Multiple Choice
-Silvio's Pizza is a small pizzeria. The firm's production function is shown in the table above. Suppose that Silvio's costs include only the cost of renting ovens, which is $100 per oven per week, the labor cost, $280 per worker per week, and the opportunity cost of Silvio's entrepreneurship, $1,000 per week. Suppose Silvio's kitchen currently has enough room for only one oven. If Silvio employs 3 workers, producing 200 pizzas per week is ________ in the short run and ________ in the long run.
A) impossible; impossible
B) impossible; possible
C) possible; impossible
D) possible; possible
Correct Answer:

Verified
Correct Answer:
Verified
Q265: The law of diminishing returns implies that,
Q266: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8586/.jpg" alt=" -The average total
Q267: A firm increases both its plant and
Q268: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8586/.jpg" alt=" -The above table
Q269: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8586/.jpg" alt=" -The above table
Q271: Diminishing marginal returns occurs when<br>A) all inputs
Q272: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8586/.jpg" alt=" -The above table
Q273: Marginal cost is the increase in total
Q274: A firm is operating in its range
Q275: As output increases, marginal cost will eventually<br>A)