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Bizhelp, CPA
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Experience:  Bachelors Degree and CPA with Accounting work experience
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1. (TCO 3) Output Total fixed cost Total variable cost

Customer Question

1. (TCO 3) Output Total fixed cost Total variable cost
1 $40 $30
2 40 44
3 40 60
4 40 80
If the firm described in the table above decided to produce 'Nothing' [Zero output], which of the following would be true? (Points: 3)
Total variable cost is $30.
Total fixed cost is still $40.
Average total cost is zero.
Marginal cost is $10.
Submitted: 3 years ago.
Category: Homework
Expert:  Bizhelp replied 3 years ago.
THIS ANSWER IS LOCKED!
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Customer: replied 3 years ago.
you only answered one question???
Expert:  Bizhelp replied 3 years ago.
Only one question was listed on your post! Are there others? If so, how many?



Edited by jk_cpa on 11/22/2010 at 4:45 PM EST
Customer: replied 3 years ago.

here are the rest..

 

2. (TCO 3) The main difference between 'economic profit' and 'accounting profit' is that (Points: 3)
economic profit considers economic costs that are out of pocket costs firms pay, but not opportunity costs.
economic profit considers economic costs that are out of pocket costs firms pay as well as opportunity costs.
economics profits are only paid in leap years.
accounting profit is what's left over from sales after the firm has paid all its economic costs


3. (TCO 3) The 'addition' to a business firm's 'total revenue' that comes from selling 'one more' output is (Points: 3)
normal profit [break-even].
marginal costs.
marginal revenue.
total revenue.


4. (TCO 3) When output is zero, variable cost is: (Points: 3)
zero
more than zero
unknown


5. (TCO 3) Which is most clearly a fixed cost? (Points: 3)
insurance premiums
wages of factory workers
advertising expenses
costs of raw materials


6. (TCO 3). The 'law of diminishing marginal returns' implies (Points: 3)
the more hours you spend studying economics the less you will know.
your understanding of economics will be increased by decreasing your marginal study time.
after a certain point, the more hours you spend studying economics per day, the less you will learn with each added hour.
the more hours you spend studying economics per day, the more you will learn with each added hour.


7. (TCO 3) The 'law of diminishing returns' may also be called the law of (Points: 3)
diminishing marginal output
diminishing positive returns
negative returns
increasing returns


8. (TCO 3) If a firm's 'total cost' equals 'total revenue,' then 'economic profit' (Points: 3)
exceeds normal profit [break-even].
is zero.
equals fixed costs.
equals variable costs.
equals accounting costs.


9. (TCO 3) Suppose that a firm incurs a total cost of $950 when it produces 10 units and a total cost of $1,060 when it produces 11 units. It can be concluded that the marginal cost of producing the eleventh unit is (Points: 3)
95
110
106
201


10. (TCO 3) When 'diminishing marginal returns' set in, (Points: 3)
the total variable cost starts to rise.
the total cost starts to rise.
the average total cost starts to rise.
the average variable cost starts to rise.
the marginal output starts to fall.


11. (TCO 3) Which statement is correct? (Points: 3)
Accounting profits are greater than economic profits
Economic profits are greater than accounting profits
Accounting profits are always equal to economic profits
Accounting profits can not be compared to economic profits


12. (TCO 3) The thing that permits monopolistic competitors to advertise in order to increase demand or to make the demand curve more inelastic is: (Points: 3)
Product differentiation
Control over price
Large numbers of sellers
Perfectly elastic demand curve


13. (TCO 3) Price is "given" to the individual firm in a 'Perfectly Competitive' industry because: (Points: 3)
Consumers have no good substitutes for the output of this industry.
Demand for the firm's output is perfectly elastic.
Price discrimination is very great among firms in this industry.
Market demand for the firm's output changes as the firm's output changes.


14. (TCO 3) Local gas and electric companies are: (Points: 3)
Oligopolies
Natural Monopolies
Monopolistic Competitors
Perfect Competitors


15. (TCO 3) The monopolistically competitive firm faces:

 

(Points: 3)
a horizontal demand curve
a downward sloping demand curve
a vertical demand curve
none of the above


16. (TCO 3) Oligopoly refers to: (Points: 3)
an industry with a large number of sellers, none of which has any influence on the price of its product
a group of firms that have decided to act as a single firm to control the industry
an industry with few firms, each producing a large proportion of the total industry
none of the above


17. (TCO 3) The kinked demand curve under fierce competition explains: (Points: 3)
rapid price fluctuations in monopoly markets
price rigidity in purely competitive markets
price rigidity in oligopolistic industries
none of the above


18. (TCO 3) Which is a tactic that has been used by the 'price leader' in the price leadership model of 'oligopoly'? (Points: 3)
Prime rate set by big banks
Constant price changes
Expanding a fierce price war with competitors
Giving no announcement of a price change


19. (TCO 3) A monopolist will maximize profits or minimize losses by producing at that point which (Points: 3)
Marginal revenue equal price
Average cost equals price
Marginal cost equals price
Marginal revenue equals marginal cost


20. (TCO 3) If both a 'perfectly competitive' producer and a 'monopolist' have the same identical costs, the 'monopolist' will: (Points: 3)
Produce a larger output and charge a higher price than the perfect competitor.
Produce a larger output and charge a lower price than the perfect competitor.
Produce a smaller output and charge a lower price than the perfect competitor.
Produce a smaller output and charge a higher price than the perfect competitor.

Customer: replied 3 years ago.
are you going to answer the rest of the questions....my time is running out.
Expert:  Bizhelp replied 3 years ago.
I'm not sure I can answer them all. How much time do you have?
Customer: replied 3 years ago.
look...i'll pay ya....I only have 30 min left...we have wasted over 20 minutes here emailing back and forth....
Customer: replied 3 years ago.
Relist: I'm running out of time and he is fooling around not answering my questions...I waited over 20 min to find out he is not even working on my answers....
I'm running out of time and he is fooling around not answering my questions...I waited over 20 min to find out he is not even working on my answers...
Customer: replied 3 years ago.
what are you doing....
Expert:  Bizhelp replied 3 years ago.
I'm going to have to opt out as I do not think I can finish this within that time frame. In the future, please post all questions and time frame needed in the original post. Based on your original post, there was no indication there was more than 1 question.
Customer: replied 3 years ago.
Great...

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