Theory of the Firm (Economics) Terms 1 - Statistics

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General Stats

This quiz has been taken 60 times
59 since last reset
The average score is 6 of 12

Answer Stats

Hint	Answer	% Correct
Total Revenue - Total Costs =	Profit	98%
Fixed Cost + Variable Cost =	Total Cost	80%
Price x Quantity Sold =	Total Revenue	73%
Total Cost / Output =	Average Cost	61%
The factor of production that refers to the produced means of production	Capital	59%
The factor of production that refers to all natural resources	Land	55%
Change in total revenue as one more unit of output is produced	Marginal Revenue	52%
Reductions in total cost per unit as output increases	Economies of Scale	48%
As each additional unit of a variable input is added, total output increases by less than the previous unit	Diminishing Returns	39%
As each additional unit of a variable input is added, total output increases by my more than the previous unit	Increasing Returns	30%
Output / Inputs =	Productivity	30%
As each additional unit of a variable input is added, total output decreases	Negative Returns	14%

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