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King: Economics

Chapter 08

Instructions

Answer the following questions and then press 'Submit' to get your score.

Question 1

Which of the following statements about short-run and long-run costs is false?

Question 2

Which of the following statements about a profit-maximizing firm is false?

Question 3

Which of the following statements about a fixed input is true?

Question 4

In the short-run, which of the following always gets smaller as output increases?

Question 5

Which of the following statements about graphs of short-run cost curves is false?

Question 6

Which of the following is the correct definition of the law of diminishing returns?

Question 7

Which of the following statements about economies of scale is false?

Question 8

Which of the following statements about a firm's average cost curves is false?

Question 9

An isoquant relates the quantity of inputs a firm uses to the quantity of output it can produce. In drawing an isoquant, which of the following assumptions about the firm is made?

Question 10

Suppose a profit-maximizing firm faces a rise in the wage rate it pays. Which of the following would definitely stay the same?