quiz for week 3

                                  total simplicit costs.
                                    total monetary costs.
                                    total opportunity costs.
                                    total sales(implicit costs + explicit costs).
                                    total sales(explicit costs – implicit costs).

                                  marginal costs are less than average variable cost but greater than average cost.
                                    fixed costs have increased.
                                     output is declining.
                                    marginal costs have increased.

                                  long-run average cost.
                                    short-run average cost.
                                    marginal product.
                                    average variable cost.
                                    marginal cost.

                                  there is no residual claimant.
                                    the demand for the products is inherently different.
                                    government managers seek more capital-intensive means of production.
                                    government firms are more difficult to manage.
                                    private firms do not compete with government firms.

                                  make money.
                                    organize information.
                                    make resources.
                                    transform inputs into marketable outputs.
                                    transform products into commodities.

                                  horizontally integrated.
                                    vertically integrated.
                                    inefficient.
                                    a perfect competitor.
                                    a conglomerate.

                                  a tripling of marginal cost.
                                    a tripling of total cost.
                                    less than a tripling of total variable cost.
                                    increased average fixed cost.
                                    more than a tripling of total variable cost.

                                  To reduce transactions costs
                                    To produce things
                                    To organize teams
                                    To monitor shirking
                                    To reduce the costs of buying

                                  Wages paid to skilled workers
                                    Payments for inputs purchased from other companies
                                    Interest paid on a loan
                                    Rental income from real property
                                    Rental income not received from use of a self-owned piece of land