KiyaRedick_AssignmentNo.3 - Homework #3 Multiple Choice...

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Homework #3 Multiple Choice Identify the choice that best completes the statement or answers the question. ____ 1. In the long run, a. all of the firm's input quantities are variable. b. the firm can vary the quantities of some but not all inputs. c. managers become less efficient. d. the total cost of producing any given level of output is greater than or equal to the short- run total cost of producing that level of output. ____ 2. The case of production with a single variable input is analogous to a. changing the use of land, labor, and capital in production by a constant absolute amount. b. a controlled laboratory experiment in which the scientist permits one variable to change at a time. c. changing the use of land, labor, and capital in production by a constant percentage. d. specialization in one particular product by a company. Table 7-1 Workers Toys 1 5 2 12 3 22 4 30 5 35 ____ 3. In Table 7-1, the marginal physical product of labor after the addition of the fourth worker is a. 8. b. 7. c. 10. d. 5. ____ 4. The marginal physical product of an input is the a. addition to output from using one more unit of an input. b. extra amount of an input needed to produce one additional unit of output. c. change in average physical product, given a change in the quantity of an input. d. slope of the production indifference curve for an output made using the input. ____ 5. Which of the following statements is equivalent to the law of diminishing marginal returns? a.
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KiyaRedick_AssignmentNo.3 - Homework #3 Multiple Choice...

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