1/The first of the three ranges of production is characterized by _______ margin

Question

1/The first of the three ranges of production is characterized by _______ marginal returns

2/Marginal product:
A/can never increase.
B/can only be falling.
C/can be less than zero.
D/never equals average product.

3/At 30 units of output, a firm's marginal cost and average variable cost each equal $10. Therefore, assuming normally shaped cost curves, at 29 units of output its marginal cost:
A/is greater than $10 and its average variable cost is less than $10.
B/is less than $10 and its average variable cost is more than $10.
C/and its average variable cost are each greater than $10.
D/and its average variable cost are each equal to $10.

Explanation / Answer

2. B 3.C

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