Multiple Choice
At 76 units of labor, a firm finds that average product of labor equals 39.6 and marginal product of labor equals 42.9.We can conclude that the average product curve at 76 units of labor is:
A) upward-sloping.
B) downward-sloping.
C) vertical.
D) horizontal.
Correct Answer:
Verified
Correct Answer:
Verified
Q2: Economies and diseconomies of scale account for
Q3: Marginal cost, mathematically, is the slope of
Q4: A firm's marginal cost is:<br>A) the ratio
Q5: Profit-maximizing firms seek to maximize output.
Q6: Total cost is constant because fixed cost
Q8: Increasing marginal returns for the first four
Q9: The costs incurred by a firm in
Q10: Use the following to answer question(s): Long-Run
Q11: Use the following for questions 37-43.<br>Exhibit: Total
Q12: Average total cost is:<br>A) the change in