If a production technology has diminishing marginal product of all inputs throughout, then the producer choice set is convex.
Answer the following statement true (T) or false (F)
False
Rationale: It is possible for marginal product to be diminishing throughout but for the production frontier to still have increasing returns to scale. In that case, the producer choice set is non-convex
Economics
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Starting in 2008 and continuing into 2012, the Japanese yen kept appreciating against the U.S. dollar, hurting Japanese exports to the U.S
Indicate whether the statement is true or false
Economics
The average total cost of production
A) is the extra cost required to produce one more unit. B) equals the explicit cost of production. C) equals total cost of production divided by the level of output. D) equals total cost of production multiplied by the level of output.
Economics