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Chapter6_practice - Practice Problems Firms and Production...

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Practice Problems Firms and Production MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) In the long run, all factors of production are A) fixed. B) rented. C) variable. D) materials. 1) 2) Homer's Donut Shoppe has the production function q = 10L + 20L 2 - 5L 3 . The marginal product of labor is 2) 3) Which of the following statements best summarizes the law of diminishing marginal returns? 3)
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