Multiple Choice
The Law of Diminishing Returns occurs:
A) In the long run.
B) When the price is lowered to sell more.
C) When more units of a variable factor of production are added to a fixed factor.
D) When the total output falls as more units of a variable factor of production are added.
Correct Answer:
Verified
Correct Answer:
Verified
Q1: The short run:<br>A) Is 1 week.<br>B) Is
Q2: Internal economies of scale occur when:<br>A) Costs
Q3: Fixed costs:<br>A) Never change.<br>B) Do not change
Q5: Diseconomies of scale occur when:<br>A) Marginal costs
Q6: The marginal product curve:<br>A) Is inversely related
Q7: Short run marginal costs are determined mainly
Q8: If the total product is 300 units
Q9: Marginal costs:<br>A) Equal fixed costs plus variable
Q10: The first level of output at which
Q11: The increase or decrease in total cost