ECON 101 ECON101 Week 5 Quiz with Answers (American Public University)

ECON 101 ECON/101 ECON101 Week 5 Quiz (APUS)

1. Average variable cost is:
2. Which of the following is (are) correct?
3. For a restaurant:
4. Diminishing marginal returns means that:
5. When marginal cost is below average variable cost, average variable cost must be:
6. If a firm produces 10 units of output and incurs $30 in average variable cost and $5 in average fixed cost, average total cost is:
7. In the long run:
8. A factor of production whose quantity can be changed during a particular period is a:
9. Given constant quantities of all other factors of production, when additional units of a variable factor of production add less and less to total output, then the firm is experiencing:
10. The sum of fixed and variable costs is: