1/In the range of diminishing marginal returns total product is still increasing

Question

1/In the range of diminishing marginal returns total product is still increasing.
a/True
b/False

2/If your plant is operating in the positively-sloped portion of a long-run average cost curve, this could be the result of:
A/lower wages.
B/economies of scale.
C/diseconomies of scale.
D/improved utilization of by-products.

3/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.

4/Variable cost divided by the quantity of output produced is:
A/marginal cost.
B/average total cost.
C/average fixed cost.
D/average variable cost.

5/A total product curve indicates the quantity of an input needed to produce a given level of output.
A/True
B/False

Explanation / Answer

1.false 2.C/diseconomies of scale. 3./average variable cost. 4.A/marginal cost. 5.true

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