Multiple Choice
If labour is the only variable resource and its marginal physical product falls as more workers are hired:
A) the law of diminishing marginal returns is at work.
B) marginal cost is rising.
C) average cost may still be declining.
D) average physical product may still be rising.
Correct Answer:
Verified
Correct Answer:
Verified
Q2: Marginal costs and average variable costs are
Q3: Costs incurred only when production occurs are
Q4: Utility is the concept which is:<br>A)Objective<br>B)Subjective<br>C)Both<br>D)None
Q5: Change in utility resulting from one unit
Q6: The total product curve may initially show
Q8: In economic theory the costs of a
Q9: Which of the following is irrelevant for
Q10: Diminishing marginal returns are most compatible with:<br>A)economies
Q11: Saturation point is the point where:<br>A)TU =
Q12: According to the principle of diminishing marginal