The value of marginal product of an input is the value of the:
A) total output produced by total inputs.
B) average output produced by inputs.
C) output produced by the last unit of an input.
D) output produced by the first unit of an input.
Correct Answer:
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Q80: Variable factors of production are the inputs
Q81: The marginal cost curve:
A) lies always below
Q82: With a linear production function there is
Q83: Sunk costs are those costs that:
A) do
Q84: An isoquant defines the combination of inputs
Q86: The Cobb-Douglas production function is:
A) Q =
Q87: For given input prices,isocosts farther from the
Q88: An isocost line:
A) represents the combinations of
Q89: The marginal rate of technical substitution:
A) determines
Q90: The demand for an input is:
A) sloping
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