Multiple Choice
Which of the following statements describes the presence of diminishing returns? All else equal,
A) Marginal product is constant as output increases
B) Marginal product is falling as output increases
C) Marginal product is rising as output increases
D) Marginal product is zero
Correct Answer:
Verified
Correct Answer:
Verified
Q34: Once marginal costs rise above the average
Q35: What are economies of scope?<br>A)lower average costs
Q36: Marginal productivity is<br>A)The total output associated with
Q37: Average costs curves initially fall<br>A)Due to declining
Q38: You would expect that your firm is
Q40: Economies of scale are also known as<br>A)Increasing
Q41: Average costs_ initially due to the presence
Q42: The marginal cost curve:<br>A)Usually declines initially as
Q43: When a firm is experiencing decreasing marginal
Q44: After sugar refiner has produced fine sugar