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total… Show more Question 1 Refer to the above figure. The

Paper help Economics total… Show more Question 1 Refer to the above figure. The

Economics

total… Show more Question 1 Refer to the above figure. The

total… Show more Question 1 Refer to the above figure. The curve represents a Question 1 options: total cost curve. average total cost curve. total product curve. marginal product curve. Question 2 Refer to the above figure. Average total costs are represented by curve Question 2 options: 1. 2. 3. 4. Question 3 Marginal physical product is Question 3 options: the total output divided by the number of units of the variable input. the change in total output divided by the number of units of the variable input, holding constant all other inputs. the change in total output from using an additional unit of one variable input, holding other inputs constant. the change in total output from using an additional unit of all variable inputs. Question 4 (0.25 points) The locus of points representing the minimum unit cost of producing any given rate of output is the Question 4 options: short-run total cost curve. short-run average total cost curve. long-run average cost curve. long-run marginal cost curve. Question 5 In the long run Question 5 options: the law of diminishing marginal product holds. variable costs will equal marginal cost at all output levels. all costs are variable costs. variable costs will initially increase and then decrease. Question 6 Refer to the above table. When the quantity of labor equals 2, what does the average product equal? Question 6 options: 23 26 92 46 Question 7 As long as marginal product of labor exceeds the average product of labor, then average product of labor Question 7 options: will be at its maximum value. must fall. must rise. will stay unchanged. Question 8 The law of diminishing marginal product is not responsible for the shape of Question 8 options: the total cost curve. marginal cost curve. the average variable cost curve. total fixed cost curve. Question 9 Refer to the above figure. Constant returns to scale exist Question 9 options: up to output Q2. after Q5. from Q2 to Q5. over the entire long-run average cost curve. Question 10 The change in total product occurring when a variable input is increased and all other inputs are held constant is Question 10 options: marginal physical product. marginal cost. average total cost. average physical product. Question 11 Minimum efficient scale Question 11 options: is the point at which diseconomies of scale begin for a particular firm. is the point at which economies of scale begin for a particular firm. is the lowest rate of output per unit of time at which long-run average costs reach a minimum for a particular firm. applies only to firms with U-shaped long-run average cost curves. Question 12 Refer to the above table. At what quantity of labor does it become obvious that the law of diminishing marginal productivity has set in? Question 12 options: worker number 5 worker number 21 worker number 3 worker number 4 Question 13 As the amount of a variable input increases, while all other inputs are held constant, total product will Question 13 options: initially increase and then decrease. always decrease. initially decrease and then increase. always increase. Question 14 The lowest rate of output pre unit of time at which long-run average costs for a particular firm are at a minimum is Question 14 options: constant returns of scale. economies of scale. diseconomies of scale. minimum efficient scale. Question 15 Refer to the above figure. Diseconomies of scale exist Question 15 options: over the entire range of output. from output Q2 to Q5. after output Q5. up to output Q2. Question 16 Average variable cost equals Question 16 options: change in total cost/change in output. TFC/Q. TVC/Q. TC/Q. Question 17 Costs that do not vary with output are Question 17 options: marginal cost. variable cost. fixed cost. total cost. Question 18 The law of diminishing returns indicates that Question 18 options: total product will eventually decrease. resources are inefficient. average product will eventually decrease. marginal product will eventually decrease. Question 19 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 Question 19 options: diminishing returns. decreasing product. diminishing total product. diminishing average product. Question 20 Diseconomies to scale are illustrated by Question 20 options: an increasing long-run average cost curve. a falling long-run average cost curve. a constant long-run average cost curve. a long-run average cost curve that is shaped like an upside down U. • Show less

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