Multiple Choice
The marginal product curve:
A) Is inversely related to the average fixed cost curve.
B) Crosses the average product curve at its minimum point.
C) Crosses the average product curve at its maximum point.
D) Crosses the average costs curve at its minimum point.
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
Q4: The Law of Diminishing Returns occurs:<br>A) In
Q5: Diseconomies of scale occur when:<br>A) Marginal costs
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