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Gillespie: Foundations of Economics 2e

Unit 09

Instructions

Choose your answer by clicking the radio button next to your choice and then press 'Submit' to get your score.

Question 1

Which one of the following statements is true?

Question 2

According to the law of diminishing returns:

Question 3

The law of diminishing returns assumes:

Question 4

When internal economies of scale occur:

Question 5

The first level of output at which the long run average costs are minimized is called:

Question 6

The average variable cost curve:

Question 7

If marginal cost is positive and falling:

Question 8

Total increases from £500 to £600 when output increases from 20 to 30 units. Fixed costs are £200. Which of the following is true?

Question 9

Total increases from £500 to £600 when output increases from 20 to 30 units. Fixed costs are £200. Which of the following is true?

Question 10

If marginal product is below average product: