Quiz Practice

This quiz relates to the following lesson objectives:

• Explain how to determine a firm's cost of production and economic profit
• Correlate the firm's output and the quantity of labor in the short run
• Explain the influence of costs in the short run on a firm's output
• Calculate a long-run average cost curve

Read the following before entering the Quiz Practice:

• There is no time limit for the Quiz Practice.
• Once you achieve an 80% or higher on this Quiz Practice you will be allowed to advance to this lesson's Quiz.
• If you do not pass this Quiz Practice with an 80% or higher within 5 tries, you will not be eligible to take the graded quiz and must move to the next lesson.
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