1 Diminishing returns does NOT imply which of the following a) the short run b)

ID: 1099841 • Letter: 1

Question

1 Diminishing returns does NOT imply which of the following

a) the short run

b) a fixed factor of production

c) it becomes progressively more diffcult to increase output as a firm approaches capacity output

d) the long run

2 If the marginal product of labor equals the average product of labor, then the

a) marginal product is still increasing

b) marginal product is mazimized

c) average product is mazimized

d) average product is still increasing.

Which is NOT true of capital

a) Capital is never substitutable for labor

b) Capital may increase the productivity of labo

c) Capital may be complementary to labor

d) c and b

The costs that depend on output in the short run are

a) total fixed cost only

b) total varible costs only

c) total costs only

both total variable costs and total costs.

1 Diminishing returns does NOT imply which of the following

d) the long run

2) If the marginal product of labor equals the average product of labor, then the

c) average product is mazimized

3)Which is NOT true of capital

a) Capital is never substitutable for labor

4) The costs that depend on output in the short run are

d) both total variable costs and total costs

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