10What is a firm's production function?

A)It shows how many firms there are in the industry

B)It shows how inputs are transformed into output

C)It shows the cost of producing different levels of output

D)All of the answers are correct

If both average product and total product are positive, and the marginal product curve intersects the average product curve, then what can we conclude about total product?

A)Total product is at its minimum

B)Total product is rising

C)Total product is falling

D)Total product is twice as high as average product

If a firm's MC is $8 between output of 7 units and 8 units, and TVC is $150 when output is 7 units, what is AVC when output is 8 units?

A)$17.5

B)$20.85

C)$18.25

D)$19.75