When marginal cost curve is below an average cost curve, average cost is
Multiple Choice Quizzes with Answer in English (Page: 372)
The marginal cost curve
Average fixed cost
Sunk costs are those costs that
If the price of labor increases, in order to minimize the costs of producing a given level of output, the firm manager should use
If the marginal product per dollar spent on capital is less than the marginal product per dollar spent on labor, then in order to minimize costs the firm should use
For given input prices, isocosts farther from the origin are associated with
An isocost line
Whenever an isoquant exhibits a diminishing marginal rate of technical substitution, the corresponding isoquants are
The marginal rate of technical substitution
The isoquants are normally drawn with a convex shape because inputs are
An isoquant defines the combination of inputs that yield the producer
The average product of labor depends on how many units of
The Cobb-Douglas production function is
With a linear production function there is a
The Leontief production function
The demand for an input is
The demand for labor by a profit-maximizing firm is determined by
It is profitable to hire labor so long as the
The value of marginal product of an input is the value of the