201) choose the correct answer:1.Total revenue equals the quantity of output the firm produces times the price at which it sells its output.

202) choose the correct answer:1.If there are implicit costs of production, accounting profits will exceed economic profits. 2. When a production function gets flatter, the marginal product is increasing.

203) choose the correct answer:1.If the production function for a firm exhibits diminishing marginal product, the corresponding total cost curve for the firm will become flatter as the quantity of output expands.

204) choose the correct answer:1.When marginal costs are below average total costs, average total costs must be falling. 2.If a firm has fixed costs of production and if marginal cost increases, as the quantity produced increases, the correspo

205) choose the correct answer:1.The average total cost curve in the long run is flatter than the average total cost curve in the short run. 2