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1、1.?Bubbaisashrimpfishermanwhocatches4,000poundsofshrimpperyear.Hecanselltheshrimpfor$5perpound.Hisaveragetotalcostofcatchingshrimpis$3perpound.Bubba’sannualtotalprofitis?a.?$8,000.?b.?$12,000.?c.?$20,000.?d.?$32,000.ANSWER:??aDIFFICULTY:??ModerateLEARNING?OBJECTIVES:??ECON.MANK.275-Givendataontota
2、lrevenue,implicitcosts,andexplicitcosts,compareeconomicprofitandaccountingprofit.TOPICS:??ProducertheoryProductioncostsKEYWORDS:??BLOOM'S:ApplicationCUSTOM?ID:??001.13.3-MC-MANK082.?Somecostsdonotvarywiththequantityofoutputproduced.Thosecostsarecalled?a.?marginalcosts.?b.?averagecosts.?c.?fixedcos
3、ts.?d.?explicitcosts.ANSWER:??cDIFFICULTY:??EasyLEARNING?OBJECTIVES:??ECON.MANK.020-Classifyafirm'scostsasfixedorvariable.TOPICS:??ProducertheoryProductioncostsKEYWORDS:??BLOOM'S:KnowledgeCUSTOM?ID:??002.13.3-MC-MANK083.?Whichofthefollowingcostsdonotvarywiththeamountofoutputafirmproduces??a.?avera
4、gefixedcosts?b.?fixedcostsandaveragefixedcosts?c.?marginalcostsandaveragefixedcosts?d.?fixedcostsANSWER:??dDIFFICULTY:??ModerateLEARNING?OBJECTIVES:??ECON.MANK.020-Classifyafirm'scostsasfixedorvariable.TOPICS:??ProducertheoryProductioncostsKEYWORDS:??BLOOM'S:KnowledgeCUSTOM?ID:??003.13.3-MC-MANK08
5、4.?Fixedcostscanbedefinedascoststhat?a.?varyinverselywithproduction.?b.?varyinproportionwithproduction.?c.?areincurredonlywhenproductionislargeenough.?d.?areincurredevenifnothingisproduced.ANSWER:??dCopyrightCengageLearning.PoweredbyCognero.Page?70DIFFICULTY:??EasyLEARNING?OBJECTIVES:??ECON.MANK.0
6、20-Classifyafirm'scostsasfixedorvariable.TOPICS:??ProducertheoryProductioncostsKEYWORDS:??BLOOM'S:ComprehensionCUSTOM?ID:??004.13.3-MC-MANK085.?Intheshortrun,afirmincursfixedcosts?a.?onlyifitincursvariablecosts.?b.?onlyifitproducesnooutput.?c.?onlyifitproducesapositivequantityofoutput.?d.?whetheri
7、tproducesoutputornot.ANSWER:??dDIFFICULTY:??EasyLEARNING?OBJECTIVES:??ECON.MANK.020-Classifyafirm'scostsasfixedorvariable.TOPICS:??ProducertheoryProductioncostsKEYWORDS:??BLOOM'S:ComprehensionCUSTOM?ID:??005.13.3
