Q5. According to the law of diminishing returns, doubling the number of salespeople for a firm will most likely result in: A) decreasing the total sales of the firm as a result of competition amongst salespeople. B) increasing the total sales of the firm and reducing the average sales per salesperson. C) doubling the total sales of the firm.
Q6. The graph of two long run average total cost (LRATC) curves for a typical company appears below. Based on this graph, which of the following statements is least accurate?
A) The use of improved technology may have caused the company to move from LRATC1 to LRATC2. B) The ideal plant size is indicated by point M. C) At point L, the company is experiencing economies of scale.
Q7. At a fixed level of capital, output increases as the quantity of labor increases, but at a decreasing rate. This phenomenon is an example of: A) law of diminishing costs to labor. B) law of diminishing returns to labor. C) law of diminishing returns to capital.
Q8. Which of the following statements regarding diminishing marginal returns is most accurate?
A) As the quantity produced rises, costs begin to rise at an increasing rate. B) As the quantity produced rises, costs begin to rise at a decreasing rate. C) The total cost curve arches downward.
Q9. Holding the quantity of labor constant, output increases as the quantity of capital increases, but at a decreasing rate. This phenomenon is most accurately described as: A) diminishing marginal costs of capital. B) diminishing average returns to capital. C) diminishing marginal product of capital.
| 
发表于 2008-12-31 15:21
| 
