Marginal Costs and Production Quiz

Marginal Costs and Production Quiz

9th Grade

15 Qs

quiz-placeholder

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Marginal Costs and Production Quiz

Marginal Costs and Production Quiz

Assessment

Quiz

Financial Education

9th Grade

Hard

Created by

Bassant Elassal

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the effect of having one person do the whole job from start to finish?

Increases efficiency

Reduces marginal costs

Increases marginal costs

Has no effect on costs

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens to marginal costs as specialization helps increase production?

They remain constant.

They go down at first, then go up.

They continuously decrease.

They continuously increase.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In monopolistic competition, what shape does the marginal cost (MC) curve have?

U shape

V shape

Horizontal line

Downward slope

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How is the marginal revenue (MR) curve described in monopolistic competition?

U shape

Downward sloping

Perfectly horizontal

Vertical line

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the result of producing beyond point 'A' in the context of the document?

Profit

Loss

Break-even

Surplus

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In monopolistic competition, what control do firms have over pricing?

No control

Full control

Some control

Total control

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the key for a firm to continue operating in the short run under monopolistic competition?

Lowering prices

Increasing production

Differentiating its product

Reducing costs

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