Economics > QUESTIONS & ANSWERS > {SOLVED} American Military University - ECON 201 / ECON201 - Quiz 5 Q&A (2022) (All)

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{SOLVED} American Military University - ECON 201 / ECON201 - Quiz 5 Q&A (2022)

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Question 1 of 20 Average variable cost is:  A. the firm's variable cost per unit multiplied by the quantity.  B. total variable cost divided by quantity.  C. the difference between ave ... rage total cost and total variable cost.  D. the difference between total cost and total variable cost. Question 2 of 20 Which of the following is (are) correct?  A. Firms are organizations that produce goods and services.  B. Firms seek to maximize profits.  C. Firms seek to utilize factors of production in the most efficient way in order to maximize profits.  D. All of the above are correct. Question 3 of 20 For a restaurant:  A. labor and food would be variable factors of production.  B. a building would be a fixed factor of production in the short run.  C. fire insurance on a building would be a fixed factor of production.  D. A and B are correct. Question 4 of 20 Diminishing marginal returns means that:  A. each additional unit of an input used will decrease output.  B. each additional unit of an input used will increase output, but by smaller and smaller amounts.  C. each additional unit of an input used will increase output by larger and larger amounts.  D. the firm is maximizing profit. Question 5 of 20 When marginal cost is below average variable cost, average variable cost must be:  A. at its minimum.  B. at its maximum.  C. falling [Show More]

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