4. * Question Completion Status:QUESTION 16Which of the following describes the breakeven pointa.total revenue = explicit costs%3DO b.ttotal revenue = marginal costsC. total revenue = average total costsd. total revenue= total fixed costs plus total variable costsQUESTION 17Which of the following best describes the law of diminishing returns:O a. a firm will incur an increase its variable costs when it hires a new employeeOb.a firm will realize a decline in output when it hires a new employeeO C. a firm will realize a smaller increase in output when it hires a new employeeO d. a firm will increase its total costs when it hires a new employee

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QUESTION 16 Which of the following describes the breakeven point O a. total revenue explicit costs %3D O b. total revenue = marginal costs !3! C total revenue = average total costs Od. total revenue= total fixed costs plus total variable costs

QUESTION 16 Which of the following describes the breakeven point O a. total revenue explicit costs %3D O b. total revenue = marginal costs !3! C total revenue = average total costs Od. total revenue= total fixed costs plus total variable costs

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter8: Cost Analysis

Section: Chapter Questions

Problem 5E

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