If average cost is decreasing, then marginal cost
a. Must be increasing
b. Must be greater than average cost
c. Must be less than average cost
d. None of the above
c
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The degree of operating leverage is equal to the ____ change in ____ divided by the ____ change in ____
a. percentage; sales; percentage; EBIT b. unit; sales; unit; EBIT c. percentage; EBIT; percentage; sales d. unit; EBIT; unit; sales e. none of the above
Which of the following resources is necessary to combine efficiently the other resources to produce goods and services?
a. natural resources b. capital c. labor d. entrepreneurial ability e. financial institutions
Piece rates are used when:
a. an individual's output is independent of others and can be easily measured. b. the job involves team production. c. an individual's output can be affected by random events. d. monitoring is difficult.
A productivity increase is illustrated by a shift in the production function
a. downward. b. leftward. c. upward. d. rightward.