Question

3. (5 points) Choose from opportunity cost, total cost, fixed cost, variable cost, average total cost, and marginal cost to fill in the type of cost that best completes each sentence: (1) is falling when marginal cost is below it and rising when marginal cost is above it. (2) A cost that does not depend on the quantity produced is a(n) . (3) In the ice-cream industry in the short run, includes the cost of cream and sugar but not the cost of the factory. (4) Profits equal total revenue minus . (5) The cost of producing an extra unit of output is the .

          3. (5 points) Choose from opportunity cost, total cost, fixed cost, variable cost, average total cost,
and marginal cost to fill in the type of cost that best completes each sentence:
(1) ____ is falling when marginal cost is below it and rising when marginal cost is
above it.
(2) A cost that does not depend on the quantity produced is a(n) ____.
(3) In the ice-cream industry in the short run, ____ includes the cost of cream
and sugar but not the cost of the factory.
(4) Profits equal total revenue minus ____.
(5) The cost of producing an extra unit of output is the ____.

3. (5 points) Choose from opportunity cost, total cost, fixed cost, variable cost, average total cost,
and marginal cost to fill in the type of cost that best completes each sentence:
(1) is falling when marginal cost is below it and rising when marginal cost is
above it.
(2) A cost that does not depend on the quantity produced is a(n) .
(3) In the ice-cream industry in the short run, includes the cost of cream
and sugar but not the cost of the factory.
(4) Profits equal total revenue minus .
(5) The cost of producing an extra unit of output is the .

Added by Anne C.

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