- Question 1 In Economics The Long Run Is Referred To As A A Period In Which The Amounts Of All Factors Of Production 1 (42.97 KiB) Viewed 57 times
QUESTION 1 In economics, "the long-run" is referred to as A. a period in which the amounts of all factors of production can be changed. B. a period in which the amounts of capital are variable. ca period in which the amounts of all factors of production are fixed. D. a period in which the amounts of labour are fixed. QUESTION 2 Which of the following cost curves does not have a shape that is explained by the law of diminishing returns? A. the average variable cost B. the average total cost c. the average fixed cost D. the total cost QUESTION 3 If marginal product is zero, total product is at a maximum. Note, you will lose 50% of the mark for this question if you choose the incorrect option. A. TRUE B. FALSE Question 4 Supply theory tries to explain the behaviour of consumers. Note, you will lose 50% of the mark for this question if you choose the incorrect option. A. TRUE B. FALSE QUESTIONS If marginal cost equals zero, the total cost remains unchanged. Note, you will lose 50% of the mark for this question if you choose the incorrect option. A. TRUE B. FALSE QUESTION 6 Marginal product reaches a maximum at a lower level of output than average product does. Note, you will lose 50% of the mark for this question if you choose the incorrect option. A. TRUE B. FALSE