I need the answers for this practice questions from the exercise file.

. MCQS 1. Which of the following is an assumption associated with the definition of a production function? a. OTechnology remains constant. b. O All units of the inputs are homogeneous. c. O Both inputs and outputs are measured in monetary units. d. O The function shows the maximum level of output possible with a given combination of inputs. . MCQS ....". shows the output produced with given level of inputs. a. O Marginal Rate of Technical Subsitution b. O Cost Function c. O Production Function d. Olsocost . MCQS 3. The marginal product of labor is equal to a. O the additional labor required to produce one more unit of output. b. O average product when average product is at a minimum. c. O the additional output produced by hiring one more unit of labor. d. O The slope of a ray drawn from the origin to a point on the total product curve. . MCQS 4. Variable costs are a. O Sunk cost b. O Multiplied by fixed costs c. O Change as the level of production changes d. O defined as the change in total cost resulting from the production of an additional unit of output . MCQS 5. The slope of an isoquant is a. Othe ratio of input prices. b. Othe marginal cost. c. O the marginal product. d. O Marginal rate of technical substitution . MCQS 6. Isoquants are to production what: O Prices are to demand b. O Quantities are to demand c. O Indifference curves are to preferences d. OIncome is to demand . MCQS 7. An isoquant is _.. to an iso cost line at equilibrium point: a. O Convex b. O Concave c. O Tangent d. O Perpendicular . MCO B) 400 units. C) soo unit's. b)635 average total costs of $3 and average variable costs of $2.50. Its output is: A) 200 units. a. O 200 units b. O 400 units c. O 800 units d. O 1600 units . MCQ 9. A vertical supply curve shows that the elasticity of supply is a. OInfinite b. Oo c. O Unity d. OLess than 1 . MCQS 10. Market equilibrium refers to a situation in which market price a. Ois high enough to allow firms to earn a fair profit . Ois low enough for consumers to buy all that they want. c. O is at a level where there is neither a shortage nor a surplus. d. O is just above the intersection of the market supply and demand curves. . MCQS 11. Suppose that there is an increase in input prices. We would expect O Supply to increase b. O Supply to decrease c. O Supply to remain unchanged d. O Supply could either increase or decrease . MCQS 12. In perfect competition, the elasticity of demand for the product of a single firm is a Oo 6. 01 c. OInfinity d. O Between 0 and 1 . MCQS 13. Economists assume that a perfectly competitive firm's objective is to maximize its a. OEconomic profits b. OQuantity sold c. O Revenue d. O Output price . MCQS 14. For a perfectly competitive firm O Price equals marginal revenue b. O Price is greater than marginal revenue c. O Price equals total revenue d. O price equals total cost . MCQS 15. The gains from trade for a producer is measured by a. O Consumer Surplus O Producer Surplus c. O External benefits d. OExternal cost