01 May Question: Microeconomics multiple choice questions If implicit costs equal accounting profit, economic prof…
Microeconomics multiple choice questions
If implicit costs equal accounting profit, economic profit must be
Select one:
a. negative.
b. positive.
c. zero.
d. higher in the short run than in the long run.
e. higher in the long run than in the short run.
The reason the change in total cost divided by the change in output is equal to the change in total variable cost divided by the change in output, is because
Select one:
a. total variable cost rises as output rises.
b. of the law of diminishing marginal returns.
c. total fixed cost does not change as output changes.
d. total cost does not change as output changes.
The main difference between the short run and the long run is that
Select one:
a. firms earn losses in the long run, but not in the short run.
b. the long run always refers to a time period of one year or longer.
c. in the long run, only one input can be fixed.
d. in the short run, one or more inputs are fixed.
e. none of the above
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