: 58. ANS: NAT: MSC: 51. ANS: NAT: MSC: 60. ANS: NAT: MSC: 50. ANS: NAT: MSC: 57. ANS: NAT: MSC: 53.48. ANS: NAT: TOP: 55. ANS: NAT: MSC: 62. ANS: NAT: MSC: 63. ANS: NAT: MSC: 49. ANS: NAT: MSC: 64. ANS: A Analytic Interpretive C Analytic Interpretive D Analytic Interpretive A Analytic Analytical B Analytic Analytical C Analytic Analytical C Analytic Marginal cost B Analytic Interpretive B Analytic Interpretive B Analytic Interpretive A Analytic Analytical B Analytic Applicative B Analytic Definitional A Analytic Interpretive D Analytic Analytical B Analytic Definitional B PTS: 1 DIF: 2 LOC: Costs of production PTS: 1 DIF: 2 LOC: Costs of production PTS: 1 DIF: 2 LOC: Costs of production PTS: 1 DIF: 3 LOC: Costs of production PTS: 1 DIF: 3 LOC: Costs of production PTS: 1 DIF: 3 LOC: Costs of production PTS: 1 DIF: 2 LOC: Costs of production | Diminishing marginal product PTS: 1 DIF: 1 LOC: Costs of production PTS: 1 DIF: 2 LOC: Costs of production PTS: 1 DIF: 2 LOC: Costs of production PTS: 1 DIF: 2 LOC: Costs of production PTS: 1 DIF: 1 LOC: Costs of production PTS: 1 DIF: 1 LOC: Costs of production PTS: 1 DIF: 2 LOC: Costs of production PTS: 1 DIF: 2 LOC: Costs of production PTS: 1 DIF: 2 LOC: Costs of production PTS: 1 DIF: 2 REF: 13-3 TOP: Cost curves | Average fixed cost REF: 13-3 TOP: Cost curves | Average total cost REF: 13-3 TOP: Cost curves | Marginal cost REF: 13-3 TOP: Cost curves | Marginal cost REF: 13-3 TOP: Cost curves | Average fixed cost REF: 13-3 TOP: Cost curves | Efficient scale REF: 13-3 MSC: Interpretive REF: 13-4 TOP: Short run | Long run REF: 13-4 TOP: Long run REF: 13-4 TOP: Short run | Long run REF: 13-4 TOP: Average total cost REF: 13-4 TOP: Economies of scale REF: 13-4 TOP: Economies of scale REF: 13-4 TOP: Economies of scale REF: 13-4 TOP: Economies of scale REF: 13-4 TOP: Constant returns to scale REF: 13-4 .

NAT: MSC: 65. ANS: NAT: MSC: Analytic Analytical C Analytic Definitional LOC: Costs of production PTS: 1 DIF: 1 LOC: Costs of production TOP: Constant returns to scale REF: 13-4 TOP: Diseconomies of scale .

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