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QUIZ # 8 ECON 213 26 OUT OF 30 • Question 1 2 out of 2 points When firms grow larger, they sometimes acquire

QUIZ # 8                               ECON 213                            26 OUT OF 30

•             Question 1

2 out of 2 points

                When firms grow larger, they sometimes acquire more market power, meaning that they have greater ability to negotiate lower prices with their suppliers. This ability to negotiate lower prices with their suppliers leads to:                                    

•             Question 2

2 out of 2 points

                Refer to the accompanying graph to answer the questions that follow.

The average total cost of production is minimized at what level of output?                                          

•             Question 3

2 out of 2 points

                Implicit costs are:                                            

•             Question 4

2 out of 2 points

                A firm’s decisions are ultimately oriented toward:                                           

•             Question 5

2 out of 2 points

                The production function for automobiles includes:                                          

•             Question 6

0 out of 2 points

                When the average total cost curve is at its minimum, we know that the:                                               

•             Question 7

2 out of 2 points

                The three primary factors of production are:                                      

•             Question 8

2 out of 2 points

                Madison owns a boxing gym. She recently expanded the size of her gym by adding another boxing ring and moving into a larger building so that she can serve more clients. How would Madison know if she is experiencing economies of scale from increasing the size of her boxing gym?                                            

•             Question 9

2 out of 2 points

                An explicit cost for a business that manufactures bicycles would be the:                                               

•             Question 10

2 out of 2 points

                A firm has a certain amount of capital and land. As it hires more labor, each worker is able to:                                    

•             Question 11

2 out of 2 points

                Accounting profit is equal to:                                     

•             Question 12

2 out of 2 points

                Lauren is the owner of a bakery. Last year, her total revenue was $145,000, her rent was $12,000, her labor costs were $65,000, and her overhead expenses were $15,000. From this information, we know that her accounting profit was:                                               

•             Question 13

0 out of 2 points

                If the marginal cost curve is U-shaped:                                  

•             Question 14

2 out of 2 points

                Darrell owns a furniture store. If he decided to expand the size of his store in order to sell more furniture, how would he know if he is experiencing diseconomies of scale?                                       

•             Question 15

2 out of 2 points

                Where would we find a firm’s minimum efficient scale of production? 

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