Output divided by the number of hours worked or by the number of workers is called
A) average input.
B) average product.
C) marginal product.
D) marginal revenue.
Correct Answer:
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Q30: The total cost of production is determined
Q31: An example of variable costs is
A) rent
Q32: In a simple grass-mowing business,the lawn mower
Q33: _ shows the potential cost for each
Q34: The short-term cost function assumes that
A) All
Q36: Marginal cost generally _ quantity produced.
A) rises
Q37: The price of labor per unit times
Q38: Average product is not as reliable an
Q39: If you add too many inputs,your business
Q40: The technology or knowledge necessary for the
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