...which the marginal product of the last...
...exceeds the marginal product of the previous...
...4) The total product curve is a...
...The total product curve is a graph...
...change in total product for a change...
...change in marginal product. Answer: C 1...
...illustrates Swanky's total product curve. Which one...
...Swanky's total product curve. Which one of...
...points above the curve are unattainable. B)...
...points below the curve are attainable. C)...
...points below the curve are inefficient. D)...
...points on the curve involve equal cost...
...points on the curve are attainable. Answer:...
...Swanky's short-run total product curve. Which one...
...short-run total product curve. Which one of...
...points above the curve are attainable and...
...points below the curve are attainable and...
...points below the curve are inefficient and...
...points on the curve are efficient and...
...points on the curve have equal marginal...
...B 7) Marginal product is the change...
...change in total product caused by a...
...represents Swanky's total product curve. The marginal...
...Swanky's total product curve. The marginal product...
...curve. The marginal product that would be...
...represents Swanky's total product curve. The average...
...Swanky's total product curve. The average product...
...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...
...the total product curve. C) is always...
...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...
...cost C) marginal product; marginal product D)...
...marginal product; marginal product D) average product;...
...product D) average product; average product E)...
...average product; average product E) marginal product;...
...product E) marginal product; average product Answer:...
...marginal product; average product Answer: C 4...
...When the marginal product of labour is...
...than the average product of labour, A)...
...A) the average product of labour is...
...B) the marginal product of labour is...
...C) the total product curve is negatively...
...the total product curve is negatively sloped....
...illustrates Swanky's average product curve. The point...
...Swanky's average product curve. The point of...
...of maximum average product is point A)...
...formula for average product of energy? A)...
...formula for marginal product of energy? A)...
...Suppose the marginal product of energy is...
...than the average product of energy. This...
...A) the marginal product is equal the...
...equal the average product. B) the marginal...
...B) the marginal product is greater than...
...than the average product at each level...
...C) the marginal product curve is upward...
...the marginal product curve is upward sloping....
...D) the average product curve is upward...
...the average product curve is upward sloping....
...marginal and average product curves are decreasing....
...Suppose the marginal product of energy equals...
...equals the average product of energy. This...
...that A) marginal product is negative. B)...
...negative. B) average product is maximized. C)...
...maximized. C) marginal product is maximized. D)...
...D) the marginal product curve is upward...
...the marginal product curve is upward sloping....
...sloping. E) average product is minimized. Answer:...
...A) When marginal product is increasing, average...
...is increasing, average product is decreasing. B)...
...B) When average product is below zero,...
...below zero, marginal product remains positive. C)...
...C) When marginal product is increasing, average...
...is increasing, average product is increasing. D)...
...D) When marginal product is zero, total...
...is zero, total product is minimized. E)...
...E) When average product exceeds marginal product,...
...product exceeds marginal product, both curves are...
...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...
...the total product curve. D) the slope...
...of the marginal product curve. E) the...
...the marginal product curve. E) the difference...
...between the total product and marginal product...
...product and marginal product of energy. Answer:...
...average variable cost curve is represented by...
...represented by the curve labelled A) A....
...which A) average product is at a...
...maximum. B) average product is at a...
...minimum. C) marginal product is at a...
...maximum. D) marginal product is at a...
...decreasing. C) marginal product is decreasing. D)...
...decreasing. D) average product is decreasing. E)...
...decreasing. E) average product is increasing. Answer:...
...marginal cost (MC) curve intersects the A)...
...38) The AFC curve shifts upward if...
...plant sizes. Which curve represents the average...