.
An isoquant.
A production possibility curve
A production function
An isocost function
ChangeQ x L.
Q / L.
ChangeL /change Q.
ChangeQ /change L
Average product.
Slope of a line from the origin to the point.
Marginal product.
Marginal rate of technical substitution.
Equals average product
Is increasing
Exceeds average product
Is decreasing
Is less than average product
The average product of labor is always greater that the marginal product of labor
The average product of labor is always equal to the marginal product of labor
The average product of labor is always less than the marginal product of labor
As more labor is used, the average product of labor falls
There is no unambiguous relationship between labor's marginal and average products.
Average product is maximized.
Total product is maximized.
Diminishing returns set in.
Output per worker reaches a maximum.
All of the above are true.
Marginal product is rising.
Marginal product is falling.
Average product is rising
Average product is falling.
I is true, and II is false.
I is false, and II is true.
Both I and II are true.
Both I and II are false.
The total product.
An isoquant.
The average product
The marginal product.
None of the above.
Both I and II are true
I is true, and II is false
I is false, and II is true
Both I and II are false
Both I and II are true
I is true, and II is false
I is false, and II is true
Both I and II are false
Slope of the total product curve.
Change in output minus the change in labor
Change in output divided by the change in labor
Ratio of the marginal products of the inputs
Point A.
Point B.
Point C.
Point D.
Cannot be determined from the information
The absolute value of the slope of an isoquant.
The ratio of the marginal products of the inputs.
The ratio of the prices of the inputs
All of the above.
(a) and (b) only.
Use five fewer units of capital.
Use 0.8 fewer units of capital
Use 1.25 fewer units of capital.
Add 1.25 units of capital.
None of the above.
More than 10% as much of all inputs are required to increase output 10%.
Less than twice as much of all inputs are required to double output.
More than twice as much of only one input is required to double output.
Isoquants must be linear.
Both a and d.
Constant returns to scale, because the line through the origin is linear.
Decreasing returns to scale, because the isoquants are convex.
Decreasing returns to scale, because doubling inputs results in less than double the amount of output.
Increasing returns to scale, because the isoquants are convex.
Increasing returns to scale, because doubling inputs results in more than double the amount of output.
Is one of increasing marginal returns to labor.
Is one of increasing marginal returns to capital.
Is consistent with diminishing marginal product.
Contradicts the law of diminishing marginal product.
Shows decreasing returns to scale.
Decreasing returns to scale for all output levels
Constant returns to scale for all output levels
Increasing returns to scale for all output levels
No clear pattern of returns to scale
Costs to double as output doubles.
Costs to more than double as output doubles.
Costs to go up less than double as output doubles.
To hire more and more labor for a given amount of capital, since marginal product increases.
To never reach the point where the marginal product of labor is equal to the wage.
7 units
17 units
18 units
10 units
None of the above
Decrease labor hired by 5 units.
Decrease labor hired by 1/5 unit.
Increase labor hired by 5 units.
Increase labor hired by 1/5 unit.
Capital and labor are perfect substitutes
The isoquant is convex
Capital and labor are perfect complements
There are decreasing returns to scale
Changes the shape of the short-run production function
Results in a move from one point to another along a short-run production function
Has no impact on the production function
Shifts the short-run production function upward
Equals the average product of labor
Equals zero
Is maximized
None of the above