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xcquiz2-0201 - 3 The MC curve cuts through the minimum of...

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ECON 251-0201 XC Quiz #2 Thursday, October 19, 2006 1. If the MP L is 10 and the AP L is 8, hiring another worker will a. increase MP L . b. increase AP L . c. decrease AP L . d. not affect either MP L or AP L . 2. If economic profit is negative in an industry, which of the following is true?
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Unformatted text preview: 3. The MC curve cuts through the minimum of what curve? a. ATC b. FC c. AP L d. MP L 4. When John hires 3 workers, they produce 40 units of output. When John hires 4 workers, they produce 50 units of output. What is the AP L of 4 workers? a. 50 b. 40 c. 12.5 d. 10 5. The next Econ 251 exam is a. Thursday, November 23 b. Tuesday, November 7 c. Friday, October 27 d. Thursday, December 14...
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