Costs of Production
Quiz by Craig Fortuin
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10 questions
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- Q1What are the inputs used to make a product referred to as?landsupplies or intermediate goodsoutputlabor30s
- Q2What is the process that changes inputs into outputs called?production processsales processplanning processdistribution process30s
- Q3In economics, what is the law that states as more of a variable input is used, each additional unit will produce less output called?law of diminishing returnslaw of constant returnslaw of supply and demandlaw of equilibrium30s
- Q4What period of time allows a firm to change any inputs, including fixed inputs?intermediate-runshort-runlong-runquick-run30s
- Q5What are inputs like buildings and machinery classified as in production?short-run inputslong-run inputsfixed inputsvariable inputs30s
- Q6What is the maximum output a firm can produce with different combinations of inputs called?total productmarginal productaverage producttotal cost30s
- Q7What costs are generated by fixed inputs in production?variable costsincremental costsfixed costssunk costs30s
- Q8What period of time in production involves at least one fixed input that cannot be changed?medium-runlong-runshort-runflexible-run30s
- Q9What is the difference in production between fixed inputs and variable inputs related to?supplier relationshipsquality controlspeed of changecost efficiency30s
- Q10What is the process that transforms inputs into outputs called?production functionsales functiondistribution functionplanning function30s