When the marginal product is increasing as the quantity increases, then as the quantity increases, the
A) average product is decreasing.
B) marginal cost is decreasing.
C) total cost is decreasing.
D) total product is decreasing.
E) fixed cost is increasing.
B
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Congress has divided the authority to police mergers between the Antitrust Division of the U.S. Department of Justice (AD) and the Federal Trade Commission (FTC). How is this authority divided?
A) The AD always renders its opinion on any proposed merger first. If the AD approves the merger, the case then goes to the FTC for final approval. If the AD disallows the merger, the decision stands and the FTC does not become involved. B) Both the AD and the FTC are responsible for merger policy. C) The AD establishes the guidelines that are used to evaluate proposed mergers; the FTC uses these guidelines to decide whether a proposed merger will be allowed to take place. D) The AD decides whether proposed horizontal mergers will be challenged; the FTC decides whether proposed vertical mergers will be challenged.
Which of the following cognitive biases refers to people's tendency to attribute their successes to personal ability and effort, and failures to forces outside their control?
A. Overconfidence effect. B. Confirmation bias. C. Self-serving bias. D. Hindsight bias.
Refer to the data below. The government now introduces a subsidy payment to producers of $30 per unit. Assuming a purely competitive market for the product, the new equilibrium price will be between:
The following data show the supply and demand schedules for a product.
A. $40-$50
B. $50-$60
C. $60-$70
D. $70-$80
The term "final goods and services" refers to
What will be an ideal response?