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Questions and Answers
What does the slope of a production function represent?
What does the slope of a production function represent?
- Marginal product of the input (correct)
- Cost of the input
- Average product of the input
- Total product of the input
What is the production function?
What is the production function?
- The total cost of production
- The number of workers required for production
- The total revenue from production
- A mathematical equation showing the relationship between inputs and outputs in production (correct)
In a production function, what does the law of diminishing returns suggest?
In a production function, what does the law of diminishing returns suggest?
- The average product of the variable input will always increase
- As additional units of a variable input are added to fixed inputs, the marginal product of the variable input will eventually decrease (correct)
- The marginal product of the variable input will always increase
- The total product of the variable input will always increase
