What economic principle explains the shape of the marginal and average cost curves?

Understanding Cost Curves in Economics

Interactive Video
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Mathematics, Business, Science
•
10th - 12th Grade
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Hard

Sophia Harris
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Law of Variable Returns
Law of Constant Returns
Law of Diminishing Marginal Returns
Law of Increasing Returns
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the total cost is 10 when nothing is produced, what does this indicate?
Variable costs are 10
Fixed costs are 10
Total costs are zero
Marginal costs are 10
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is Average Cost calculated?
Total Cost plus Quantity
Total Cost minus Quantity
Total Cost multiplied by Quantity
Total Cost divided by Quantity
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does Marginal Cost represent?
The fixed cost of production
The average cost of producing all units
The extra cost of producing one more unit
The total cost of producing all units
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to Average Cost initially as production increases?
It remains constant
It falls
It fluctuates
It rises
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does the Marginal Cost curve behave compared to the Average Cost curve?
It falls and rises less dramatically
It remains constant
It falls and rises more dramatically
It mirrors the Average Cost curve exactly
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What causes the Marginal Cost to decrease in Stage 1?
Variable labor productivity
Constant labor productivity
Increasing labor productivity
Decreasing labor productivity
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