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QUESTION 1 How long is "the short" run in economics? A a period in which all inputs are fixed & a period in which the quantity of at least one input is fixed and the quantities of the other inputs can be varied C the time in which all inputs are variable D. one year or less

QUESTION 1 How long is "the short" run in economics? A a period in which all inputs are fixed & a period in which the quantity of at least one input is fixed and the quantities of the other inputs can be varied C the time in which all inputs are variable D. one year or less

Microeconomic Theory
Microeconomic Theory
12th Edition
ISBN:9781337517942
Author:NICHOLSON
Publisher:NICHOLSON
Chapter9: Production Functions
Section: Chapter Questions
Problem 9.8P
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Please assist on answering the questions below (microeconomics expert)
QUESTION 1 How long is "the short" run in economics? A a period in which all inputs are fixed B. a period in which the quantity of at least one input is fixed and the quantities of the other inputs can be varied C. the time in which all inputs are variable D. one year or less Question 2 The law of diminishing returns applies only in cases where, A there is at least one factor of production. B. production cost decreases. c. fixed factors of production become increasingly utilised. D. production cost increases. QUESTION 3 Marginal revenue is the same as average revenue. Note, you will lose 50% of the mark for this question if you choose the incorrect option. A. TRUE B. FALSE Question 4 The basic reason for the rising part of the short-run marginal cost curve is the declining part of the marginal product curve which, in turn, is the result of the law of diminishing returns. Note, you will lose 50% of the mark for this question if you choose the incorrect option. A. TRUE B. FALSE QUESTION S Both product curves and cost curves are based on the law of diminishing returns. Note, you will lose 50% of the mark for this question if you choose the incorrect option. A. TRUE B. FALSE Question 6 If marginal product is less than average product, average product falls. Note, you will lose S0% of the mark for this question if you choose the incorrect option. A. TRUE B. FALSE
Transcribed Image Text:QUESTION 1 How long is "the short" run in economics? A a period in which all inputs are fixed B. a period in which the quantity of at least one input is fixed and the quantities of the other inputs can be varied C. the time in which all inputs are variable D. one year or less Question 2 The law of diminishing returns applies only in cases where, A there is at least one factor of production. B. production cost decreases. c. fixed factors of production become increasingly utilised. D. production cost increases. QUESTION 3 Marginal revenue is the same as average revenue. Note, you will lose 50% of the mark for this question if you choose the incorrect option. A. TRUE B. FALSE Question 4 The basic reason for the rising part of the short-run marginal cost curve is the declining part of the marginal product curve which, in turn, is the result of the law of diminishing returns. Note, you will lose 50% of the mark for this question if you choose the incorrect option. A. TRUE B. FALSE QUESTION S Both product curves and cost curves are based on the law of diminishing returns. Note, you will lose 50% of the mark for this question if you choose the incorrect option. A. TRUE B. FALSE Question 6 If marginal product is less than average product, average product falls. Note, you will lose S0% of the mark for this question if you choose the incorrect option. A. TRUE B. FALSE
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