The law of diminishing marginal product is NOT responsible for the shape of
A. the average variable cost curve.
B. the total cost curve.
C. marginal cost curve.
D. total fixed cost curve.
Answer: D
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Which of the following is least likely to be considered a capital input?
A) a sewing machine B) a tractor C) a telephone D) a ten dollar bill
When making a decision, it is easier to identify and evaluate which of the following?
A. Costs associated with the decision. B. Benefits associated with the decision. C. Costs and benefits are equally easy to identify and evaluate. D. Neither of these is often easy to identify and evaluate.
A firm’s minimum AC is $10, its minimum AVC $7. Show this firm’s short-run supply curve, explaining how you obtained it.
What will be an ideal response?
Between 1960 and 1997, the federal budget was never in surplus
a. True b. False Indicate whether the statement is true or false