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ECON-1010-D1/D2-Introduction to Microeconomics

ECON-1010-D1/D2-Introduction to Microeconomics

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When would one expect to observe diminishing marginal product of labour?

None of the above.

when union workers are told to reduce their work effort in preparation for a new round of collective bargaining talks

when only new workers are trained in using the most productive capital

when workers are discouraged about the lack of help from other workers

when crowded office space reduces the productivity of new workers

100%

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A firm's opportunity cost includes

the cost of using resources supplied by the firm's owner only.

economic profit.

the cost of using resources bought in the market and owned by the firm only.

only costs that are paid in cash or by cheque.

the cost of using resources bought in the market, owned by the firm, and supplied by the firm's owner.

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What does average total cost equal?

(fixed costs plus variable costs) divided by quantity produced

100%

change in total costs divided by change in quantity produced

None of the above.

change in total costs divided by quantity produced

(fixed costs plus variable costs) divided by change in quantity produced

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When a firm's marginal cost is rising, we know that

marginal product must be falling.

average fixed cost must be rising.

average variable cost must be rising.

marginal product must be zero.

average total cost must be rising.

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Which of the following measures of cost is best described as “the increase in total cost that arises from an extra unit of production”?

average variable cost

❌

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