Diminishing returns to labor
Refer to Figure above. Diminishing returns to labor set in:
Select one:
A. after L1
B. after L2
C. after L3
D. immediately.
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In the world oil market, oil is supplied up to the point where:
Select one:
A. the marginal cost of the last barrel is the greatest distance from the price buyers are willing to pay for that last barrel
B. the marginal cost of the last barrel is just equal to the price buyers are willing to pay for that last barrel
C. the marginal cost of the last barrel is at a maximum
D. the marginal cost of the last barrel is zero.
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The Figure above illustrates the long-run average cost curve for a firm that produces picture frames. The graph also includes short-run average cost curves for three firm sizes: ATCa, ATCb and ATCc.
Refer to Figure above. Constant returns to scale:
Select one:
A. occur between 10,000 and 20,000 pictures frames per month
B. occur for output rates greater than 5,000 picture frames
C. occur between 5,000 and 20,000 picture frames per month
D. will shift the long-run average cost curve downward.
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Posted 17 May 2017 08:05 AM
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