for which good will marginal utility likely fall the fastest for additional units?
what is the marginal physical product of labor? (marginal product)
the additional profit earned by adding one more worker
the additional output from adding one more worker
the additional labor needed to produce a given output
the additional cost of adding one more worker
What is a short run question for a business firm?
how should the firm schedule workers?
should the firm change the products it offers?
should the firm move to a new location?
should the firm install new equipment?
the marginal cost curve intersects the average total cost curve
where average total cost equals average variable cost
where the marginal cost is maximized
at the minimum of the marginal cost
at the minimum of the average total cost
if cost per unit is rising with larger plant size, in the long run average cost curve
we are in the positive returns to scale
we are in the diseconomies of scale
we are in the economies of scale
we are in the constant returns to scale
If MPL/PL > MPK/PK, a profit-maximizing firm should
(MPL is marginal product of labor, MPK is marginal product of capital, PL is price of labor, PK is price of capital)
use more capital
decrease the output level
use more labor
increase the output level
if Productivity rises
marginal product falls
cost per unit rises
prices will rise
cost per unit falls
For a perfectly competitive firm, if the minimum average total cost is $50 and the minimum average variable cost is $30, if the selling price is $43, the firm
should close permanently
makes a loss but stays open
should temporarily close
should close until the price goes above $50
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