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ECON-1010-D1/D2-Introduction to Microeconomics
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If MC is rising then ATC must be
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Which of the following explains the relationship among different cost functions?
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When the 7th worker is hired, output increases from 100 units per week to 110 units per week. When the 8th worker is hired, output increases from 110 units to 118 units. This is an example of
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At all levels of production beyond the point where the marginal-cost curve crosses the average variable cost curve, what happens to average variable cost?
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What must be happening when marginal cost is greater than average total cost?
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If a firm produces nothing, which of the following costs will be zero?
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Marginal product
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In general, (1) opportunity cost is greater than accounting cost. (2) opportunity cost is less than accounting cost. (3) economic profit is greater than accounting profit. (4) economic profit is less than accounting profit.
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Some costs do NOT vary with the quantity of output produced. What are those costs called?
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Plant refers to those factors of production
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