Multiple Choice
If the total product is 300 units when 10 employees are employed and 440 when 11 are employed:
A) The marginal product is 30 units with 10 employees.
B) The average product is 140 units.
C) The average product increases from 30 units to 40 units.
D) The marginal product is 10 units.
Correct Answer:
Verified
Correct Answer:
Verified
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
Q6: The marginal product curve:<br>A) Is inversely related
Q7: Short run marginal costs are determined mainly
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
Q12: When marginal product is positive but falling,
Q13: The marginal cost curve:<br>A) Is inversely related