Transcription of Chapter 10 - Output and Costs - Sample Questions MULTIPLE ...
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Chapter 10 - Output and Costs - Sample Questions MULTIPLE ...
Chapter 10 - Output and Costs - Sample QuestionsMULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the ) The short run is a period of time in whichA) nothing the firm does can be ) the amount of Output is ) prices and wages are ) the quantities of some resources the firm uses are )2) The short run is a period of time in whichA) Output prices are ) the quantity used of at least one resource is ) resource prices are ) the quantities used of all resource are )3) The short run is a time frame in whichA) the quantities of some resources are fixed and the quantities of other resources can be ) the quantities of all resources are ) the quantities of all resources can be ) all Costs are sunk )4) An example of a variable resource in the short run isA) an ) capital ) ) a )5) A cost that has already been made and cannot be recovered is called aA) marginal ) fixed ) variable ) sunk )6) The long run is a time frame in whichA)
Chapter 10 - Output and Costs - Sample Questions MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1)The short run is a period of time in which A)nothing the firm does can be altered. B)the amount of output is fixed. C)prices and wages are fixed.
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