1.A firm realizes that it is producing more than the profit maximizing level of output and makes a short-run decision to decrease its output. Which of the firm’s cost measures is least likely to decrease as a result?

A)   Average variable cost.

B)   Average total cost.

C)   Marginal cost.

D)   Average fixed cost.

2.Which of the following factors of production is least likely to be fixed in the short run?

A)   Capital equipment.

B)   Labor.

C)   Plant size.

D)   Technology.

3.The short run is best defined as:

A)   the period for which the quantities of all factors of production are fixed.

B)   a period of less than one year.

C)   the time frame within which working capital decisions cannot be altered.

D)   the period for which the quantities of some resource inputs are fixed.

4.Which of the following two factors are most likely to be considered variable during the short run?

A)   Labor and technology.

B)   Labor and raw materials.

C)   Raw materials and technology.

D)   Raw materials and capital equipment.

答案和详解如下：

1.A firm realizes that it is producing more than the profit maximizing level of output and makes a short-run decision to decrease its output. Which of the firm’s cost measures is least likely to decrease as a result?

A)   Average variable cost.

B)   Average total cost.

C)   Marginal cost.

D)   Average fixed cost.

The correct answer was D)

A short-run decrease in output will cause a firm’s average fixed costs to increase because its fixed costs are spread over a smaller number of units. In terms of cost curves, average fixed cost never slopes upward, so a decrease in output never reduces average fixed costs. The average variable cost, average total cost, and marginal cost curves all have upward sloping components along which a lower level of output would result in a lower cost.

2.Which of the following factors of production is least likely to be fixed in the short run?

A)   Capital equipment.

B)   Labor.

C)   Plant size.

D)   Technology.

The correct answer was B)

Labor is typically assumed to be variable in the short run.

3.The short run is best defined as:

A)   the period for which the quantities of all factors of production are fixed.

B)   a period of less than one year.

C)   the time frame within which working capital decisions cannot be altered.

D)   the period for which the quantities of some resource inputs are fixed.

The correct answer was D)    

The short run is typically defined as the period for which the quantities of some, but not all, resources are fixed. Working capital is the difference between a firm’s current assets and current liabilities and consists of items (such as cash) that the firm can adjust in the short run.

4.Which of the following two factors are most likely to be considered variable during the short run?

A)   Labor and technology.

B)   Labor and raw materials.

C)   Raw materials and technology.

D)   Raw materials and capital equipment.

The correct answer was B)

Of the sets of factors listed, the two that are typically considered variable in the short run are labor and raw materials.