ECN 220 ECN220 Week 4 Quiz Answers (Grand Canyon University)

ECN 220 ECN220 Week 4 Quiz

1. A U-shaped average total cost curve implies:
2. A production function shows the:
3. In the short run, when a firm produces zero output, total cost equals:
4. When the size of a factory (and all its associated inputs) doubles and, as a result, output more than doubles:
5. The change in total output associated with one additional unit of input is the:
6. Which of the following contributes to the typical U-shape of the average total cost (ATC) curve?
7. Diminishing returns occur because of:
8. Economic cost:
9. Profit is:
10. The shape of the marginal cost curve reflects the:
11. The marginal cost of the third unit of output is:
12. The total variable cost of 2 units of output is:
13. The total cost of 3 units of output is:
14. The average variable cost of the second unit of output is:
15. Total fixed costs are equal to: