Multiple Choice
As successive equal increases in a variable factor of production are added to fixed factors of production, there will be a point beyond which the extra product that can be attributed to each additional unit of the variable factor of production will decline. This is known as the law of
A) diminishing total product.
B) diminishing average product.
C) diminishing marginal product.
D) decreasing product.
Correct Answer:
Verified
Correct Answer:
Verified
Q153: Economies of scale occur when there are<br>A)
Q154: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB5018/.jpg" alt=" -Using the above
Q155: Average variable cost equals<br>A) TC/Q.<br>B) TVC/Q.<br>C) TFC/Q.<br>D)
Q156: Which of the following is NOT correct?<br>A)
Q157: Marginal costs will begin to rise at
Q159: The time period during which a firm's
Q160: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB5018/.jpg" alt=" -In the above
Q161: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB5018/.jpg" alt=" -In the above
Q162: Minimum efficient scale is defined as<br>A) the
Q163: When a firm is at its minimum