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Microeconomics, 8e (Perloff)
Chapter 7 Costs
7.1 The Nature of Costs
1) Economic costs of an input include

A) only implicit costs.
B) only explicit costs.
C) both implicit and explicit costs.
D) whatever management wishes to report to the shareholders.
Answer: C
Section: The Nature of Costs
Question Status: Old
AACSB: Analytic thinking
2) The cost of waiting two months for health care to address a debilitating problem in Canada is
most accurately described as
A) an explicit cost.
B) an accounting cost.
C) no real cost.
D) an opportunity cost.
Answer: D
3) Sarah earns $40,000 per year working for a large corporation. She is thinking of quitting this
job to work full time in her own business. She will invest her savings of $50,000 (which
currently has an annual 10% rate of return) into the business. Her annual opportunity cost of this
new business is
A) $0.
B) $40,000.
C) $45,000.
D) $90,000.
Answer: C
1
Copyright © 2018 Pearson Education, Inc.
4) Johnny has worked as a CPA for five years and wants to open his own public accounting
practice. The cost of his college degree in accounting represents
A) the opportunity cost of this endeavor.
B) a sunk cost.
C) an expense.
D) a variable cost.
Answer: B
5) Economists proclaim that competitive firms make zero economic profit in the long run. This
shows how
A) detached economists are from the real world.
B) unrealistic economic theory is.
C) firms cover all their cost, both monetary and non-monetary.
D) firms cover only monetary cost when economic profits are zero.
Answer: C
6) If a firm buys a building so as to have office space for its workers, the monthly opportunity
cost of the building is best measured as
A) the monthly mortgage payment the firm must pay.
B) the price the firm paid divided by twelve.
C) zero.
D) the rent the firm could earn if it rented the building to another firm.
Answer: D
7) Economic efficiency entails

A) producing a given amount of output with the most expensive mix of inputs.
B) producing a given amount of output with the least number of inputs.
C) producing a given amount of output with the most inputs.
D) producing a given amount of output with the cheapest mix of inputs.
Answer: D
2
8) If Option A costs $40 and yields 20 units of output, and Option B costs $50 and yields 20
units of output,
A) Option B and Option A are equally economically efficient.
B) Option B is economically efficient relative to Option A.
C) Option A is economically efficient relative to Option B.
D) It is not possible to determine which option is more economically efficient.
Answer: C
9) If Option A costs $40 and yields 20 units of output, and Option B costs $50 and yields 30
units of output,
A) Option B and Option A are equally economically efficient.
B) Option B is economically efficient relative to Option A.
C) Option A is economically efficient relative to Option B.
D) It is not possible to determine which option is more economically efficient.
Answer: D
10) Why might a police officer not pull over someone speeding two miles over the speed limit?
A) The explicit costs of stopping the driver over are too high.
B) The opportunity costs of stopping the driver are too high.
C) The opportunity costs of topping he driver are too low.
D) The explicit costs of stopping the driver are too low.
Answer: B
11) The high cost of advertising during the Super Bowl will
A) not affect the efficient level of output because advertising is a sunk cost.
B) will affect the efficient level of output because profits will fall significantly.
C) not affect the efficient level of output because advertising is a fixed cost.
D) Not enough information given.
Answer: A
3
12) Joey's Lawncutting Service rents office space from Joey's dad for $300 per month. A similar
office space in the same building rents for $545 per month. What is the economic profit earned
by Joey's dad?
A) Profit of $245
B) Profit of $100
C) Loss of $100
D) Loss of $245
Answer: D
Question Status: New
For the following, please answer "True" or "False" and explain why.
13) When buying a piece of equipment, it is always best for the firm to pay cash instead of
borrowing the funds since this renders the equipment less costly.
Answer: False. It depends. The opportunity cost of the capital when paying cash is the interest
the firm receives on its cash reserves. This is an implicit cost. The opportunity cost of the capital
when the funds are borrowed is the interest the firm must pay to the lender. This is an explicit
cost. If the rate the firm receives on its cash reserves exceeds the rate at which it borrows, the
firm is better off borrowing the funds to buy the equipment.
14) Four years after graduating from college you must decide if you want to go on as an
accountant (your college major) or if you want to make a career change and become a singer.
The cost of your education will matter for your decision.
Answer: False. At this point the cost of your education represents a sunk cost and therefore
should not figure into your decision. You incur it no matter what decision you make.
15) An accountant may amortize the expense of a durable good by dividing the total amount
spent on the good by the number of years the good is expected to last. An economist may
amortize the expense of a durable and never fully account for the total expense.
Answer: True. The accountant uses a set of predetermined rules to amortize the total expense of
the good. The economist amortizes based on the opportunity cost of the good, which may never
sum to the total expense of the good.
4
16) Your company makes copper pipes. Over the years, you have collected a large inventory of
raw copper. The production process involves melting the copper and shaping it into pipes. You
also have a large stockpile of pennies. Suppose the price of copper rises so much that the copper
in the penny becomes worth more than one cent. Should you melt down your pennies?
Answer: This problem appeared as a puzzle in the Journal of Economic Perspectives (Winter,
1988). It is true (in this problem) that the pennies when melted currently have a value greater
than one cent. Yet, the price of copper can fluctuate. If the price of copper stays high, it does not
matter if you melt pennies or not. However, if the price of copper falls so that the value of the
copper in the penny falls below one cent, your unmelted pennies are still worth one cent. Your
melted pennies would be worth less than one cent. Thus, as long as you have some other source
of copper, you are better off melting that copper and not the pennies.
17) You have two career options. You can work for someone else for $50,000 a year, or, you can
run your own business, with an annual revenue of $100,000, and explicit costs of $40,000
annually. Explain which career option a profit-maximizer would select and why.
Answer: In the absence of other implicit costs a profit-maximizer will run their own business.
The business owner will receive $100,000 - $40,000 = $60,000. The opportunity cost is only
$50,000.
7.2 Short-Run Costs
1) A firm's marginal cost can always be thought of as the change in total cost if
A) the firm produces one more unit of output.
B) the firm buys one more unit of capital.
C) the firm's average cost increases by $1.
D) the firm moves to the next highest isoquant.
Answer: A
Section: Short-Run Costs
2) Fixed costs are

A) a production expense that does not vary with output.
B) a production expense that changes with the quantity of output produced.
C) equal to total cost divided by the units of output produced.
D) the amount by which a firm's cost changes if the firm produces one more unit of output.
Answer: A
5
3) Variable costs are
A) a production expense that does not vary with output.
B) a production expense that changes with the quantity of output produced.
C) equal to total cost divided by the units of output produced.
D) the amount by which a firm's cost changes if the firm produces one more unit of output.
Answer: B
4) Which of the following statements is NOT true?

A) AC = AFC + AVC
B) C = F + VC
C) AVC = wage/MPL
D) AFC = AC - AVC
Answer: C
5) Joey's Lawncutting Service rents office space from Joey's dad for $300 per month. Joey's dad
is thinking of increasing the rent to $400 per month. As a result Joey's marginal cost of cutting
grass will
A) increase by $100 divided by the amount of grass cut.
B) increase by $100.
C) decrease by $100.
D) not change.
Answer: D
6) Suppose a firm can only vary the quantity of labor hired in the short run. An increase in the
cost of capital will
A) increase the firm's marginal cost.
B) decrease the firm's marginal cost.
C) have no effect on the firm's marginal cost.
D) More information is needed to answer the question.
Answer: C
6
7) Suppose the total cost of producing T-shirts can be represented as TC = 50 + 2q. The marginal
cost of the 5th T-shirt is
A) 2.
B) 10.
C) 12.
D) 60.
Answer: A
8) Suppose the total cost of producing T-shirts can be represented as TC = 50 + 2q. The average
cost of the 5th T-shirt is
A) 2.
B) 12.
C) 52.
D) 60.
Answer: B
9) Suppose the total cost of producing T-shirts can be represented as TC = 50 + 2q. Which of the
following statements is TRUE at all levels of production?
A) MC = AVC
B) MC = AC
C) MC > AFC
D) All of the above.
Answer: A
10) Suppose the short-run production function is q = 10 ∗ L. If the wage rate is $10 per unit of
labor, then AVC equals
A) q.
B) q/10.
C) 10/q.
D) 1.
Answer: D
7
labor, then MC equals
A) q.
B) q/10.
C) 10/q.
D) 1.
Answer: D
12) If average cost is decreasing,

A) marginal cost equals average cost.
B) marginal cost exceeds average cost.
C) marginal cost is less than average cost.
D) Not enough information is given.
Answer: C
13) If average cost is positive,

A) marginal cost equals average cost.
B) marginal cost exceeds average cost.
C) marginal cost is less average cost.
D) Not enough information is given.
Answer: D
14) Suppose the short-run production function is q = L0.5. If the marginal cost of producing the
tenth unit is $5, what is the wage per unit of labor?
A) $1
B) $0.5
C) $0.25
D) It cannot be determined without more information.
Answer: C
8
labor, then AFC equals
A) 0.
B) 1.
C) 10/q.
D) It cannot be determined from the information provided.
Answer: D
16) When a firm produces one unit, the variable cost is $3. When the firm produces two units,
the variable cost is $6. What is the marginal cost associated with two units of production?
A) $2
B) $0.5
C) $6
D) $3
Answer: D
17) If the marginal cost of producing a good is increasing as a firm produces more of the good,
then which of the following must be TRUE?
A) AFC is rising.
B) AVC is rising.
C) MC > AVC.
D) MPL is falling.
Answer: D
18) If the average cost of producing a good is increasing as a firm produces more of the good,
then which of the following must be TRUE?
A) AFC is falling.
B) AVC is rising.
C) MC > AVC.
Answer: D
9
19) Suppose each worker must use only one shovel to dig a trench, and shovels are useless by
themselves. In the short run, an increase in the price of shovels will result in
A) fewer shovels being purchased.
B) more workers being hired.
C) a decrease in the firm's output.
D) no change in the firm's output.
Answer: D
20) Which of the following will cause the marginal cost curve of making cigarettes to shift?
A) a $5 million penalty charged to each cigarette maker
B) a $1 per pack tax on cigarettes
C) a $1 million advertising campaign by the American Cancer Society
Answer: B
21) Which of the following will cause the average cost curve of making cigarettes to shift?
C) a $1 an hour wage increase paid to all cigarette production workers
Answer: D
22) Which of the following will cause the average fixed cost curve of making cigarettes to shift?
C) a $3 per hour wage increase
D) an increase in the demand for cigarettes
Answer: A
10
23) A specific tax of $1 per unit of output will affect a firm's
A) average total cost, average variable cost, average fixed cost, and marginal cost.
B) average total cost, average variable cost, and average fixed cost.
C) average total cost, average variable cost, and marginal cost.
D) marginal cost only.
Answer: C
24) Assume baseball player salaries are fully determined before the season starts. From the point
of view of the baseball team owner, player salaries during the course of the season are then
A) variable costs.
B) marginal costs.
C) fixed costs.
D) average costs.
Answer: C
25) A firm's cost curve is determined by

A) congressional laws.
B) whether the firm hires engineers or not.
C) natural laws.
D) the firm's production function.
Answer: D
26) A windfall profit tax imposed on oil companies would shift the firms'
A) marginal tax rate.
B) marginal cost curve.
C) average cost curve.
D) production function.
Answer: C
11
27) Assume Congress decides that oil companies are making too much profit and decides to tax
oil companies for each gallon of gasoline produced. This would
A) shift the marginal cost curve up.
B) shift the marginal cost curve down.
C) shift the average fixed cost curve up.
D) shift the average fixed cost curve down.
Answer: A
28) Assume Congress decides that Social Security taxes must increase in order to fund the
system. This would
A) shift up the marginal cost curve for any firms that hire labor.
B) guarantee a decrease in profits.
C) shift up the average fixed cost curve for any firms that hire labor.
D) guarantee an increase in tax revenues.
Answer: A
29) In the short run, marginal cost is increasing when

A) MPL is decreasing.
B) MPL is increasing.
C) APL is increasing.
D) APL is decreasing.
Answer: A
30) In the short run, marginal cost is minimized when

A) MPL is maximized.
B) MPL equals zero.
C) APL is maximized.
D) APL equals zero.
Answer: A
12
31) In the short run, average variable costs are minimized when
A) MPL equals APL.
B) APL is maximized.
C) MPL is maximized and APL is increasing.
D) Both A and B.
Answer: D
32) At what output level, q, is average cost minimized if the short-run costs for a company are C
= 40 + 4q + q2?
A) q = 2
B) q = 0
C) q = 40
D) q = 2
Answer: A
33) In the short run, a firm's output level is 5 units. Its average cost is $40 and its fixed cost is
$50. What is this firm's variable cost of producing 5 units?
A) VC = $50
B) VC = $100
C) VC = $150
D) VC = $175
Answer: C
34) Suppose the current market wage rate (w) is $4. In the short run, a firm's marginal cost at the
current output level is $2. What is this firm's marginal product of labor?
A) MPL = 0.5
B) MPL = 1
C) MPL = 2
D) MPL = 8
Answer: C
13
35) In the short run, a firm 's output level is 10 units. Its total cost is $4000 and its average fixed
cost is $100. What is this firm's average variable cost (AVC) of producing 10 units?
A) AVC = $250
B) AVC = $275
C) AVC = $300
D) AVC = $400
Answer: C
36) What are the functions for MC and AC if TC = 40 + 10q + 5q2?

A) MC = 10q; AC = 10 + 5q
B) MC = 10 + 10q; AC = 40/q + 10 + 10q
C) MC = 10 + 10q; AC = 40/q + 10q2
D) MC = 20 + 10q; AC = 40/q + 10q
Answer: B
For the following, please answer "True" or "False" and explain why.
37) The "Law of Diminishing Marginal Returns" could also be termed the "Law of Increasing
Marginal Costs."
Answer: True. Since MC = w/MPL in the short run, the fact that MPL eventually declines
means that MC must eventually increase.
38) The marginal cost curve intersects the average fixed cost curve at its minimum.
Answer: False. Marginal cost intersects average variable cost (and average cost) at its minimum.
39) A consumer purchases a book by driving across town to a bookstore, standing in line for five
minutes to pay the cashier, and then pays $5. The same book is purchased by another consumer
who spends 2 minutes placing the order over the Internet for $10. The book necessarily cost the
first consumer less.
Answer: False. The opportunity cost of driving across town and standing in line may have raised
the total cost of the book to the first consumer to more than $10.
14
40) A firm's production function for pretzels is shown in the above figure. If the firm's fixed cost
equals $100 per time period and the wage rate equals $1 per unit of labor per time period,
calculate the firm's MC, AVC, and AC schedules. Do these cost functions follow the general
rules concerning the relationships between MC, AVC and AC?
Answer:
MC > AVC, AVC is rising.

MC < AC, AC is falling.
41) Explain why the marginal cost curve intersects a U-shaped average cost curve at its
minimum point.
Answer: At low quantities, the average cost curve declines as the quantity increases. The
marginal cost is below the average cost. The marginal cost represents the cost of an additional
unit of production. Thus, as the marginal cost curve declines, this pulls the average cost down
from its previous level. Then, the marginal cost curve will begin to rise. However, the marginal
cost is still below the average cost, and will continue to lower the average cost. When the two
costs are equal the marginal cost will leave the average cost unchanged. Then, the marginal cost
will be above the average cost so it will start to pull up the average cost. Thus, the marginal cost
curve will intersect the average cost curve at its minimum point.
15
7.3 Long-Run Costs
1) In the long run, fixed costs are

A) sunk.
B) avoidable.
C) larger than in the short run.
D) not included in production decisions.
Answer: B
Section: Long-Run Costs
2) The slope of the isocost line tells the firm how much
A) capital must be reduced to keep total cost constant when hiring one more unit of labor.
B) capital must be increased to keep total cost constant when hiring one more unit of labor.
C) more expensive a unit of capital costs relative a unit of labor.
D) the isocost curve will shift outward if the firm wishes to produce more.
Answer: A
3) The slope of the isoquant tells the firm how much

A) output increases when labor increases by one unit.
B) output increases when capital and labor are doubled.
C) capital must decrease to keep output constant when labor increases by one unit.
D) a unit of capital costs relative to the cost of labor.
Answer: C
4) If an isocost line crosses the isoquant twice, a cost minimizing firm will
A) use a different isocost line to select the bundle of inputs.
B) use the input bundle associated with the intersection on the higher point of the isoquant.
C) use the input bundle associated with the intersection on the lower point of the isoquant.
D) Both B and C.
Answer: A
16
5) When the isocost line is tangent to the isoquant, then
A) MRTS = -w/r.
B) the firm is producing that level of output at minimum cost.
C) the last dollar spent on capital yields as much extra output as the last dollar spent on labor.
Answer: D
6) A firm can minimize cost by

A) picking the bundle of inputs where the lowest isocost line touches the isoquant.
B) picking the bundle of inputs where the isoquant is tangent to the isocost line.
C) picking the bundle of inputs where the last dollar spent on one input gives as much extra
output as the last dollar spent on any other input.
Answer: D
7) When the isocost line is tangent to the isoquant, then

A) MPL = MPK.
B) the firm is producing that level of output at minimum cost.
C) the firm has achieved the right economies of scale.
Answer: B
8) If the cost of labor increases, the isocost line will

A) stay the same.
B) shift outward in parallel fashion.
C) rotate inward around the point where only capital is employed in production.
D) shift inward in parallel fashion.
Answer: C
17
9) If the isoquants are straight lines or L-shaped, then a cost-minimizing firm will
A) not be able to minimize costs.
B) find the lowest isocost line touching the relevant isoquant.
C) find the highest isocost line touching the relevant isoquant.
D) choose not to produce any output.
Answer: B
10) If the marginal rate of technical substitution for a cost minimizing firm is 10, and the wage
rate for labor is $5, what is the rental rate for capital in dollars?
A) .5
B) 1
C) 2
D) 10
Answer: A
11) Suppose MPL = 0.5 ∗ (q/L) and MPK = 0.5 ∗ (q/K). In the long run, the firm will hire equal
amounts of capital and labor
A) all of the time.
B) only when w = r.
C) only when w = 0.5 ∗ r.
D) at no point in time.
Answer: B
12) Suppose that each worker must use only one shovel to dig a trench, and shovels are useless
by themselves. In the long run, an increase in the price of shovels will result in
A) fewer shovels being purchased to produce the same number of trenches.
B) more workers being hired to produce the same number of trenches.
C) the firm wishing to produce more trenches.
D) no change in the firm's input mix.
Answer: D
18
by themselves. In the long run, the firm will experience
A) increasing returns to scale.
B) constant returns to scale.
C) decreasing returns to scale.
D) The returns to scale cannot be determined from the information provided.
Answer: B
by themselves. In the long run, the firm's cost function is
A) TC = (w/r) ∗ q.
B) TC = (w + r)/q.
C) TC = (w + r).
D) TC = (w + r) ∗ q.
Answer: D
15) At the XYZ Co., a unit of capital costs 3 times as much as a unit of labor. If the isoquants are
convex, and the firm does not change its input mix in the long run, we can conclude that
A) MPK = 3 ∗ MPL.
B) the firm will not hire any capital.
C) the firm will hire 3 times as much labor as capital.
D) the firm will hire 3 times as much capital as labor.
Answer: A
16) The production of cigarettes is highly automated; however, a worker is required to monitor
each machine. Machines and workers do not interact with one another. Given this information,
there are most likely
A) economies of scale.
B) economies of scope.
C) constant returns to scale.
D) increasing returns to scale.
Answer: C
19
17) A change in relative factor prices will always result in
A) a change in the slope of the isoquants.
B) a tangency between the new isocost line and a new isoquant.
C) a rotation of the isocost lines.
Answer: C
18) Assuming that w and r are both positive, if the long-run expansion path is horizontal, then
A) MPK = 0.
B) MRTS is a function of capital only.
C) w = r.
Answer: B
20
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Title: Magic words: A tale for Christmas time
Author: Emilie Maceroni
Illustrator: Edward Henry Wehnert
Release date: June 29, 2022 [eBook #68424]
Language: English
Original publication: United Kingdom: Cundall & Addey, 1851
Credits: Charlene Taylor, David E. Brown, and the Online

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*** START OF THE PROJECT GUTENBERG EBOOK MAGIC

WORDS: A TALE FOR CHRISTMAS TIME ***
MAGIC WORDS.
Day & Son, lithrs to the Queen.
MAGIC WORDS;
A Tale for Christmas Time.
BY
EMILIE MACERONI.
“Oh, many a shaft at random sent,
Finds mark the archer little meant;
And many a word at random spoken
May soothe or wound a heart that’s broken.”
Scott.
WITH FOUR ILLUSTRATIONS BY E. H. WEHNERT.
LONDON:
CUNDALL & ADDEY, 21 OLD BOND STREET.
M.DCCC.LI.
LONDON:
Printed by G. Barclay, Castle St. Leicester Sq.
TO
MRS. AUSTIN
This Little Volume
IS AFFECTIONATELY INSCRIBED.
ILLUSTRATIONS.
MARION AND HER FATHER (Frontispiece)
LITTLE MARY AND HER FRIEND TROY 11
MARION TEACHING LATIN 25
EDITH WATCHING THE DAWN 39
From Drawings by E. H. Wehnert.
MAGIC WORDS.
CHAPTER I.
It was the evening of Christmas Day. The hymn of “Peace upon
earth, good-will towards men,” had been chanted by thousands of
voices throughout the land, from the grand cathedral-choir to the
simple singers of the village church. Charity had extended her
munificent hand to the poor and needy, lighting up smiles on many a
care-worn face. Hospitality welcomed the good, the beautiful, and
the great to the lordly mansions of the rich. Love and Peace sat
enthroned in many a happy home. Poverty, shivering at the present,
was consoled by the glowing figure of Hope, pointing with radiant
eyes to the future. Memory and Sorrow lingered around the grave of
many a departed one; but of all mourners they were the saddest who
were estranged from those they still loved. Yes, amid the pain, the
sorrow, the suffering of life, their hearts were the heaviest; for (to use
the oft-quoted words of the poet) “to be wroth with those we love,
doth work like madness in the brain;” and this hallowed season
speaks strongest to our kindest feelings, and to the tenderness of
our better nature.
A train had stopped at a rough little village station about thirty miles
from town, and a few country people, on their way home, leaned
over the bridge above to admire the enormous red eyes of the
monster as it moved slowly on through a deep cutting crowned with
dark firs. They lingered yet a moment longer, to mark whom it had
borne from the great city to their quiet village. A beautiful girl of
fifteen, glowing with health and exercise, accompanied by two fine,
rough-looking dogs, rushed down to meet her playfellows and
friends. She was breathless with joy, and with her race over the
heath; but her merry laugh and warm greeting sounded pleasantly
enough as the noise of the train died away in the distance.
A lady, wrapped in a warm plaid, who had been anxiously waiting for
some time, took the arm of her husband, with a few low words of
delighted welcome, and they walked briskly away. The dogs of the
younger party barked with glee—were patted and caressed. One
look at the dear heath and at the hills beyond, with a thrill of delight
at the thoughts of a long ramble over them on the morrow, and the
ponies were mounted, the dogs whistled to, and away flew the happy
trio to the home-welcome, to the dear old hall, to all the joy of a
Christmas meeting.
Only two other passengers appeared, winding up the pathway—a
gentleman of tall and commanding aspect, and a buxom, brisk-
footed countrywoman, wrapped in her scarlet cloak, who passed him
with a low curtsey and cheerful good night. She was thinking of the
bright fireside, of the dear little faces round it anxiously awaiting her
return, and of the enormous amount of joy contained in that wicker
basket. An event of great marvel and wonderment is a poor woman’s
visit to her friends in town, and she is ever in a tearful state of
ecstasy and excitement on reaching home again; all of which
becomes a matter of grave family history in the lowly household, and
is recounted on many an occasion to eager and attentive hearers.
She quickly disappeared up a winding path cut through the furze and
heather, evidently leading to a low-roofed cottage on the skirts of a
fir-wood. Lights twinkled in the casement, and joyful voices were
soon heard approaching to meet and welcome her. The road was
now perfectly solitary. A few deep-red clouds still hung over the west,
and here and there a large bright star shone silently through the
sharp, pure air. Dogs bayed in the distance; the sound came very
pleasantly over the heather through the rough old pines.
The gentleman walked briskly on, and lights began to appear in the
valley beneath. He stopped as the merry notes of a flageolet struck
his ear, proceeding from a cottage by the road-side. The blaze of a
wood fire within illumined the little rustic porch and neat garden.
Bright branches of glistening holly shone in the tiny casement. The
tune ceased, and was followed by a light-hearted laugh and the
sound of young voices.
“How happy they seem!” said he. “It is such scenes as these which
make the country so delightful, so cheering to sense and spirit!”
And yet he sighed heavily as he walked on; and passing through an
avenue of fir and larch leading to one of the prettiest and most
picturesque cottages in the world, he paused when he reached the
garden-gate. It seemed, too, a dear, quiet, sweet-smelling home.
Lights shone from more than one of the windows; and more than one
bright young face might be seen, by the gleam of its golden hair,
flitting about in the uncertain light. A sweet young voice singing as
