Practice Test

Name: ________________________ ID: A
Figure 55-3: Short-Run Costs II
____ 27. (Figure 55-3: Short-Run Costs II) Curve 1 is the ________ cost curve.
a. average total
b. average variable
c. marginal
d. total
e. total fixed
____ 28. (Figure 55-3: Short-Run Costs II) Curve 2 is the ________ cost curve.
a. average total
b. average variable
c. marginal
d. total
e. total variable
____ 29. (Figure 55-3: Short-Run Costs II) Curve 3 is the ________ cost curve.
a. average total
b. total
c. marginal
d. average variable
e. total variable
____ 30. (Figure 55-3: Short-Run Costs II) Curve 1 crosses the average variable cost curve at:
a. 3 units of output.
b. approximately 5.3 units of output.
c. the minimum value of Curve 2.
d. the level of output at which diminishing marginal returns begin.
e. the level of output that corresponds to zero average fixed cost.
____ 31. (Figure 55-3: Short-Run Costs II) Curve 1 crosses the average total cost curve at:
a. the minimum value of Curve 2.
b. approximately 4.3 units of output.
c. approximately 2.8 units of output.
d. Point A.
e. the level of output that corresponds to the point of diminishing marginal returns.
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