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Figure 1: Price F с B K S R N Quantity 4. Refer to Figure 1. If the product's price were AB, the consumer surplus would
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Figure 1: Price F с B K S R N Quantity 4. Refer to Figure 1. If the product's price were AB, the consumer surplus would
Figure 1: Price F с B K S R N Quantity 4. Refer to Figure 1. If the product's price were AB, the consumer surplus would be (a) the area CJG (b) the area AFHS (c) the area FGH (d) the area BKG (1 mark) 5. (a) (b) The law of diminishing returns explains the way output varies when all inputs are increased in the same proportion. explains the way output varies when one input is increased while all others are fixed. explains the way output varies when some inputs are increased while others are decreased. is valid only in the long-run. (1 mark) (c) (d) 6. (a) (b) The production function shows the minimum amount of output that can be obtained from alternative combinations of inputs. the maximum quantity of output that can be obtained from alternative combinations of inputs. the minimum quantities of inputs required to produce a given quantity of input. none of the above. (1 mark) (c) (d) A.
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