ECO 561 Course Great Wisdom / tutorialrank.com ECO 561 Course Great Wisdom / tutorialrank.com | Page 11

hired. B. the marginal products of successive workers must be sold at
lower prices.
C. the marginal products of successive workers can be sold at a
constant price. D. the
marginal products of successive workers can be sold at higher prices.
10) In the short run the Sure-Screen T-Shirt Company is producing
500 units of
output. Its average variable costs are $2.00 and its average fixed costs
are $.50. The
firm's total costs: A. are $2.50. B. are $1,250. C. are $1,100. D. are
$750.
11) What do wages paid to blue-collar workers, interest paid on a
bank loan,
forgone interest, and the purchase of component parts have in
common? A. None are
either implicit or explicit costs. B. All are opportunity costs. C. All
are implicit costs. D.
All are explicit costs.
12) Which of the following represents a long-run adjustment? A. a
steel
manufacturer cuts back on its purchases of coke and iron ore B. a
farmer uses an
extra dose of fertilizer on his corn crop C. unable to meet foreign
competition, a