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- The feature that distinguishes short-run from the long-run is the*length of time it takes to produce 1 unit.existence of fixed costs.amount of variable resources used to produce 1 unit.the amount of profit the firm can expect to earn. The short-run is*less than a year.when a firm is unable to change some of its inputs.when a firm is unable to change output.when a firm is unable to change its price. The production function tells the firm*which input combination has the lowest total cost.which input combination produces a given output at the lowest possible cost.the maximum output that can be produced from a given amount of inputs.which output is the most profitable. In the short run*all costs are variable.all inputs are fixedthere may be fixed and variable inputs.all production decisions must be made on a daily basis. The law of diminishing marginal returns says that as units of labor are added to the production of an output when all other inputs are fixed, eventually*total product…The long run is a period of time: that is too short to change the size of a firm's plant. that is long enough to permit changes in all the firm's inputs, both fixed and variable. in which production occurs beyond one year. in which production occurs beyond five years.A firm doubles the quantity of all resources it employs and, as a result, output doubles. Which of the following is correct? Multiple Choice There are increasing returns to scale. The long-run average total cost curve is flat. The law of diminishing returns is proven wrong. The example is for the short-run rather than the long-run.
- The minimum efficient scale is the smallest quantity of output at which the average fixed cost curve reaches its lowest level. economies of scale begin. the long-run average cost curve reaches its lowest level. the average total cost curve reaches its lowest level. diminishing returns begin.Minimum efficient scale for production of a good or service: Select correct one : a) is the point at which diseconomies of scale begin for a particular firm. b) is the point at which economies of scale begin for a particular firm. c) is the rate of output at which long-run average costs reach a minimum d) applies only to firms with U-shaped long-run average cost curves.The feature that distinguishes short-run from the long-run is the * length of time it takes to produce 1 unit. existence of fixed costs. amount of variable resources used to produce 1 unit. the amount of profit the firm can expect to earn.
- To minimize costs in the short run, a firm should operate where which of the following optimizing conditions is true? Marginal productivity of labor is at a maximum Marginal product relative to own price of every input is equal Marginal revenue product of the variable input equals its marginal costLong-run costs of production are generally lower than the short run costs because: a. all inputs are fixed in the long run. b. firms cannot change their scale of production in the long run. c. there is greater flexibility in input usage in the long run.How does learning by doing affect average total costs? Short-run average total costs will remain unchanged because any gain in employee productivity will be exactly canceled out by increased fixed costs. Short-run average total costs will fall because employees learn which production processes work and become more productive given the available inputs. Short-run average total costs will rise because firms will hire employees that have failed in previous jobs, causing decreased productivity. Short-run average total costs will rise because employees will continually fail, causing training costs (variable costs) to increase for the firm.
