Principles of Economics Study Set 4
Quiz 8: Monopoly, Oligopoly, and Monopolistic Competition
Start Up Costs Are
Start up costs are: A)irrelevant in firm decision making because they are sunk costs. B)inversely related to variable costs. C)one-time costs of starting production of a new product. D)always greater than marginal costs.
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When a drug company introduces a new drug on the market its research,development,and testing costs are ________,and the chemicals used in manufacturing the drug are _______________. A)start up costs;fixed costs B)fixed costs;start up costs C)start up costs;variable costs D)marginal costs;variable costs
A firm is most likely to experience economies of scale if it has _____ start up costs and ______ variable costs. A)high;increasing B)high;low C)high;high D)low;decreasing
Economies of scale exist when: A)firms become extremely large. B)input prices are falling. C)average costs fall as the scale of production grows. D)a 10% increase in all inputs causes a 9% increase in output.
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