George Brown College Production and Costs Multiple Choice Questions

25 Multiple choice questions (only one right answer)-

• 80 min

Chapters:

1.Elasticity Production in the short run

2.Competitive markets/cost analysis

• Focus on:

Elasticity questions

Types of firms, statement of retained earnings, financing equity/debt, production inputs, economic vs accounting profits, explicit vs implicit costs, total, average and marginal products, fixed vs variable costs, competitive market vs behaviour, assumptions of perfect competition, selling below total costs, off season closing, etc