Average product curve tells us:
A. the level of inputs that are the most productive.
B. the profit-maximizing level of inputs to hire.
C. the cost-minimizing level of inputs to hire.
D. All of these are true.
Answer: A
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Pencils are produced in the market economy
A) only because people need pencils. B) only because pencil production is centrally planned, from the growing of the trees and mining of the graphite to the final stages of pencil assembly. C) even though the final assemblers of pencils have no idea how to produce the paint, graphite, wood, rubber, and metal ferrules. D) by government decree.
Refer to Figure 12-2. Why is the total revenue curve a ray from the origin?
A) because the firm can sell its product at a constant price B) because revenue increases at a decreasing rate C) because the firm must lower its price to sell more D) because revenue increases at an increasing rate