Upward Sloping Marginal Cost Curve And Diminishing Returns In The Short Run
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Question
1. The marginal cost curve is assumed to have an upward slope because of:
A) AFC sloping downward.
B) the law of diminishing returns.
C) economies of scale.
D) ATC increasing as more units are produced.
2. According to the following table, diminishing returns occur after hiring which worker?
Production in the short run
Labor Total product
0 0
1 5
2 13
3 18
4 24
5 28
A) 1
B) 2
C) 3
D) 4
Summary
These multiple choice questions belong to Economics. The 1st question is about upward sloping marginal cost curve and the 2nd question is about diminishing returns occurring in the short run.
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