6. Inputs that can be increased a. fixed inputs b. variable inputs c. economic i

Question

6. Inputs that can be increased a. fixed inputs b. variable inputs c. economic inputs d. sed or decreased in the short run are called decre accounting inputs e. normal inputs 7. The law of diminishing returns explains why a. monopolies have a guaranteed profit margin b. short-run MC and AVC curves are U-shaped c. the production possibilities curve is bowed out d. long run supply curves are downward sloping e. total product is a straight line In the range of increasing marginal returns, total product is a. increasing at a constant rate b. increasing at an increasing rate c. increasing at a decreasing rate d. decreasing at an increasing rate e. decreasing at a decreasing rate

Explanation / Answer

Answer.)

Q6.) b.) Variable inputs

Variable inputs changes with requirement of changes in output level.

Q7.) b.) Short run MC and AVC curves are U-shaped.

Q8.) b.) Increasing at an increasing rate.

As long as Marginal return is positive, total product increase at an increasing rate.

Q1.) c.) Perceived by consumers to be identical.

Q2.) b.) Output.

Since perfectly competitive firm has no influence over price level , it can only change its output level.

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