Question;Question: As output rises:2. Question: When average total cost is declining, then:3. Question: The law of diminishing returns:4. Question: If fixed cost is $8,000, variable cost is $5,000 at an output of 2 and $9,000 at an output of 3, how much is marginal cost at an output of 3?5. Question: Which statement is true?6. Question: The average fixed cost curve:7. Question: As a firm's output expands, the:8. Question: Marginal cost may be defined as the __________ cost that results from producing one more unit of output.9. Question: Which is most clearly a fixed cost?10. Question: Fixed cost is sometimes referred to as __________ cost.11. Question: Adam Smith noted each of the following economies of scale EXCEPT:12. Question: Parkinson's Law is an example of:13. Question: Which of the following is the most likely to be a variable cost?14. Question: As long as there are __________ costs, we are in the short run.15. Question: If price is between the break-even point and the shutdown point, in the long run the firm will:16. Question: Adam Smith used a pin factory to demonstrate:17. Question: When output is 0, total cost equals __________ cost.18. Question: At an output of 1, marginal cost is:19. Question: The law of diminishing marginal returns implies:20. Question: Which of the following cost curves will NOT shift downward if the price of a variable input decreases?
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