Multiple Choice
Which of the following is typically a variable factor of production?
A) Land
B) Equipment
C) Plant
D) Labor
E) Money
Correct Answer:
Verified
Correct Answer:
Verified
Q72: A competitive firm's supply curve is<br>A)output price.<br>B)its
Q73: Diminishing returns occur when the<br>A)marginal product of
Q74: Suppose a price-taking firm has the following
Q75: The owner of a sole proprietorship<br>A)has unlimited
Q76: Variable costs are those that<br>A)vary with output.<br>B)are
Q78: Producer surplus equals profits<br>A)plus the sum of
Q79: When more producers enter a competitive market,
Q80: Because marginal cost increases as output increases,<br>A)marginal
Q81: Exhibit 6-8 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6906/.jpg" alt="Exhibit 6-8
Q82: A cost curve shows the amount of