19.01.2020_MBA12_SEC A_ME_QUIZ-2_ Attempt review.pdf - 19.01.2020_MBA12_SEC A_ME_QUIZ-2 Attempt review Dashboard My courses mba12a General

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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 1/8 Dashboard / My courses / mba12a / General / 19.01.2020_MBA12_SEC A_ME_QUIZ-2 Question 1 Incorrect Mark 0.00 out of 1.00 Question 2 Correct Mark 1.00 out of 1.00 Started on Sunday, 19 January 2020, 2:21 PM State Finished Completed on Sunday, 19 January 2020, 2:41 PM Time taken 20 mins 27 secs Grade 12.00 out of 20.00 ( 60 %) 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 2/8 Question 3 Incorrect Mark 0.00 out of 1.00 Question 4 Incorrect Mark 0.00 out of 1.00 Question 5 Correct Mark 1.00 out of 1.00 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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