Please help with the following questions Marginal physical product is A the chan
ID: 2506960 • Letter: P
Question
Please help with the following questions
Marginal physical product is A the change in total output from using an additional unit of one variable input, holding other inputs constant. B. the change in total output divided by the number of units of the variable input, holding constant all other inputs. c. the total output divided by the number of units of the variable input. D. the change in total output from using an additional unit of all variable inputs. The pl g ha A short run. point where production begins. B. C. point where diminishing marginal product starts. D. long run. A decrease in long-run average costs resulting from increases in output is A. attributed to constant returns to scale. B. attributed to economies of scale. c. attributed to diminishing returns to scale. D. attributed to the law of diminishing marginal product. In the short nun, the additional output that results from hiring an additional unit of a variable input is the A. average product. B. marginal physical product. C. marginal cost. D. average variable cost. increase in output would result in no change in long-run average costs when there ar A. constant returns to scale. B. diminishing marginal product. c. diminishing returns to scale. D. economies of scale The production function A. shows the maximum level of output for a given set of inputs. B. always shows increasing marginal product of labor. c. is an economic relationship between revenue and cost. D. shows the relationship between input prices and amount of input used. Which of the following is true? A. The MC curve intersects AFC at its minimum point. If Mc is above ATC. ATC must be increasing c. If MC is below AVC, AVC must be increasing. D. None of the above.Explanation / Answer
1 A
2 D
3 B
4 B
5 A
6 A
7 B