Author Question: If a particular production process is subject to diminishing marginal returns to labor at every ... (Read 32 times)

cherise1989 · **on:** Jul 1, 2018

If a particular production process is subject to diminishing marginal returns to labor at every level of output, then at every level of output

A) AC is upward sloping.
B) MC exceeds AVC.
C) AFC is constant.
D) All of the above.

Question 2

Which of the following is true about a monopoly?

A) Its demand curve is generally less elastic than in more competitive markets.
B) It will always earn economic profit.
C) It will always produce the same as a perfectly competitive firm.
D) It will always be subject to government regulation.
E) None of the above is true.