Price Floors
A firm produces 400 units of output at a total cost of $1,200. If total variable costs are $1,000, then the TFC is...
What is $200
Implicit Costs captures this type of costs...
What is Opportunity Costs
For a large firm that produces and sells shoes, the leather that is used in producing shoes would be a...
Variable cost
Which Cost Curve intersects the ATC Curve, AVC Curve, and the AFC Curve
What is the MC Curve
A firm produces 620 units of output at a total cost of $1,480. If total variable costs are $1,000, then the AVC is...
What is $1.61
Explicit costs captures these types of costs...
What is direct monetary payments.
For a small firm that is in the business of making basketballs, the payment that the firm pays each year for accounting services would be...
What is a Fixed expense
The Marginal Cost Curve intersects the AVC Curve at...
What is the AVC Curve's minimum point
A firm produces 400 units of output at a total cost of $1,200. If variable costs per unit of output are $2.50, then the AFC is...
What is 50 cents.
Marginal Cost is the cost to produce...
What is an additional unit of output
These costs' inputs are adjusted in the long run...
What is Fixed Costs
The Marginal Cost Curve Intersects the ATC Curve at...
A firm produces 450 units of production with variable costs being $8.50 per unit of production. Total fixed costs totaled $300. The ATC is...
What is $9.17
Economic costs include this category of cost(s)...
What is explicit and implicit costs
These costs' inputs are adjusted in the short run...
What is Variable Costs
The ATC Curve is the summation of the...
What is the AVC Curve and AFC Curve
A firm produces 382 units of production with variable costs being $11.30 per unit of production. AFC is $0.79 per unit of production. The ATC is...
What is $12.09
Economic Profit is Total Revenue minus...
What is Total Economic Costs
The decreasing utility or output from increasing input is described as...
What is Marginal Productivity of Labor or Law of Diminishing Returns
The AFC Curve is exponentially...
What is decreasing