The figure above shows the costs and benefits associated with producing paper. What is the efficient level of output?
A) 0
B) 4 tons
C) 6 tons
D) More than 6 tons
E) None of the above answers is correct.
B
Economics
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Average product equals the
A) increase in output that results from a one-unit increase in the quantity of labor employed with all other inputs remaining the same. B) total amount of output produced. C) total amount of output produced divided by the quantity of labor employed. D) total amount of output produced divided by price of the output.
Economics
In the context of a production function, the remote order takers in the fast food industry would be classified as:
A) a fixed input. B) a marginal input. C) a variable input. D) an inframarginal input.
Economics