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Question 11

In production theory, the long run is a period of time that varies by industry, but generally in the range of one month to one year.

Select one:

True

False

Question 12

Marginal Product is

a) A change in total output divided by a one unit change in variable input

b) A change in total output divided by the output level

c) None of the above are correct.

d) A change in total inputs divided by a change in output

Question 13

Average Fixed Costs

a) None of the answers are correct.

b) Increase as quantity increases

c) Decrease as quantity increases

d) Do NOT change as quantity increases

Question 14

Average Product is

a) Total output divided by the total of an input

b) None of the above are correct.

c) Total input divided by the total output

d) Change in total output from a change in a input

Question 15

Which of the following represents the formula for calculating marginal costs?

a)- (change in costs)/(change in output)

b)- (change in output)/(change in costs)

c)- None of the above are correct.

d)-(Change in output)/(change in input prices)

Question 16

A U-shaped long run average cost curve indicates the presence of decreasing and then increasing returns to scale.

Select one:

True

False

Question 17

Average costs is less than marginal costs only at output rates where average cost in increasing.

Select one:

True

False