Economics > QUESTIONS & ANSWERS > University of Louisiana, Lafayette - ECON 528 Final Exam Rated A+ (All)
University of Louisiana, Lafayette - ECON 528 Final Exam Rated A+
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The law of diminishing marginal returns states that increases in the variable input reduce the total product. Select one: True False The correct answer is 'False'. We should use relatively more... labor if we learn that the marginal product per dollar of labor expenditures is less than a marginal product per dollar of capital expenditures. Select one: True False The correct answer is 'False' If a firm has increasing returns to scale, then increasing all inputs by 1% will increase output by more than 1%. Select one: True False The correct answer is 'True'. If production displays economies of scale, the long-run average cost curve is Select one or more: a. downward-sloping. b. below the long-run marginal cost curve. c. upward sloping. d. above the short-run average total cost curve. Your answer is correct. The correct answer is: downward-sloping [Show More]
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