Short Run Costs (Grade 11 NSC Matric Economics): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What defines the short run in production?
What defines the short run in production?
At least one factor cannot be changed
What happens to fixed costs when production is zero?
What happens to fixed costs when production is zero?
They must still be paid
How do average fixed costs behave as output increases?
How do average fixed costs behave as output increases?
They fall
How do variable costs relate to output level?
How do variable costs relate to output level?
They change directly with output
What is the formula for total cost?
What is the formula for total cost?
What does marginal cost measure?
What does marginal cost measure?
Cost of producing one extra unit
Where does the MC curve intersect the AC curve?
Where does the MC curve intersect the AC curve?
At AC's minimum point
What does the law of diminishing returns state?
What does the law of diminishing returns state?
Adding variable input eventually yields less
In the fruit canning example, what are the fixed costs at all output levels?
In the fruit canning example, what are the fixed costs at all output levels?
R50,000
Which cost curve is described as U-shaped?
Which cost curve is described as U-shaped?
Average variable cost (AVC)