ECON 1101 Chapter 6
The __________ is the increase in output obtained by hiring an additional worker.
Marginal Product
The change in total output resulting in from a one-unit increase in the quantity of an input used, holding the quantities of all other inputs constant, is:
Marginal Product
When a firm has diminishing marginal returns:
Marginal Product is falling but still positive.
A total product curve indicates that the relationship between:
A variable input and output.
In the long run:
All inputs are variable.
The U-shape of the long-run average total cost curve is primarily due to:
Economics and diseconomics of scale.
In the long, all costs are:
Variable.
The average total cost curve in the short run slopes upward because of:
Diminishing Returns
The long run is a planning period:
Over which a firm can consider all inputs is fixed.
The short run is defined as a:
Period in which some inputs are considered fixed.
In the short run:
Some inputs are fixed and some inputs are variable.
Which of the following curves is not affected by diminishing returns?
The average fixed cost curve.
A firm's marginal cost is:
The ratio of the change in total cost to the change in the quantity of output.
The marginal product of labor is:
The slope of the total product of labor curve.
A curve showing the quantities of output that can be obtained from different quantities of a variable input, assuming other inputs are fixed, is called the _________ curve.
Total Product
The sum of fixed and variable costs is:
Total cost
Average total cost is:
Total cost divided by the change in output
Marginal cost is the change in _______ cost resulting from a one-unit change in ________.
Total; output
An input whose quantity can be changed during a particular period is a(n):
Variable Cost
Average variable cost equals all of the following except:
Variable cost times output.
A fixed input is one:
Whose quantity cannot be changed in a particular period.
A fixed cost:
Will be positive, even if the firm doesn't produce any output in the short run.