
ECN 220 ECN220 Week 4 Quiz Answers (Grand Canyon University)
ECN 220 ECN220 Week 4 Quiz
- A U-shaped average total cost curve implies:
- A production function shows the:
- In the short run, when a firm produces zero output, total cost equals:
- When the size of a factory (and all its associated inputs) doubles and, as a result, output more than doubles:
- The change in total output associated with one additional unit of input is the:
- Which of the following contributes to the typical U-shape of the average total cost (ATC) curve?
- Diminishing returns occur because of:
- Economic cost:
- Profit is:
- The shape of the marginal cost curve reflects the:
- The marginal cost of the third unit of output is:
- The total variable cost of 2 units of output is:
- The total cost of 3 units of output is:
- The average variable cost of the second unit of output is:
- Total fixed costs are equal to: