3:56 QCCFIIMicCh7.docx QCCFIIMicCh7.docx 8. Marginal product is: the increase in total output attributable to A) the employment of one more worker. B) the employment of one more worker. C) employment of one more worker. D) the increase in total revenue attributable to the increase in total cost attributable to the total product divided by the number of workers employed. 9. The law of diminishing marginal products indicates that: as extra units of a variable resource are A) added to a fixed resource, marginal product will decline beyond some point. because of economies and diseconomies of B) scale a competitive firm's long-run average total cost curve will be U-shaped. the demand for goods produced by purcly C) competitive industries is downsloping. beyond some point the extra utility derived D) from additional units of a product will yield the consumer smaller and smaller extra amounts of satisfaction. 10. Assume that in the short run a firm is producing 100 units of output, has average total costs of $200, and average variable costs of $150. The firm's total fixed costs are: A) B) C) D) $5,000. $500. $.50. $50. (• 3:56 QCCFIIMicCh7.docx QCCFIIMicCh7.docx 2$ мC ATC AVC 11. efer to the above diagram. This firm's average fixed costs are: A) B) C) not shown. the vertical distance between AVC and MC. the vertical distance between AVC and ATC. D) equal to the per unit change in MC. 12. Refer to the above diagram. If labor is the only variable input, the marginal product of labor is at a: A) maximum at point a. B) minimum at point a. C) maximum at point b. D) maximum at point c. Refer to the above diagram. If labor is the only variable input, the average product of labor is at a: 13. A) minimum at point b. B) maximum at point b. C) maximum at point a. D) maximum at point c.
3:56 QCCFIIMicCh7.docx QCCFIIMicCh7.docx 8. Marginal product is: the increase in total output attributable to A) the employment of one more worker. B) the employment of one more worker. C) employment of one more worker. D) the increase in total revenue attributable to the increase in total cost attributable to the total product divided by the number of workers employed. 9. The law of diminishing marginal products indicates that: as extra units of a variable resource are A) added to a fixed resource, marginal product will decline beyond some point. because of economies and diseconomies of B) scale a competitive firm's long-run average total cost curve will be U-shaped. the demand for goods produced by purcly C) competitive industries is downsloping. beyond some point the extra utility derived D) from additional units of a product will yield the consumer smaller and smaller extra amounts of satisfaction. 10. Assume that in the short run a firm is producing 100 units of output, has average total costs of $200, and average variable costs of $150. The firm's total fixed costs are: A) B) C) D) $5,000. $500. $.50. $50. (• 3:56 QCCFIIMicCh7.docx QCCFIIMicCh7.docx 2$ мC ATC AVC 11. efer to the above diagram. This firm's average fixed costs are: A) B) C) not shown. the vertical distance between AVC and MC. the vertical distance between AVC and ATC. D) equal to the per unit change in MC. 12. Refer to the above diagram. If labor is the only variable input, the marginal product of labor is at a: A) maximum at point a. B) minimum at point a. C) maximum at point b. D) maximum at point c. Refer to the above diagram. If labor is the only variable input, the average product of labor is at a: 13. A) minimum at point b. B) maximum at point b. C) maximum at point a. D) maximum at point c.
Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter26: Earnings, Productivity, And The Job Market
Section: Chapter Questions
Problem 10CQ
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Transcribed Image Text:3:56
QCCFIIMicCh7.docx
QCCFIIMicCh7.docx
8. Marginal product is:
the increase in total output attributable to
A)
the employment of one more worker.
B)
the employment of one more worker.
C)
employment of one more worker.
D)
the increase in total revenue attributable to
the increase in total cost attributable to the
total product divided by the number of
workers employed.
9. The law of diminishing marginal products indicates
that:
as extra units of a variable resource are
A)
added to a fixed resource, marginal product will
decline beyond some point.
because of economies and diseconomies of
B)
scale a competitive firm's long-run average total
cost curve will be U-shaped.
the demand for goods produced by purcly
C)
competitive industries is downsloping.
beyond some point the extra utility derived
D)
from additional units of a product will yield the
consumer smaller and smaller extra amounts of
satisfaction.
10. Assume that in the short run a firm is producing
100 units of output, has
average total costs of $200, and average variable
costs of $150. The firm's total fixed costs are:
A)
B)
C)
D)
$5,000.
$500.
$.50.
$50.
(•
Transcribed Image Text:3:56
QCCFIIMicCh7.docx
QCCFIIMicCh7.docx
2$
мC
ATC
AVC
11.
efer to the above diagram. This firm's
average fixed costs are:
A)
B)
C)
not shown.
the vertical distance between AVC and MC.
the vertical distance between AVC and
ATC.
D)
equal to the per unit change in MC.
12.
Refer to the above diagram. If labor is the
only variable input, the marginal product of labor
is at a:
A)
maximum at point a.
B)
minimum at point a.
C)
maximum at point b.
D)
maximum at point c.
Refer to the above diagram. If labor is the only
variable input, the average
product of labor is at a:
13.
A)
minimum at point b.
B)
maximum at point b.
C)
maximum at point a.
D)
maximum at point c.
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