Which of the following statements is true about the total product curve?
a. If input usage expands uniformly throughout the stages of production, then the slope of the total product curve is one.
b. The total product curve is inverted U-shaped.
c. As input usage gradually expands from low levels, total output begins to rise at an increasing pace.
d. If the use of inputs is too high at the initial stage of production, then the total prod-uct curve becomes horizontal.
Question 2
Which of the following statements characterizes perfect competition?
a. Producers enjoy complete freedom of entry and exit from the industry.
b. Producers sell differentiated products.
c. Producers are price makers.
d. Consumers are price makers.
e. The firm is not free to choose the quantity that it wishes to produce.
How to convert verbal statements into algebraic equations (Part 4)
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