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16. Consider the production process undertaken by a firm. How are the short run and the long run differentiated? a) The time from the short run to the long run requires one year. b) The long run implies less labour. c) In the short run, one factor of production is in a fixed quantity. d) The long run requires more capital. 17. In the short run, as more workers are added to the production process, marginal product of the last worker eventually falls. This is referred to as: a) Diminishing marginal utility c) Crowding out b) Law of diminishing marginal returns d) Decreasing returns to scale

16. Consider the production process undertaken by a firm. How are the short run and the long run differentiated? a) The time from the short run to the long run requires one year. b) The long run implies less labour. c) In the short run, one factor of production is in a fixed quantity. d) The long run requires more capital. 17. In the short run, as more workers are added to the production process, marginal product of the last worker eventually falls. This is referred to as: a) Diminishing marginal utility c) Crowding out b) Law of diminishing marginal returns d) Decreasing returns to scale

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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15. What is the role of a firm in the society? (One has been covered in class.) a) Determine the market price c) Minimize costs b) Employ people d) Organise production 16. Consider the production process undertaken by a firm. How are the short run and the long run differentiated? a) The time from the short run to the long run requires one year. b) The long run implies less labour. c) In the short run, one factor of production is in a fixed quantity. d) The long run requires more capital. 17. In the short run, as more workers are added to the production process, marginal product of the last worker eventually falls. This is referred to as: a) Diminishing marginal utility c) Crowding out b) Law of diminishing marginal returns d) Decreasing returns to scale
Transcribed Image Text:15. What is the role of a firm in the society? (One has been covered in class.) a) Determine the market price c) Minimize costs b) Employ people d) Organise production 16. Consider the production process undertaken by a firm. How are the short run and the long run differentiated? a) The time from the short run to the long run requires one year. b) The long run implies less labour. c) In the short run, one factor of production is in a fixed quantity. d) The long run requires more capital. 17. In the short run, as more workers are added to the production process, marginal product of the last worker eventually falls. This is referred to as: a) Diminishing marginal utility c) Crowding out b) Law of diminishing marginal returns d) Decreasing returns to scale
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