4/10/2021 Review Test Submission: Chapter 6 Quiz – SPRING_2021_ECO...

Maria Pia Velasquez 2

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Review Test Submission: Chapter 6 Quiz

User Maria Pia Velasquez

Course ECO 424-1 Managerial Economics - SPRING 2021
Test Chapter 6 Quiz
Started 4/10/21 4:48 PM
Submitted 4/10/21 5:13 PM
Due Date 4/11/21 11:59 PM
Status Completed
Attempt Score 15 out of 15 points
Time Elapsed 24 minutes out of 1 hour
Results Displayed Feedback, Incorrectly Answered Questions

Question 1 1 out of 1 points

In the long run, a firm is said to be experiencing decreasing returns to scale if a 10 percent
increase in inputs results in

Question 2 1 out of 1 points

Which of the following is not true about the law of diminishing returns?

Question 3 1 out of 1 points

Which of the following indicates when Stage I ends and Stage II begins in the short- run
production?

Question 4 1 out of 1 points

The production period in which at least one input is fixed in quantity is the

Question 5 1 out of 1 points

The "Law of Diminishing Returns" states that

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4/10/2021 Review Test Submission: Chapter 6 Quiz – SPRING_2021_ECO...

Question 6 1 out of 1 points

When is it not in the best interest of a company to hire additional workers in the short run?

Question 7 1 out of 1 points

When the law of diminishing returns takes effect

Question 8 1 out of 1 points

A firm that operates in Stage III of the short-run production function

Question 9 1 out of 1 points

Which of the following indicates when Stage II ends and Stage III begins in the short-run
production function?

Question 10 1 out of 1 points

Answer the questions based on the following information.

Number of Workers Units of Output

00
1 40
2 90
3 126
4 150

Average product is at a maximum when the number of workers that are hired is

Question 11 1 out of 1 points

When the exponents of a Cobb-Douglas production function sum to more than 1, the function
exhibits

Question 12 1 out of 1 points

In economic theory, if an additional worker adds less to the total output than previous workers
hired, it is because

Question 13 1 out of 1 points

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4/10/2021 Review Test Submission: Chapter 6 Quiz – SPRING_2021_ECO...

Decreasing returns to scale

Question 14 1 out of 1 points

If a firm finds itself operating in Stage I, it implies that

Question 15 1 out of 1 points

Which of the following statements about the short-run production function is true?

Saturday, April 10, 2021 5:13:15 PM EST

← OK

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