...which the marginal product of the last...
...exceeds the marginal product of the previous...
...4) The total product curve is a...
...change in total product for a change...
...change in marginal product. Answer: C 1...
...illustrates Swanky's total product curve. Which one...
...Swanky's short-run total product curve. Which one...
...B 7) Marginal product is the change...
...change in total product caused by a...
...represents Swanky's total product curve. The marginal...
...curve. The marginal product that would be...
...represents Swanky's total product curve. The average...
...product curve. The average product that would...
...curve. The average product that would be...
...sweaters. The marginal product of the third...
...units. The marginal product of the sixth...
...D 12) Marginal product A) is always...
...of the total product curve. C) is...
...one. E) is average product minus total...
...E) is average product minus total product....
...product minus total product. Answer: B 13)...
...If the total product of three workers...
...and the total product of four workers...
...then the marginal product of the fourth...
...marginal cost B) average cost; average cost...
...B) average cost; average cost C) marginal...
...cost C) marginal product; marginal product D)...
...marginal product; marginal product D) average product;...
...marginal product D) average product; average product...
...product D) average product; average product E)...
...D) average product; average product E) marginal...
...average product; average product E) marginal product;...
...product E) marginal product; average product Answer:...
...E) marginal product; average product Answer: C...
...marginal product; average product Answer: C 4...
...When the marginal product of labour is...
...greater than the average product of labour,...
...than the average product of labour, A)...
...labour, A) the average product of labour...
...A) the average product of labour is...
...B) the marginal product of labour is...
...C) the total product curve is negatively...
...which illustrates Swanky's average product curve. The...
...illustrates Swanky's average product curve. The point...
...point of maximum average product is point...
...of maximum average product is point A)...
...the formula for average product of energy?...
...formula for average product of energy? A)...
...formula for marginal product of energy? A)...
...Suppose the marginal product of energy is...
...less than the average product of energy....
...than the average product of energy. This...
...A) the marginal product is equal the...
...is equal the average product. B) the...
...equal the average product. B) the marginal...
...B) the marginal product is greater than...
...greater than the average product at each...
...than the average product at each level...
...C) the marginal product curve is upward...
...sloping. D) the average product curve is...
...D) the average product curve is upward...
...the marginal and average product curves are...
...marginal and average product curves are decreasing....
...Suppose the marginal product of energy equals...
...energy equals the average product of energy....
...equals the average product of energy. This...
...that A) marginal product is negative. B)...
...is negative. B) average product is maximized....
...negative. B) average product is maximized. C)...
...maximized. C) marginal product is maximized. D)...
...D) the marginal product curve is upward...
...upward sloping. E) average product is minimized....
...sloping. E) average product is minimized. Answer:...
...A) When marginal product is increasing, average...
...product is increasing, average product is decreasing....
...is increasing, average product is decreasing. B)...
...decreasing. B) When average product is below...
...B) When average product is below zero,...
...below zero, marginal product remains positive. C)...
...C) When marginal product is increasing, average...
...product is increasing, average product is increasing....
...is increasing, average product is increasing. D)...
...D) When marginal product is zero, total...
...is zero, total product is minimized. E)...
...minimized. E) When average product exceeds marginal...
...E) When average product exceeds marginal product,...
...product exceeds marginal product, both curves are...
...C 22) The average product of energy...
...22) The average product of energy is...
...increase in total product divided by the...
...B) the total product divided by the...
...of the total product curve. D) the...
...of the marginal product curve. E) the...
...between the total product and marginal product...
...product and marginal product of energy. Answer:...
...cost schedule. The average fixed cost of...
...cost schedule. The average total cost of...
...illustrates the short-run average and marginal cost...
...cost curves. The average variable cost curve...
...Answer: B 30) Average variable cost is...
...at which A) average product is at...
...which A) average product is at a...
...a maximum. B) average product is at...
...maximum. B) average product is at a...
...minimum. C) marginal product is at a...
...maximum. D) marginal product is at a...
...range over which average variable cost is...
...is increasing. B) average fixed cost is...
...decreasing. C) marginal product is decreasing. D)...
...is decreasing. D) average product is decreasing....
...decreasing. D) average product is decreasing. E)...
...is decreasing. E) average product is increasing....
...decreasing. E) average product is increasing. Answer:...
...remains constant. B) average total cost remains...
...remains constant. C) average total cost increases...
...inputs. D) long-run average cost remains constant....
...constant. E) long-run average cost rises at...
...illustrates the short-run average total cost curves...
...curve represents the average total cost for...
...illustrates the short-run average total cost curves...
...has the lowest average total cost for...
...a firm's long-run average total cost of...
...illustrates the long-run average total cost of...