ECS1501 ASSIGNMENT 10 OF SEMESTER 2 2022
The law of diminishing returns applies only in cases where _____
there is at least one factor of production.
production cost decreases.
fixed factors of production become increasingly utilised.
production cost increases.
How long is "the short" run in economics?
a period in which all inputs are fixed
a period in which the quantity of at least one input is fixed and the quantities of
the other inputs can be varied
one year or less
the time in which all inputs are variable
If marginal product is zero, total product is at a maximum.
True
False
Unsure
, Average fixed cost changes as output changes.
True
False
Unsure
The short run is defined as the period during which at least two of the inputs are fixed.
True
False
Unsure
If marginal product is less than average product, average product falls.
True
False
Unsure
Total fixed cost changes as output changes.
True
False
Unsure
The law of diminishing returns applies only in cases where _____
there is at least one factor of production.
production cost decreases.
fixed factors of production become increasingly utilised.
production cost increases.
How long is "the short" run in economics?
a period in which all inputs are fixed
a period in which the quantity of at least one input is fixed and the quantities of
the other inputs can be varied
one year or less
the time in which all inputs are variable
If marginal product is zero, total product is at a maximum.
True
False
Unsure
, Average fixed cost changes as output changes.
True
False
Unsure
The short run is defined as the period during which at least two of the inputs are fixed.
True
False
Unsure
If marginal product is less than average product, average product falls.
True
False
Unsure
Total fixed cost changes as output changes.
True
False
Unsure
