Question Details

Marginal factor cost is defined as the amount that an additional unit of the variable input 


	1.	Marginal revenue product is:
a.	defined as the amount that an additional unit of the variable input adds to the total revenue
b.	equal to the marginal factor cost of the variable factor times the marginal revenue resulting from the increase in output obtained
c.	equal to the marginal product of the variable factor times the marginal product resulting from the increase in output obtained
d.	a and b
e.	a and c


	
	2.	The isoquants for inputs that are perfect substitutes for one another consist of a series of:
a.	right angles
b.	parallel lines
c.	concentric circles
d.	right triangles
e.	none of the above

	

3.	In production and cost analysis, the short run is the period of time in which one (or more) of the resources employed in the production process is fixed or incapable of being varied.
a.	true
b.	false


	

	4.	Marginal revenue product is defined as the amount that an additional unit of the variable input adds to ____.
a.	marginal revenue
b.	total output
c.	total revenue
d.	marginal product
e.	none of the above


	

	5.	Marginal factor cost is defined as the amount that an additional unit of the variable input adds to ____.
a.	marginal cost
b.	variable cost
c.	marginal rate of technical substitution
d.	total cost
e.	none of the above



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