A. TRUE OR FALSE: Write TRUE if the statement is true and FALSE if the statement is false. Write your answer on a separate sheet of paper.

1. The real opportunity cost of producing product X is the amounts of products Y, Z, and so forth, that might have been produced if resources had not been used to produce X.
2. The short run is a period of time during which all costs are fixed costs.
3. Variable costs are costs that vary directly with output.
4. The law of diminishing returns explains why the long-run average total cost curve is U-shaped.
5. Diseconomies of scale stem primarily from the difficulties in managing and coordinating a large-scale business enterprise.
6. At zero units of output a firm's variable costs are zero.
7. Average fixed costs diminish continuously as output increases. 8. If the marginal-cost curve lies below the average-variable-cost curve, the average-variable-cost curve must be falling.


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