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Chapter 20 Flash Cards Essay

2250 words - 9 pages

20-1. Which of the following are factors of production? Output in a production function Productivity → Land, labor, capital, and entrepreneurship Implicit and explicit costs | 20-2. The period in which at least one input is fixed in quantity is the: Long run. Production run. → Short run. Investment decision. |
20-3. The change in total output associated with one additional unit of input is the: Opportunity cost of the output. Average productivity. → Marginal physical product. Marginal cost. | 20-4. If a firm could hire all the workers it wanted at a zero wage (i.e., the workers are volunteers), the firm should hire: Enough workers to produce the output where diminishing ...view middle of the document...

The shape of the marginal cost curve reflects the: → Law of diminishing returns. Competitiveness of the firm. Law of diminishing marginal utility. Law of demand. |
20-9. If an additional unit of labor costs $20 and has a MPP of 15 units of output, the marginal cost is: $0.75. → $1.33. $30.00. $300.00. | 20-10. If marginal physical product (MPP) is falling, then the: Marginal cost of each unit of output is falling. → Marginal cost of each unit of output is rising. Total cost of each unit of output is falling. Total cost of each unit of output is rising. |
20-2. The short run is the period in which the quantity (and quality) of some inputs can't be changed, or in other words inputs are fixed. | 20-1. Factors of production are resources used to produce goods and services, such as land, labor, capital, and entrepreneurship. |
20-4. Marginal physical product (MPP) is the change in total output that results from employing one more unit of input. As long as MPP is positive, a firm can add to its total output by employing the worker. | 20-3. The marginal physical product (MPP) is the change in total output associated with one additional unit of input. |
20-6. The problems of crowded facilities apply to most production processes in the short run because of fixed resources. In the long run, all resources can be changed. | 20-5. The law of diminishing returns says that the marginal physical product of a variable input declines as more of it is employed along with a constant quantity of other (fixed) inputs. |
20-8. Whenever marginal physical product is increasing, the marginal cost of producing a good must be falling and so the marginal cost curve will be downward-sloping. At the point of diminishing marginal returns, the marginal physical product declines and the marginal cost increases, so the marginal cost curve will be upward-sloping. | 20-7. The most desirable rate of output is the one that maximizes total profit—the difference between total revenue and total costs. |
20-10. At the point of diminishing marginal returns, the marginal physical product declines and the marginal cost increases. | 20-9. Marginal cost is the increase in total cost associated with a one-unit increase in production and can be found by dividing the change in total cost by the MPP. If an additional unit of labor costs $20 and has a MPP of 15 units of output, the marginal cost is 20/15 or $1.33 |
20-11. In the short run, when a firm produces zero output, total cost equals: Zero. Variable costs. → Fixed costs. Marginal costs. | 20-12. Which of the following is most likely a fixed cost? Raw materials cost Labor cost Energy cost → Property taxes |
20-13. Changes in short-run total costs result from changes in: → Variable costs. Fixed costs. Profit. The price elasticity of demand. | 20-14. In the short run, which of the following is most likely a variable cost? Contractual lease payments → Labor and raw materials...

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