Production Of Competitive Firm In The Long Run And Encountering Negative Returns
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Question
1. Negative returns are encountered when:
A) Average product is negative.
B) Total product is negative.
C) Output falls as a firm hires more workers.
D) Marginal product is positive.
2. In the long run, the competitive firm always produces at the:
A) minimum of the long run marginal cost curve.
B) minimum of the long run average cost curve.
C) maximum of the marginal product curve.
D) minimum of the average fixed cost curve.
Summary
These multiple choice questions belong to Economics. The 1st question is about encountering negative returns, the 2nd question is about competitive firm producing in the long run.
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