...in which the marginal product of the...
...which the marginal product of the last...
...employed exceeds the marginal product of the...
...exceeds the marginal product of the previous...
...4) The total product curve is a...
...change in total product for a change...
...a change in marginal product. Answer: C...
...change in marginal product. Answer: C 1...
...illustrates Swanky's total product curve. Which one...
...Swanky's short-run total product curve. Which one...
...curve have equal marginal products. Answer: B...
...Answer: B 7) Marginal product is the...
...B 7) Marginal product is the change...
...change in total product caused by a...
...represents Swanky's total product curve. The marginal...
...product curve. The marginal product that would...
...curve. The marginal product that would be...
...represents Swanky's total product curve. The average...
...curve. The average product that would be...
...15 sweaters. The marginal product of the...
...sweaters. The marginal product of the third...
...400 units. The marginal product of the...
...units. The marginal product of the sixth...
...Answer: D 12) Marginal product A) is...
...D 12) Marginal product A) is always...
...of the total product curve. C) is...
...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...
...221, then the marginal product of the...
...then the marginal product of the fourth...
...C 14) Diminishing marginal returns refers to...
...previous worker. A) marginal cost; marginal cost...
...A) marginal cost; marginal cost B) average...
...average cost C) marginal product; marginal product...
...cost C) marginal product; marginal product D)...
...C) marginal product; marginal product D) average...
...marginal product; marginal product D) average product;...
...product D) average product; average product E)...
...average product; average product E) marginal product;...
...average product E) marginal product; average product...
...product E) marginal product; average product Answer:...
...marginal product; average product Answer: C 4...
...15) When the marginal product of labour...
...When the marginal product of labour is...
...than the average product of labour, A)...
...A) the average product of labour is...
...increasing. B) the marginal product of labour...
...B) the marginal product of labour is...
...C) the total product curve is negatively...
...is experiencing diminishing marginal returns. E) the...
...illustrates Swanky's average product curve. The point...
...of maximum average product is point A)...
...formula for average product of energy? A)...
...the formula for marginal product of energy?...
...formula for marginal product of energy? A)...
...19) Suppose the marginal product of energy...
...Suppose the marginal product of energy is...
...than the average product of energy. This...
...that A) the marginal product is equal...
...A) the marginal product is equal the...
...equal the average product. B) the marginal...
...product. B) the marginal product is greater...
...B) the marginal product is greater than...
...than the average product at each level...
...used. C) the marginal product curve is...
...C) the marginal product curve is upward...
...D) the average product curve is upward...
...E) both the marginal and average product...
...marginal and average product curves are decreasing....
...20) Suppose the marginal product of energy...
...Suppose the marginal product of energy equals...
...equals the average product of energy. This...
...implies that A) marginal product is negative....
...that A) marginal product is negative. B)...
...negative. B) average product is maximized. C)...
...is maximized. C) marginal product is maximized....
...maximized. C) marginal product is maximized. D)...
...maximized. D) the marginal product curve is...
...D) the marginal product curve is upward...
...sloping. E) average product is minimized. Answer:...
...correct? A) When marginal product is increasing,...
...A) When marginal product is increasing, average...
...is increasing, average product is decreasing. B)...
...B) When average product is below zero,...
...is below zero, marginal product remains positive....
...below zero, marginal product remains positive. C)...
...positive. C) When marginal product is increasing,...
...C) When marginal product is increasing, average...
...is increasing, average product is increasing. D)...
...increasing. D) When marginal product is zero,...
...D) When marginal product is zero, total...
...is zero, total product is minimized. E)...
...E) When average product exceeds marginal product,...
...average product exceeds marginal product, both curves...
...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...
...slope of the marginal product curve. E)...
...of the marginal product curve. E) the...
...between the total product and marginal product...
...total product and marginal product of energy....
...product and marginal product of energy. Answer:...
...law of diminishing marginal returns? A) "The...
...Answer: C 25) Marginal cost is calculated...
...9 sweaters, the marginal cost of one...
...short-run average and marginal cost curves. The...
...which A) average product is at a...
...maximum. B) average product is at a...
...a minimum. C) marginal product is at...
...minimum. C) marginal product is at a...
...a maximum. D) marginal product is at...
...maximum. D) marginal product is at a...
...a minimum. E) marginal cost is at...
...over which A) marginal cost is increasing....
...is decreasing. C) marginal product is decreasing....
...decreasing. C) marginal product is decreasing. D)...
...decreasing. D) average product is decreasing. E)...
...decreasing. E) average product is increasing. Answer:...
...D 33) The marginal cost (MC) curve...
...Answer: D 34) Marginal cost is the...
...Answer: D 35) Marginal cost can be...