13. A firm\'s total product curve shows A) that inefficiency is not possible. B)

Question

13. A firm's total product curve shows A) that inefficiency is not possible. B) how the cost of the fixed resources change when output changes. C) how the amount of output changes when the quantity of labor changes. D) that in the long run the firm must adjust the quantity of all the resources it employs 14. A firm's total cost (TC) equals the sum of its fixed cost plus its variable cost. B) marginal cost. C) variable cost plus its marginal cost. D) sunk cost plus is variable cost lus is marginal cost. 15. If the cross elasticity of demand between goods A and B is positive, A) A and B are substitutes. B) A and B are complements. C) the demands for A and B are both price elastic. D) the demands for A and B are both price inelastic. 16. The price elasticity of demand is calculated as the absolute value of the A) change in quantity demanded divided by the change in price. B) change in price divided by the change in quantity demanded. C) percentage change in price divided by the percentage change in quantity demanded. D) percentage change in quantity demanded divided by the percentage change in price.

Explanation / Answer

13. A firm's total product curve shows A) that inefficiency is not possible. B)

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