In which of the following pairs do the variables move in opposite directions? Qu
ID: 2507127 • Letter: I
Question
In which of the following pairs do the variables move in opposite directions? Question 1 options: Profit and output. Total cost and total output. Average product and average variable cost. Market price and the quantity supplied. Price elasticity and profit. In which of the following pairs do the variables move in opposite directions? In which of the following pairs do the variables move in opposite directions? Profit and output. Total cost and total output. Average product and average variable cost. Market price and the quantity supplied. Price elasticity and profit. Profit and output. Total cost and total output. Average product and average variable cost. Market price and the quantity supplied. Price elasticity and profit. Assume that a price taker uses 13 employee-hours and an office to produce 100 units of output. The price of output is $5, the wage rate is $10, and rent is $200. The firm will earn a _____ of _____. Question 2 options: profit; $500 loss; $200 profit; $370 loss; $170 profit; $170 Assume that a price taker uses 13 employee-hours and an office to produce 100 units of output. The price of output is $5, the wage rate is $10, and rent is $200. The firm will earn a _____ of _____. Assume that a price taker uses 13 employee-hours and an office to produce 100 units of output. The price of output is $5, the wage rate is $10, and rent is $200. The firm will earn a _____ of _____. profit; $500 loss; $200 profit; $370 loss; $170 profit; $170 profit; $500 loss; $200 profit; $370 loss; $170 profit; $170 average total cost. average cost of 5 units of output. average variable cost of 5 units of output. average fixed cost of 5 units of output. average profit of 5 units of output. average total cost. average cost of 5 units of output. average variable cost of 5 units of output. average fixed cost of 5 units of output. average profit of 5 units of output. Total revenue minus the sum of explicit and implicit costs defines Question 4 options: gross earnings. profit. net earnings. net worth. retained earnings. Total revenue minus the sum of explicit and implicit costs defines Total revenue minus the sum of explicit and implicit costs defines gross earnings. profit. net earnings. net worth. retained earnings. gross earnings. profit. net earnings. net worth. retained earnings. $322 $260 $180 $112 $46 $322 $260 $180 $112 $46 A horizontal supply curve has a price elasticity of supply equal to Question 6 options: -1. 0. 1. 10. infinity. A horizontal supply curve has a price elasticity of supply equal to A horizontal supply curve has a price elasticity of supply equal to -1. 0. 1. 10. infinity. -1. 0. 1. 10. infinity. $440. $372. $280. $240. $190. $440. $372. $280. $240. $190. equals 1.5 units. equals 3 units. equals 3.5 units. is between 1 and 3 units. is between 2 and 3 units. equals 1.5 units. equals 3 units. equals 3.5 units. is between 1 and 3 units. is between 2 and 3 units. $46. $200. $225. $400. $450. $46. $200. $225. $400. $450. When the existing factory is becoming increasingly crowded and workers must wait for their turn to use existing tools, it is an example of diminishing Question 10 options: marginal management. marginal returns. marginal utility. marginal benefit. microeconomics. When the existing factory is becoming increasingly crowded and workers must wait for their turn to use existing tools, it is an example of diminishing When the existing factory is becoming increasingly crowded and workers must wait for their turn to use existing tools, it is an example of diminishing marginal management. marginal returns. marginal utility. marginal benefit. microeconomics. marginal management. marginal returns. marginal utility. marginal benefit. microeconomics. The easier it is for a firm to acquire additional amounts of the factors of production they use, the Question 11 options: smaller the numerical value of the price elasticity of supply. less elastic supply will be. greater the opportunity for earning a positive profit. more elastic supply will be. more inelastic supply will be. The easier it is for a firm to acquire additional amounts of the factors of production they use, the The easier it is for a firm to acquire additional amounts of the factors of production they use, the smaller the numerical value of the price elasticity of supply. less elastic supply will be. greater the opportunity for earning a positive profit. more elastic supply will be. more inelastic supply will be. smaller the numerical value of the price elasticity of supply. less elastic supply will be. greater the opportunity for earning a positive profit. more elastic supply will be. more inelastic supply will be. 33 66 99 132 165 33 66 99 132 165 For a price taker, if the price of a fixed factor of production increases, Question 13 options: total cost is unchanged. price rises. marginal cost is unchanged. marginal cost increases. the profit-maximizing level of output falls. For a price taker, if the price of a fixed factor of production increases, For a price taker, if the price of a fixed factor of production increases, total cost is unchanged. price rises. marginal cost is unchanged. marginal cost increases. the profit-maximizing level of output falls. total cost is unchanged. price rises. marginal cost is unchanged. marginal cost increases. the profit-maximizing level of output falls. $55. $35. $20. $10. $5. $55. $35. $20. $10. $5. Which of the following factors of production is likely to be variable in the short run? Question 15 options: The location of the firm. The number of employee-hours. The size of the firm's plant or office. The amount of specialized machinery. The number of features in a custom-designed software application the firm uses. Which of the following factors of production is likely to be variable in the short run? Which of the following factors of production is likely to be variable in the short run? The location of the firm. The number of employee-hours. The size of the firm's plant or office. The amount of specialized machinery. The number of features in a custom-designed software application the firm uses. The location of the firm. The number of employee-hours. The size of the firm's plant or office. The amount of specialized machinery. The number of features in a custom-designed software application the firm uses. Profit and output. Total cost and total output. Average product and average variable cost. Market price and the quantity supplied. Price elasticity and profit.
Explanation / Answer
1
Price elasticity and profit.
2
profit; $170
3
average fixed cost of 5 units of output.
4
profit.
5
$322
6
0.
7
$372.
8
equals 3.5 units.
9
$400
10
marginal utility.
11
greater the opportunity for earning a positive profit.
12
99
13
marginal cost increases.
14
$35
15
The number of employee-hours.