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1. Economics 211 Chapter 13 – Clicker Question Set #2
2. An example of an explicit cost of production would be the cost of forgone labor earnings for an entrepreneur.
the lost opportunity to invest in capital markets when the money is invested in one's business.
lease payments for the land on which a firm’s factory stands.
Both 1 and 3 are correct.
None of the above
3. The cost of producing an additional unit of output is the firm's marginal cost.
productivity offset.
variable cost.
average variable cost.
4. A certain firm produces and sells staplers. Last year, it produced 7,000 staplers and sold each stapler for $6. In producing the 7,000 staplers, it incurred variable costs of $28,000 and a total cost of $45,000. What is the fixed cost of this firm? $-3,000.
$17,000.
$28,000.
$42,000.
5. A certain firm produces and sells staplers. Last year, it produced 7,000 staplers and sold each stapler for $6. In producing the 7,000 staplers, it incurred variable costs of $28,000 and a total cost of $45,000. What is the profit of this firm? $-3,000.
$17,000.
$28,000.
$42,000.
