The slope of the total product curve always equals（）
A. the ratio of the marginal product and the average product
B. the change in input divided by the change in output
C. the average product of the input
D. the marginal product of the input
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When the price of a good changes, the income effect can be found by comparing the equilibrium quantities purchased（）
A. on the old budget line and the new budget line
B. on the original indifference curve when faced with the original prices and when faced with the new prices
C. on the new budget line and a hypothetical budget line that is a shift back to the original indifference curve parallel to the new budget line
D. on the new indifference curve
Joey cuts lawns during the summer. Let q equal the number of acres mowed per day, and let L equal the number of hours worked per day. Joey never works more than eight hours per day, and during that ti
A. Joey’s marginal productivity equals his average productivity
B. Joey’s marginal productivity diminishes by 0.2 for each additional hour worked
C. Joey’s average productivity is constant
D. Joey’s marginal productivity is constant
Robinson Crusoe is stranded on an island. He finds that coconuts are freely available （zero harvest cost）, but fish are difficult to harvest and require a lot of energy. As a result, harvesting fish h
A. He will consume more coconuts than fish
B. He will consume more fish than coconuts
C. He will consume equal amounts of both goods
D. Not enough information is given
With respect to production, the short run is best defined as a time period（）
A. lasting about six months
B. lasting about two years
C. in which all inputs are fixed
D. in which at least one input is fixed
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