Increases in long run average total cost at low

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increases in long run average total cost at low output levels. Firms can capitalize on economies of scale by allowing workers to specialize in specific tasks. This tends to increase productivity and reduce costs.
Incorrect Question 6 0 / 3 pts
Question 7 3 / 3 pts
Consider the table above. How much does the 4th worker contribute to the firm’s revenue?
Question 8 3 / 3 pts Norman has an upward sloping labor supply curve. If the opportunity cost of leisure rises for Norman, he will work more less the same amount
Incorrect Question 9 0 / 3 pts A firm will rent land provided that the marginal revenue product of the land is greater or equal to the rental price of the land less than or equal to the rental price of the land equal to the wage equal to the rental price of capital
Question 10 3 / 3 pts Your bagel shop uses both capital and labor in the production of bagels. In this production process capital and labor are substitutes. If you install a new oven and the marginal product of capital increases, you will reduce the number of workers you employ increase the number of workers you employ reduce the amount of capital you are using
Incorrect Question 11 0 / 3 pts In the above figure, the demand curve depicted on which graph represents the market demand curve in a perfectly competitive industry.

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