ECO 100 Week 3 Knowledge Check 3
ECO 100 Week 3 Knowledge Check 3
•Question 1
If a firm is experiencing _____________________, then as the quantity of output rises, the average cost of production rises.
•Question 2
In order to determine ____________, the firm's total costs must be divided by the quantity of its output.
•Question 3
Which term describes a situation where the quantity of output rises, but the average cost of production falls?
•Question 4
A firm's ___________ consist of expenditures that must be made before production starts that typically, over the short run, _______________, regardless of the level of production.
•Question 5
In order to determine the average variable cost, the firm's variable costs are divided by _______________________.
•Question 6
In a free market economy, firms operating in a perfectly competitive industry are said to have only one major choice to make. Which of the following is that choice?
•Question 7
Why are some producers forced to sell their products at the prevailing market price?
•Question 8
In the _________, the perfectly competitive firm will seek out ________________________.
•Question 9
Which of the following refers to a firm operating in a perfectly competitive market that must take the prevailing market price for its product?
•Question 10
In the ________, the perfectly competitive firm will react to losses by __________________________.
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Answers
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Posted 24 Sep 2019 05:09 AM
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file 1569302530-ECO 100 Week 3 Knowledge Check 3.docx preview (470 words )
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