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As the firm increases its output, which of the following situation is correct?

A firm experiences ________ when its ________ as output increases.

constant returns to scale; long-run average cost curve shifts upward

diminishing marginal returns; average total cost curve shifts upward

economies of scale; long-run average cost curve slopes downward

diseconomies of scale; average total cost curve slopes downward

economies of scale; long-run average cost curve shifts upward

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Which of the following events shifts the firm's ATC curve upward?

A rise in factor prices.

The firm hires more workers.

None of the above.

All of the above.

The firm introduces new technology.

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Which of the following statements is correct?

The marginal cost (MC) curve intersects the

ATC and AFC curves at their minimum points.

ATC and AVC curves at their minimum points.

ATC, AVC, and AFC curves at their minimum points.

AVC and AFC curves at their minimum points.

TC and TVC curves at their minimum points.

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If energy (E) is the only variable factor of production used to produce output (Q), what is the formula for the firm's average product of energy?

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Which of the following payments would be classified as a fixed cost for the local supermarket?

the Canada Pension payments based on worker's incomes that the supermarket makes to the government

the salary paid to the store's manager

the cost of the boxes of cereal sold in the supermarket

the overtime paid to the store's manager

the rent from the six-year lease on the building where the store is located

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Table 10.4.2

The title of the table is A Firm's Production Function. The first column of the table is titled Labour in workers per day. The second, third, and fourth columns are titled Output in sweaters per day. The second column has output for plant size 1 knitting machine, the third column has output for plant size 2 knitting machines, and the fourth column has output for plant size 3 knitting machines..The rows display the data as follows:1; 5; 11; 142; 11; 16;193; 14; 19; 234; 16; 21; 255; 17; 22; 26

Refer to Table 10.4.2, which sets out a factory's production function. If the factory increases both the number of knitting machines and the number of workers employed from 2 to 3 per day, which of the following situations occurs?

The factory experiences

economies of scale.

constant marginal product of labour.

diseconomies of scale.

constant marginal product of capital.

constant returns to scale.

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If, as the firm increases the quantity of labour employed, the slope of the firm's total product curve increases, which of the following event occur?

The marginal product of labour increases.

The marginal product of labour decreases.

The firm's total product increases, but the average product of labour decreases.

The average product of labour decreases and the marginal product of labour doesn't change.

The marginal product of labour increases, but the average product of labour doesn't change.

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Which of the following events occurs when the marginal product of labour is less than the average product of labour?

The firm is experiencing diminishing marginal returns.

The total product curve is negatively sloped.

The average product of labour is at its maximum.

The marginal product of labour is increasing.

The average product of labour is increasing.

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Which of the following timeframes defines the firm's long run?

The long run is the timeframe in which

the firm achieves economic efficiency.

the quantities of all factors of production can be varied.

the firm hires the workers it wants, but has a fixed quantity of equipment.

the firm may want to build a bigger plant, but cannot do so.

the firm maximizes total revenue.

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Which of the following timeframes defines the firm's short run?

The short run is the timeframe in which

at least one factor of production is fixed.

the firm is not able to hire more workers.

a shortage of factors of production exists.

it is too short to make all of the decisions necessary to maximize profit.

the amount of output produced is fixed.

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