04 Jun A.the firm’s variable cost per unit multiplied by the quantity.
Qc
10.0 Points
Average variable cost is:
A.the firm’s variable cost per unit multiplied by the quantity.
B.total variable cost divided by quantity.
C.the difference between average total cost and total variable cost.
D.the difference between total cost and total variable cost.
Question 2 of 10
10.0 Points
Which of the following is (are) ?
A.Firms are organizations that produce goods and services.
B.Firms seek to maximize profits.
C.Firms seek to utilize factors of production in the most efficient way in order to maximize profits.
D.All of the above are .
Question 3 of 10
10.0 Points
For a restaurant:
A.labor and food would be variable factors of production.
B.a building would be a fixed factor of production in the short run.
C.fire insurance on a building would be a fixed factor of production.
D.A and B are .
Question 4 of 10
10.0 Points
Diminishing marginal returns means that:
A.each additional unit of an input used will decrease output.
B.each additional unit of an input used will increase output, but by smaller and smaller amounts.
C.each additional unit of an input used will increase output by larger and larger amo
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