Wages and salaries paid to workers are an example of implicit costs of production.
Production Costs

Quiz
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Business
•
University
•
Medium
Shereen Bacheer
Used 149+ times
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12 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
True
False
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a variable cost in the short run?
rent of the factory
wages paid to factory workers
interest payments on borrowed financial capital
salaries paid to upper management
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If marginal costs equal average total costs,
average total costs are falling.
average total costs are rising.
average total costs are maximized.
average total costs are minimized.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The efficient scale of production is the quantity of output that minimizes
average fixed cost.
average total cost.
average variable cost.
marginal cost.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
"Economies of Scale" is the phase of increasing long run average total costs
True
False
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A cost that is included in economic profit
Implicit Cost
Marginal Cost
Average Cost
Economic Cost
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Average Total Costs are calculated by dividing Total Costs by
Price
Quantity or units produced
Average Variable Costs
Revenue
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