...able to maximize total profit. C) the...
...which the marginal product of the last...
...exceeds the marginal product of the previous...
...C 4) The total product curve is...
...4) The total product curve is a...
...E) change in total product for a...
...change in total product for a change...
...change in marginal product. Answer: C 1...
...which illustrates Swanky's total product curve. Which...
...illustrates Swanky's total product curve. Which one...
...illustrates Swanky's short-run total product curve. Which...
...Swanky's short-run total product curve. Which one...
...B 7) Marginal product is the change...
...the change in total product caused by...
...change in total product caused by a...
...which represents Swanky's total product curve. The...
...represents Swanky's total product curve. The marginal...
...curve. The marginal product that would be...
...which represents Swanky's total product curve. The...
...represents Swanky's total product curve. The average...
...curve. The average product that would be...
...sweaters. The marginal product of the third...
...firm increases the total units of labour...
...result, the firm's total output increases from...
...units. The marginal product of the sixth...
...D 12) Marginal product A) is always...
...slope of the total product curve. C)...
...of the total product curve. C) is...
...E) is average product minus total product....
...average product minus total product. Answer: B...
...product minus total product. Answer: B 13)...
...13) If the total product of three...
...If the total product of three workers...
...214 and the total product of four...
...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...
...increasing. C) the total product curve is...
...C) the total product curve is negatively...
...illustrates Swanky's average product curve. The point...
...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...
...D) the average product curve is upward...
...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...
...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...
...product is zero, total product is minimized....
...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...
...the increase in total product divided by...
...increase in total product divided by the...
...used. B) the total product divided by...
...B) the total product divided by the...
...slope of the total product curve. D)...
...of the total product curve. D) the...
...of the marginal product curve. E) the...
...difference between the total product and marginal...
...between the total product and marginal product...
...product and marginal product of energy. Answer:...
...Answer: C 24) Total fixed cost can...
...calculated as A) total cost divided by...
...the increase in total cost divided by...
...the increase in total cost divided by...
...of capital. D) total variable cost minus...
...variable cost minus total fixed cost. E)...
...the increase in total cost divided by...
...represents Swanky's short-run total cost schedule. The...
...represents Swanky's short-run total cost schedule. The...
...schedule. The average total cost of producing...
...represents Swanky's short-run total cost schedule. When...
...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:...
...amount that A) total cost increases when...
...is hired. D) total cost increases when...
...same rate, A) total output remains constant....
...constant. B) average total cost remains constant....
...constant. C) average total cost increases at...
...the short-run average total cost curves for...
...represents the average total cost for the...
...the short-run average total cost curves for...
...the lowest average total cost for an...
...firm's long-run average total cost of production....
...scale. D) constant total costs. E) constant...
...the long-run average total cost of production...
...following sentence. Long-run total cost is A)...
...same as long-run total variable cost. B)...
...same as long-run total fixed cost. C)...
...equal to long-run total fixed cost plus...
...equal to long-run total fixed cost minus...
...equal to short-run total cost. Answer: A...