Answering following Questions (Multiple choices)

Which of the following describes the graphical relationship between average product of labor and marginal product of labor? 0 Average product cuts marginal product from above, at the maximum point of marginal product. 0 Marginal product cuts average product from above, at the maximum point of average product. 0 Average product cuts marginal product from below, at the maximum point of marginal product. 0 Marginal product cuts average product from below, at the maximum point of average product. In an isoquant map, with labor employed shown on the x-axis and capital employed shown on the y-axis, we can have different isoquant curves. Each isoquant corresponds to a different level of output, and the level of output produced as we move up and to the right in the figure. 0 always becomes innity 0 decreases 0 increases 0 stays constant The rate at which one factor of production can be reduced per additional unit of the other factor, while holding total output produced the same, is measured by the: O marginal rate of substitution. 0 marginal product of the input. 0 average product of the input. 0 marginal rate of technical substitution. In a production process, all inputs are increased by 30%; but output increases by 27%. This means that the firm experiences: 0 constant returns to scale. 0 decreasing returns to scale. 0 increasing returns to scale. 0 negative returns to scale. What could be a reason for the phenomenon that manufacturing industries often show increasing returns to scale compared to service oriented industries? 0 Manufacturing industries are more labor-intensive than other sectors O Manufacturing industries have larger investments in capital equipment, and thus are more likely to have increasing returns to scale. 0 Manufacturing industries hire the best quality workers 0 Service industries have larger investments in capital equipment, and thus are more likely to have increasing returns to scale