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practice questions_problems for chap 7 production and cost

practice questions_problems for chap 7 production and cost...

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ECON 2100 Practice Problems_questions for chapter 7 production and costs and supply Name: __________________________ Date: _____________ 1. Diminishing marginal returns occur when: A) each additional unit of a variable factor adds more to total output than the previous unit. B) an additional variable factor adds less to total output than the previous unit. C) the marginal product of a variable factor is increasing, but at a decreasing rate. D) all of the above are true. 2. The marginal cost curve intersects the average variable cost curve at: 3. The long-run average cost curve is tangent to an infinite number of: 4. At 30 units of output, a firm's marginal cost and average variable cost each equal $10. Therefore, assuming normally shaped cost curves, at 29 units of output its marginal cost: Page 1
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