Marginal product:

Unit 3 Micro

Quiz
•
Social Studies
•
12th Grade
•
Hard
Ryan Fleming
FREE Resource
30 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
diminishes at all levels of production
may initially increase, then diminish, but never become negative
may initially increase, then diminish, and ultimately become negative
is always less than average product
is the number of additional inputs it takes to produce one output
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Marginal product is:
total product divided by the number of workers employed
the increase in total revenue attributable to the employment of one more worker
the increase in total cost from producing one additional output
the increase in total output attributable to the employment of one more worker
the percent change in quantity divided by the percent change in price
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Figure A shows the number of workers and quantity of burgers produced in one hour. The marginal product of the sixth worker is:
180 units of output
30 units of output
15 units of output
negative
cannot be calculated
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Refer to Figure A. With which worker does the Law of Diminishing Marginal Returns first set in?
1st
2nd
3rd
4th
5th
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Fixed costs are:
the costs of producing one more unit of capital (ex: machinery, tools, etc.)
usually zero when a firm produces nothing
average cost multiplied by the firm's output
any cost which does not change when the firm changes its output
the traditional out of pocket costs of doing business
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The vertical distance between ATC and AVC reflects:
the law of diminishing returns
total fixed costs
the average fixed cost at each level of output
marginal cost at each level of output
the presence of specialization
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Refer to Figure B. The marginal cost of producing the 4th output is:
$1.50
$6
$13.50
$54
$216
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