Multiple Choice
The law of diminishing marginal returns states that as the firm uses more of _______, with a given quantity of _______, the _______ product of the variable input eventually diminishes.
A) all inputs; capital; average
B) a variable input; fixed inputs; average
C) a fixed input; variable inputs; marginal
D) a variable input; fixed inputs; marginal
Correct Answer:
Verified
Correct Answer:
Verified
Q2: Ernie's Earmuffs produces 200 earmuffs per year
Q3: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB4952/.jpg" alt=" -In the above
Q4: If economic profit is equal to zero,
Q5: Which of the following statements is true?<br>A)
Q6: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB4952/.jpg" alt=" -The table above
Q8: A firm's average total cost is $100,
Q9: A cost that has already been made
Q10: A decrease in the price of a
Q11: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB4952/.jpg" alt=" -Dustin's copy shop
Q12: Ernie's Earmuffs produces 200 earmuffs per year