sweet a tune ceased, as all young voices do, suddenly, when the bell
rang out its summons, and a brisk, rosy little maid appeared, lantern
and key in hand, to admit the traveller, and guide him through the
long shadow of the firs to the house. A favourite dog bounded to
meet and gambol round him with unrepressed joy. The children
clustered into the porch to say, timidly, “How do you do?” and hold
out their little hands to shake; while their mother, advancing with a
kindly greeting, expressed her pleasure at his return. Even the maid
looked pleased and happy to see him. But yet it was not his home.
After a few minutes’ conversation, the traveller was seated in his
own room, his dog, his sole companion, looking at him with
glistening eyes, as his master fondly stroked his magnificent head.
He was a man of twenty-eight or thirty years of age, with a sad and
thoughtful cast of countenance, yet one that all who looked upon it
must instantly love and respect; it was at once so engaging and so
noble. He looked round his little room at his sketches and his gun
with evident pleasure, placed some books and papers which he had
brought on a little table before him, and drawing his arm-chair close
to the blazing pine-logs, sat watching the golden cones as they
crumbled away, one by one, at the height of their brilliancy. But every
reverie must have its end; and his was brought to a close by the
appearance of coffee, borne by a bright-eyed country maid, smirking
and smiling with pleasure, as country servants are wont to do at
every fresh arrival.
It would seem that the reverie by the bright fireside was not an idle
one, but that among many revolving thoughts, some, at least, were
considered worthy of preservation; for the coffee was soon
despatched, the table covered with books and papers, and the
stranger intently occupied with his pen.
So absorbed did he become with it, that after one or two long, wistful
glances, the fine hound lay down reproachfully on his comfortable
rug, as if despairing of any further notice that night.
The wind moaned heavily in the pine-branches round the cottage.
Presently the writer paused and listened to the sound, so like the
rushing of distant waters. He walked slowly to the window, and
gazed long and earnestly into the night. It was moonlight, yet stormy;
and large, glittering stars, looked down through the dark branches,
when the hurrying white clouds had drifted over them. The distant
clock of the old village church, slowly striking the hour, sounded
mournfully over the river; and the lonely man at that little window
thought of years that were gone, of the bright firesides in many a
happy home that night, and turned and put away his papers with a
sigh. He thought how differently he used to work years ago, when,
with all the ardour of his nature and the energy of hope, and yet with
intense fear and anxiety, he strove to render himself worthy of one
idolized, one long-sighed-for object! He thought, too, of the
bitterness, the agony of disappointment; and how long years of his
young life would have been thrown away, had he not struggled hard
to save himself from becoming a useless, melancholy being, given
up to the indulgence of selfish regrets. He had succeeded,—there
was some comfort in that reflection. He knew of what he was
capable, and dared not throw away the power he had acquired,
because it no longer availed the idol Self. So he still worked on. He
had become distinguished for his literary labours, and for his
contributions to the improvement and well-being of his fellow-
creatures; but to fame and to the praises of the great he was now
equally indifferent. His happiest hours were passed in his favourite
village, where he was greatly beloved, although he dared not wholly
give himself up to the quiet of a country life.
He had had the old Gothic church restored, with all possible
observance of its antique ornaments and its fine clustering ivy; and
took a kind of Sir Roger de Coverley delight in seeing the country
people, bettered and improved in every way, flocking to it on
Sundays to hear his good tutor’s sermons, to which he used to listen
with so much reverence in his boyish days. He had learned to
believe that the word “happiness” signifies, the being reconciled to
bear, still having courage to do, and gratitude to enjoy that which
remains. Thus, he was usually cheerful in his various occupations;
but this was Christmas time: a time when the lonely heart feels most
desolate—a time when many a tender word spoken by the absent is
remembered with sorrow—when all anger is forgotten in the feeling
of peace and love which steals over the heart. And his head lay
buried in his hands, his whole soul given up to an overwhelming
agony of regret.
Day & Son, lithrs to the Queen.
“This day last year,” he muttered, “who could have believed the
change? Oh, Edith!” he continued, taking up a miniature that lay
beside him, “who could have thought then that we should now be as
strangers to each other? Who could have thought that that bright
face, those many noble qualities, could have wrought so much
misery?” Again he looked at the lovely countenance, smiling on him
a thousand of the tenderest remembrances, and a still gentler
expression, a kindlier spirit, came over him. “Those eyes,” he said,
“how softly they have looked on me! Perhaps even now a thought
——but what folly! In the pride of beauty and prosperity, what is
there to remind her of me?”
A low tap at the door interrupted his meditations. For an instant he
could not say, “Come in!” his heart was so very full; but quickly
recovering himself, he turned with a smile to welcome a little village
child, who timidly advanced to place both her tiny hands in his.
She looked into his face with eyes beaming with love and gratitude;
but the joyful, sparkling expression soon faded away, for she saw
that he was sadder than usual; and with the quick sympathy and
natural grace of childhood she sat down quietly on the rug, and
taking the stately head of the hound on her lap, pensively stroked his
long, shaggy coat. Presently she ventured to break the silence in her
gentle way—“I am so glad you are come back, sir; I have missed you
so!”
Her companion’s countenance brightened, and he said with
animation—“Have you, though, my poor little Mary? I thought you
had forgotten me, being so long away.” And he stroked her bright
brown hair.
“You should not have thought that,” said the child, earnestly; “I
always remember you, for you taught me all I know. I was longing to
come yesterday, and all day to-day,” she continued, “to hear if you
had arrived. To-day has been so happy that I could not stay away
any longer, and so here I am,” she added, with her merry laugh,
which sounded pleasantly in that usually silent room. These simple
words, that mute caress, had restored the confidence of the two
friends. Mary was herself again, full of fun and prattle. Seated on the
extreme edge of a huge Gothic chair, she balanced her little feet on
the back of her friend Troy, who, far from resenting the liberty, fixed
his dark eyes lovingly on her sweet young face, while she talked on,
full of the details of her simple life. How she had gathered pine-
cones for several evenings, because she knew he loved their
cheerful blaze and sweet smell. How poor Turpin, who was always in
trouble, had hunted a rabbit, and been caught in a trap; of her mad
race over the hills for help; how she nursed the poor, poor foot
afterwards; and how the faithful patient cried because he could not
accompany her that night; the relation of all which very much
affected his kind little mistress. Presently she produced with great
glee her “Christmas present,”—several little bundles of bark, peeled
with great care, from the silver birch-trees, cut into slips, and tied
with red worsted. “I burnt a little bit the other day,” said she, “and the
smell was so nice I thought you would like it, so I got some to light
your taper with—do try it;” and the little creature soon held a blazing
piece in her hand.
“It is delicious, Mary; and how good of you to collect it for me!”
“I was very happy getting it,” said the child; “but I wish you had not
thought I had forgotten you. I could not forget you!” she continued,
after a pause; “you, who have been so good to me, and taught me
so much! I never looked at a book before you came. Oh, I was sadly
wild! Mother said I made more noise than the boys!” And she
laughed heartily.
The tutor laughed too, and told the often repeated story, which he
knew she loved to hear, of how, in his walks, he had frequently
listened to her little voice singing in a cornfield, while “minding” birds;
how he had been surprised at her sudden disappearance on his
nearer approach, and on making a voyage of discovery, had found
her ensconced in the body of a broken-down post-chaise, that,
singularly enough, lay between two old fir-trees at the foot of the
wood! He did not describe to her how, in imagination, he had
pictured the different and exciting scenes in which the once gay
equipage might have borne its part; but went on to say how he had
peeped in unobserved, and had seen her perched on one of the
dilapidated seats, with a little piece of board on her lap, intently
occupied in carving a morsel of meat into divers small pieces, which
she divided, with impartial care, among three ragged starlings
perched on the opposite beam, who watched her with glistening
eyes! How merrily she talked to them, and how perfectly they
seemed to love and understand each other! He reminded her of her
surprise on being discovered, and her frank invitation to the intruder

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Microeconomics 8th Edition Pindyck Test Bank

7.1 The Nature of Costs

1) Economic costs of an input include

7) Economic efficiency entails

7.2 Short-Run Costs

2) Fixed costs are

4) Which of the following statements is NOT true?

12) If average cost is decreasing,

13) If average cost is positive,

25) A firm's cost curve is determined by

29) In the short run, marginal cost is increasing when

30) In the short run, marginal cost is minimized when

36) What are the functions for MC and AC if TC = 40 + 10q + 5q2?

MC > AVC, AVC is rising.

1) In the long run, fixed costs are

3) The slope of the isoquant tells the firm how much

6) A firm can minimize cost by

7) When the isocost line is tangent to the isoquant, then

8) If the cost of labor increases, the isocost line will

Title: Magic words: A tale for Christmas time

Author: Emilie Maceroni

Illustrator: Edward Henry Wehnert

Release date: June 29, 2022 [eBook #68424]

Original publication: United Kingdom: Cundall & Addey, 1851

Credits: Charlene Taylor, David E. Brown, and the Online

*** START OF THE PROJECT GUTENBERG EBOOK MAGIC

WITH FOUR ILLUSTRATIONS BY E. H. WEHNERT.

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