If as the quantity produced increase a production function first exhibits increasing marginal product and later diminishing marginal product, the corresponding marginal-cost curve will ?

Related Mcqs:

1. If a production function exhibits diminishing marginal product the slope of the corresponding total-cost curve ?

   A. is liner (a straight line)
   B. could be any of these answers
   C. becomes steeper as the quantity of output increases
   D. become flatter as the quantity of output increases.

2. If a production function exhibits diminishing marginal product. its slope ?

   A. is linear (a straight line)
   B. becomes steeper as the quantity of the input increase
   C. could be any of these answers
   D. becomes flatter as the quantity of the input increase

3. If a factor exhibits diminishing marginal product, hiring additional units of the factor will ?

   A. cause a reduction is output
   B. have no effect on output
   C. increase the marginal product of the factor
   D. generate ever smaller amounts of output

4. The short run marginal cost curve cuts the short run total cost curve and short run average variable cost curve ?

   A. At their lowest points
   B. When they are declining
   C. When they are increasing
   D. When marginal revenue is zero

5. In the short run, the competitive firm’s supply curve is the portion of the marginal cost curve that lies above the average variable cost curve?

   A. Upward-sloping portion of the average total cost curve
   B. upward-sloping portion of the average variable cost curve
   C. portion of the marginal cost curve that lies above the average total cost curve.
   D. entire marginal cost curve.
   E. portion of the marginal-cost curve that lies above the average variable cost curve

6. When average cost is falling marginal cost is ________ and when average cost is rising marginal cost is?

   A. greater than average cost, greater than average cost
   B. less than average cost, greater than average cost
   C. less than average cost, less than average cost
   D. greater than average cost, less than average cost

7. Suppose that the supply curve of tin is highly inelastic. If the demand curve of tin decrease and increase cyclically along the supply curve of tin, then in this market the size of the quantity fluctuation will bathe size of the price fluctuations ?

   A. relatively greater than
   B. relatively less than
   C. the same as
   D. Any of the above

8. Suppose that the demand curve for tin is highly inelastic. If the supply curve of tin decrease and increase cyclically along the demand curve for tin then in this market the size of the price fluctuation will be __________ the size of the quantity fluctuations?

   A. relatively greater then
   B. relatively less than
   C. the same as
   D. any of the above

9. Suppose we measure the quantity of good X on the horizontal axis and the quantity of good Y on the vertical axis If indifference curves are bowed inward, as we move from having an abundance of good X to having an abundance of good Y, the marginal rate of substitution of good Y for good X (the slope of the indifference curve) ?

   A. rises
   B. stays the same
   C. could rise or fall depending on the relative prices of the two goods.
   D. falls

10. If goods are exported for less than society’s marginal production cost and the marginal benefit to domestic consumers, it is likely that they benefit from?

    A. an import subsidy
    B. a quota
    C. comparative advantage
    D. an export subsidy