Q4. Which of the following most accurately describes the condition that typically exists when marginal product is at a maximum?

A)   Average variable cost is at a minimum.

B)   Marginal cost is at a minimum.

C)   Average product is at a minimum.

Q5. If the last unit of input increases total product we know that the marginal product of that input is:

A)   falling.

B)   increasing.

C)   positive.

Q6. Typically, the short-run marginal product curve for an input used in production:

A)   increases proportionately to output.

B)   decreases proportionately to output.

C)   increases initially, reaches a peak, and then declines.

答案和详解如下：

Q4. Which of the following most accurately describes the condition that typically exists when marginal product is at a maximum?

A)   Average variable cost is at a minimum.

B)   Marginal cost is at a minimum.

C)   Average product is at a minimum.

Correct answer is B)

Marginal product is at a maximum when marginal cost is at a minimum. At the corresponding labor and output levels, average variable cost is decreasing and average product in increasing.

Q5. If the last unit of input increases total product we know that the marginal product of that input is:

A)   falling.

B)   increasing.

C)   positive.

Correct answer is C)

As long as marginal product is positive, total product will increase. We would need more information to determine whether marginal product is falling or increasing.

Q6. Typically, the short-run marginal product curve for an input used in production:

A)   increases proportionately to output.

B)   decreases proportionately to output.

C)   increases initially, reaches a peak, and then declines.

Correct answer is C)

The marginal product curve for an input typically increases initially, reaches a peak at some point, and then decreases (marginal cost increases) as additional units of the input are used, holding the quantities of other factors constant.

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