1/The total product curve can be used to directly derive the: A/total variable c

Question

1/The total product curve can be used to directly derive the:
A/total variable cost curve.
B/production possibilities curve.
C/demand curve.
D/supply curve.

2/Marginal cost, mathematically, is the slope of the:
A/average total cost curve.
B/average variable cost curve.
C/average fixed cost curve.
D/total cost curve.

3/Assuming that all other factors of production are held constant, marginal product is the change in ________ output resulting from a 1-unit change in _______ .
A/total; a variable input
B/total; a fixed input
C/total; average product
D/per unit; a fixed input

4/The long-run average cost (LRAC) curve shows:
A/the firm's cost per unit at each level of output.
B/the firm's average of total fixed and total variable costs at each level of output.
C/the firm's total variable costs averaged for each level of input.
D/the firm's total cost at each level of output.

5/As compared to consumer choice theory, the marginal decision rule when applied in the theory of the firm is:
A/more directly applicable.
B/less directly applicable.
C/equally applicable.
D/equally irrelevant.

Explanation / Answer

1) D/supply curve. 2) D/total cost curve. 3) B/total; a fixed input 4) B/the firm's average of total fixed and total variable costs at each level of output. 5) C/equally applicable.

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