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Question 2

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Started on Monday, 8 October 2018, 10:05 PM

State Finished

Completed on Monday, 8 October 2018, 10:51 PM

Time taken 45 mins 58 secs

Marks 15.00/20.00

Grade 7.50 out of 10.00 (75%)

The law of diminishing marginal returns

states that increases in the variable input

reduce the total product.

Select one:

True

False

The correct answer is 'False'.

We should use relatively more labor if we

learn that the marginal product per dollar of

labor expenditures is less than a marginal

product per dollar of capital expenditures.

Select one:

True

False

The correct answer is 'False'.

ECON528-850-ECON528-010-

201920

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Question 3

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Question 4

Correct

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If a firm has increasing returns to scale,

then increasing all inputs by 1% will

increase output by more than 1%.

Select one:

True

False

The correct answer is 'True'.

If production displays economies of scale,

the long-run average cost curve is

Select one or more:

a. downward-sloping.

b. below the long-run marginal cost curve.

c. upward sloping.

d. above the short-run average total cost

curve.

Your answer is correct.

The correct answer is: downward-sloping.

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