quiz helpful for midterms and final (11)

quiz helpful for midterms and final (11) - Principles of...

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Version D Page 1 Principles of Economics EC 1 UCLA Dr. Bresnock Quiz 8 Choose the best answer to each question and mark it on your answer form. 1. The marginal product of labor is: A) the change in labor divided by the change in total product. B) the slope of the total product of labor curve. C) the change in average product divided by the change in the quantity of labor. D) none of the above. A ) B ) C ) D ) 2. A total product curve indicates the relationship between: A) variable input and price. B) variable input and variable cost. C) variable input and output. D) output and price. A ) B ) C ) D ) Use the following to answer Questions 3-4: Figure: Total Product
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Version D Page 2 3. Units of labor added after L 1 and up to L 2 are: A) subject to diminishing marginal returns. B) adding increasing amounts to total product. C) adding positive amounts to total product. D) described in A and C. A ) B ) C ) D ) 4. As units of labor are hired between quantities L 1 and L 2 , _______ is ________ and _______ is ________. A) total product; rising; marginal product; positive B) marginal product; zero; total product; falling C) total product; rising; marginal product; negative
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quiz helpful for midterms and final (11) - Principles of...

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