Economics - Practice Test | ExamPrepSheets

(A) The decrease in capital necessary to keep output constant when labour increases by one unit

(B) The increase in mpL when capital increases

(C) The decrease in capital necessary to keep MPL constant when labour increases by one unit

(D) The increase in output when both inputs are increased

(A) The decrease in capital necessary to keep output constant when labour increases by one unit

(A) the market demand for the commodity

(B) the market supply of the commodity

(C) the balancing of the forces of demand and supply for the commodity

(D) any of the above

(C) the balancing of the forces of demand and supply for the commodity

(A) Short-run average fixed cost curve declines so long as output increases

(B) Marginal cost curve must intersect the minimum point of the firm's average total cost curve

(C) Long-run average total cost curve is typically U-shaped

(D) Short-run average variable cost curve is U-shaped

(C) Long-run average total cost curve is typically U-shaped

(A) Negative

(B) Positive

(C) Zero

(D) One

(A) Negative

(A) 1 and 2

(B) Both 1 and 3

(C) Both 2 and 3

(D) All of the above

(B) Both 1 and 3

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