1. Which of the following is a short-run ​adjustment?

 

A. Three new firms enter the computer chip industry.

B. The number of farms in Kansas increases by​ 10%.

C. A firm hires six new workers.

D. A firm opens two new plants.

 

2. In the long​ run:

 

A. Firms have the ability to enter or exit the industry.

B. Firms are able to alter​ some, but not​ all, of their resources.

C. Firms are unable to adjust their output choices.

D. None of the above are correct.

 

3. In the short​ run:

 

A. all factors of production are variable.

B. some factors of production are​ variable, while at least one factor of production is fixed.

C. all factors of production are fixed.

D. None of the above are correct.

 

4. Diminishing marginal returns implies​ that:

 

A. marginal costs are increasing.

B. marginal costs are constant.

C. marginal costs are decreasing.

D. marginal costs may be increasing or decreasing.

 

5. When at least one factor of production is​ fixed, firms require more and more workers to produce each additional unit of output. This​ describes:

 

A. Short-run adjustments.

B. learning by doing.

C. increasing marginal returns.

D. Diminishing marginal returns.

 

6. In the short​ run, the​ firm's total cost​ equals:

 

A. the average fixed costs​ +average variable costs.

B. the average fixed cost​ + the marginal cost.

C. the total variable costs only.

D. the total fixed costs​ + the total variable costs.

 

 

7. The long-run average cost of production is defined​ as:

 

A. the quantity produced by a firm that can choose any size production facility.

B. total cost divided by the quantity of output the firm chooses when at least one factor is fixed.

C. total cost divided by the quantity of output the firm chooses when it can choose a production facility of any size.

D. the quantity produced by a firm when at least one factor is fixed.

 

8. Total cost divided by the quantity of output the firm chooses when it can choose a production facility of any size​ describes:

 

A. the short-run average cost of production.

 

B. the short-run marginal cost of production.

 

C. the long-run marginal cost of production.

 

D. the long-run average cost of production.

 

9. Since a large or a small wind turbine have similar​ installation, operating and maintenance​ costs, but a large turbine has four times the generating capacity but costs less than three times as much as a small​ turbine, the average cost of generating electricity with wind is:

 

A. at first decreasing and then increasing as output rises.

B. increasing as output increases.

C. decreasing as output increases.

D. constant at each output.

 

10. Since a large or a small wind turbine have the same​ installation, operating and maintenance​ costs, but a large turbine has four times the generating capacity but costs less than three times as much as a small​ turbine, the wind power industry​ faces:

A. constant economies of scale.

B. a hump shaped cost curve.

C. economies of scale.

D. diseconomies of scale.

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