CAS EC 101 Study Guide - Midterm Guide: Average Variable Cost, Marginal Cost, Fixed Cost

• School: Boston University
• Department: Economics
• Course: CAS EC 101
• Professor: All

Document Summary

Identify the letter of the choice that best completes the statement or answers the question. Each question is worth an equal number of points. Be sure to answer questions on the bubble answer sheet provided. Any questions answered on the test question sheets will not be counted. Please write your name on the test sheet and on the bubble sheet. Very important: write 3 in the space provided on the bubble sheet to indicate the version of your exam. Both the test sheet and the bubble sheet must be turned in at the end of the exam. ______________________________________________: which of the following costs will not change as output changes, marginal cost, average variable cost, average fixed cost, total variable cost, total fixed cost, a perfectly competitive market is in long-run equilibrium. At present there are 100 identical firms each producing 5,000 units of output. Assume that each firm faces increasing marginal cost.