Which of the following inputs are variable in the long run?
A. labor.
B. capital and equipment.
C. plant size.
D. all of these.
查看答案
The short run is
A. less than a year.
B. three years.
C. however long it takes to produce the planned output.
D. a time period in which at least one input is fixed.
E. a time period in which at least one set of outputs has been decided upon.
Writing total output as Q, change in output as Q, total labor employment as L, and change in labor employment as L, the marginal product of labor can be written algebraically as
A. Q ∙ L.
B. Q / L.
C. ΔL / ΔQ.
D. ΔQ / ΔL.
The slope of the total product curve is the
A. average product.
B. slope of a line from the origin to the point.
C. marginal product.
D. marginal rate of technical substitution.
The law of diminishing returns refers to diminishing
A. total returns.
B. marginal returns.
C. average returns.
D. all of these.
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