(9) The short run is a time period in which: (a) all resources are fixed. (b) the level of output is fixed. (c) the size of the production plant is variable. (d) some resources are fixed and others are variable. (10) The law of diminishing returns states that: (a) as a firm uses more of a variable resource, given the quantity of fixed resources, the average product of the firm will increase. (b) as a firm uses more of a variable resource, given the quantity of fixed resources, marginal product of the firm will eventually decrease. (c) in the short run, the average total costs of the firm will eventually diminish. (d) in the long run, the average total costs of the firm will eventually diminish. (11) When the total product curve is falling, the: (a) marginal product of labor is zero. (b) marginal product of labor is negative. (c) average product of labor is increasing. (d) average product of labor must be negative.
(9) The short run is a time period in which: (a) all resources are fixed. (b) the level of output is fixed. (c) the size of the production plant is variable. (d) some resources are fixed and others are variable. (10) The law of diminishing returns states that: (a) as a firm uses more of a variable resource, given the quantity of fixed resources, the average product of the firm will increase. (b) as a firm uses more of a variable resource, given the quantity of fixed resources, marginal product of the firm will eventually decrease. (c) in the short run, the average total costs of the firm will eventually diminish. (d) in the long run, the average total costs of the firm will eventually diminish. (11) When the total product curve is falling, the: (a) marginal product of labor is zero. (b) marginal product of labor is negative. (c) average product of labor is increasing. (d) average product of labor must be negative.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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(a) Shows the cost of producing any level of output.
(b) Is a technological relationship between factors of production and output.
(c) Expresses the least-cost method of producing a given level of output.
(d) Expresses our ability to produce various combinations of goods, using all of our resources.
(9) The short run is a time period in which:
(a) all resources are fixed. (b) the level of output is fixed.
(c) the size of the production plant is variable. (d) some resources are fixed and others are variable.
(10) The law of diminishing returns states that:
(a) as a firm uses more of a variable resource, given the quantity of fixed resources, the average product of the firm will increase.
(b) as a firm uses more of a variable resource, given the quantity of fixed resources, marginal product of the firm will eventually decrease.
(c) in the short run, the average total costs of the firm will eventually diminish.
(d) in the long run, the average total costs of the firm will eventually diminish.
(11) When the total product curve is falling, the:
(a) marginal product of labor is zero. (b) marginal product of labor is negative.
(c) average product of labor is increasing. (d) average product of labor must be negative.
(12) When marginal product reaches its maximum, what can be said of total product?
(a) total product must be at its maximum (b) total product starts to decline even if marginal product is positive
(c) total product is increasing if marginal product is still positive (d) total product levels off
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