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Question(s) / Instruction(s):

A production function will begin

a.            At the origin

b.            On the vertical axis

c.             On the horizontal axis

d.            In the middle of the diagram (at a positive L and positive output)


2.            When you derive the marginal product of labor curve you use

a.            The slope of the ray out of the origin to the production function

b.            The slope of the production function

c.             The vertical distance from the production function to the horizontal axis

d.            The horizontal distance from the production function to the vertical axis


3.            An isoquant is bowed toward the origin because

a.            Zero labor implies zero output

b.            More inputs means you can produce more output

c.             If you reduce one input, you have to increase another input in order to maintain output.

d.            The marginal rate of technical substitution is diminishing


4.            When isoquants get further and further apart there is

a.            Economies of scale

b.            Diseconomies of scale

c.             Increasing marginal rate of substitution

d.            Constant marginal rate of substitution




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