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19.01.2020_MBA12_SEC A_ME_QUIZ-2
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Started on
Sunday, 19 January 2020, 2:21 PM
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Refer to the Figure above
Which of the following statements is false?
Select one:
a. At point E the marginal product of labor is decreasing
b. At point E the marginal product of labor is negative
c. At point E the average product of labor is decreasing
d. At point E the average product of labor is negative
e. At point E the marginal product of labor is less than the average product of labor
The correct answer is: At point E the average product of labor is negative
The curve in the diagram is called
Select one:
a. the income-consumption curve
b. the long-run total cost curve
c. the expansion path
d. the price-consumption curve
e. none of the above
The correct answer is: the expansion path

2/16/2020
19.01.2020_MBA12_SEC A_ME_QUIZ-2: Attempt review
10.80.252.176/mod/quiz/review.php?attempt=1856&cmid=23
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Refer to the Figure above
At which point on the total product curve is the average product of labor the highest?
Select one:
a. point A
b. point B
c. point C
d. point D
e. none of the above
The correct answer is: point B
Consider the following diagram where a perfectly competitive firm faces a price of $40
Refer to the Figure above. At the profit-maximizing level of output, ATC is
Select one:
a. $26
b. $30
c. $31
d. $40
e. $44
The correct answer is: $31
What happens in a perfectly competitive industry when economic profit is greater than zero?

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- Economics, Microeconomics, Correct Answer, Economics of production