1/The law of diminishing marginal returns assumes that: A/technology is constant

Question

1/The law of diminishing marginal returns assumes that:
A/technology is constant.
B/all costs are variable.
C/all inputs are fixed.
D/all costs are fixed.

2/Diminishing marginal returns are responsible for the positive slope of the marginal product curve.
A/True
B/False

3/If your plant is operating in the positively-sloped portion of a long-run average cost curve, this could be the result of:
A/decreased input prices.
B/improved utilization of by-products.
C/specialization of resources.
D/Limited decision-making capacity.

4/If you employ 20 workers in the production of picture frames, the way to determine the quantity of output these workers can produce is through a(n):
A/profit function.
indifference curve.
budget constraint.
total product curve.

Explanation / Answer

1.a 2.true 3.c d.b

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