Question

A (BLANK) profit is the amount of profit a firm would need to earn to break...

A (BLANK) profit is the amount of profit a firm would need to earn to break even.

An (BLANK) cost is an actual cash payment for resources used by the firm. A (BLANK) cost is the opportunity cost of resources employed by the firm.

(BLANK) costs vary with the amount of production and (BLANK) costs do not vary with the amount of production.

(BLANK) run is a period of time during which at least one of the firm's resources is fixed. In the (BLANK) run, all resources are variable.

(BLANK) is the general reason a firm experiences increasing marginal returns.

(BLANK) product is a change in (BLANK) product that occurs when an additional resource is used in production.

(BLANK) profit is the firm's total revenue minus implicit and explicit costs.

Business   Economics   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

A zero profit is the amount of profit a firm would need to earn to break even.

An explicit (accounting) cost is an actual cash payment for resources used by the firm. An implicit (opportunity) cost is the opportunity cost of resources employed by the firm.

Variable costs vary with the amount of production and Fixed costs do not vary with the amount of production.

Short run is a period of time during which at least one of the firm's resources is fixed. In the long run, all resources are variable.

Specialization** is the general reason a firm experiences increasing marginal returns.

Marginal product is a change in total product that occurs when an additional resource is used in production.

Economic profit is the firm's total revenue minus implicit and explicit costs.

**Multiple options are possible.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Normal profit is: Answers: a) not an economic cost because a firm can avoid this payment....
Normal profit is: Answers: a) not an economic cost because a firm can avoid this payment. b) not an economic cost because it need not be realized for a firm to retain the owner’s entrepreneurship. c) an economic cost because it is the opportunity cost of the owner’s resources used for production. d) an explicit cost. If a firm decides to produce no output in the short-run, its costs will be its: Answers: a) sunk costs. b) total variable costs....
Which of the following is most likely to be a variable cost for a manufacturer?     A....
Which of the following is most likely to be a variable cost for a manufacturer?     A. energy costs.                                                                  C. rental payments on computer equipment.     B. interest payments on business loans.                             D. real estate taxes. 3. If a firm’s accounting profit is positive,     A. its economic profit will also be positive.     B. its economic profit will be positive if the accounting profit exceeds implicit costs.            C. its revenues cover both explicit and implicit costs. 4. Economic profit can be best defined as:     A....
1?Basic factors of production available to a society are * A. natural resources, labor and capital....
1?Basic factors of production available to a society are * A. natural resources, labor and capital. * B. natural resources, labor and money. * C. labor, money and environment. * D. natural resources, money and infrastructure. 2?Total cost is * A. the sum of total fixed cost and total variable cost. * B. increasing with output. * C. equal to total fixed cost when production level is zero. * D. all the above true. 3?Suppose a certain firm is able...
1.) Fill in the blank from the choices inside the parentheses: If a firm the profit...
1.) Fill in the blank from the choices inside the parentheses: If a firm the profit maximizing level of output results in total revenue less than total cost, describe the long run effect on the market. Existing firms in the market are earning (economic losses, 0 economic profits, or economic profits). This will result in (existing firms exiting, new firms entering, or existing firms shutting down). Due to the above, market supply will (increase, decrease, or remain unchanged). and equilibrium...
As a firm increases the level of output that it produces, short-run average fixed cost rises...
As a firm increases the level of output that it produces, short-run average fixed cost rises and then falls. remains constant since fixed costs are constant. decreases. decreases up to a particular level of output and then increases. Flag this Question Question 22 pts Suppose that a firm is currently producing 500 units of output. At this level of output, TVC = $1,000 and TFC = $2,500. What is the firms ATC? $2 $5 $7 $10 Flag this Question Question...
21) The main difference between the short run and the long run is that: A) in...
21) The main difference between the short run and the long run is that: A) in the short run all inputs are fixed, while in the long run all inputs are variable. B) in the short run the firm varies all of its inputs to find the least-cost combination of inputs. C) in the short run, at least one of the firm's input levels is fixed. D) in the long run, the firm is making a constrained decision about how...
Question 1 When a production facility is in production and running well, it adds a new...
Question 1 When a production facility is in production and running well, it adds a new worker. You would expect this worker to produce more than prior workers. less than prior workers. the same as prior workers. Question 2 "Fill in the blank" question: select the correct answer. When production is just beginning, more efficient use of each input can be achieved by -Select- adding new variable inputs adding new fixed inputs reducing fixed inputs reducing variable inputs Question 3...
Suppose there is an improvement in production of TVs. If the TV industry is initially in...
Suppose there is an improvement in production of TVs. If the TV industry is initially in a perfectly competitive equilibrium then the improvement will result in: Higher prices with increased production Lower prices with decreased production quantities Lower prices and greater production of TVs Lower prices but no change in production quantities If a perfectly competitive firm making positive economic profits can increase profits by increasing output then: ATC must be falling marginal revenue is equal to marginal cost marginal...
1.16 Accounting profit is equal to… a) Total revenue less total explicit costs b) Normal profit...
1.16 Accounting profit is equal to… a) Total revenue less total explicit costs b) Normal profit plus economic profit c) All of the above d) None of the above 1.17 When average product is decreasing… a) Marginal product is decreasing b) Marginal product is increasing c) Marginal product equals zero d) Average product is increasing 1.18 Figure 1 diagram shows a situation of… a) Economic profit under perfect competition b) Normal profit under perfect competition c) Economic profit under monopolistic...
1.16 Accounting profit is equal to… a) Total revenue less total explicit costs b) Normal profit...
1.16 Accounting profit is equal to… a) Total revenue less total explicit costs b) Normal profit plus economic profit c) All of the above d) None of the above 1.17 When average product is decreasing… a) Marginal product is decreasing b) Marginal product is increasing c) Marginal product equals zero d) Average product is increasing 1.18 Figure 1 diagram shows a situation of… a) Economic profit under perfect competition b) Normal profit under perfect competition c) Economic profit under monopolistic...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT