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Question 5 If a firm wants to increase output, the law of diminishing returns implies. a. Average total costs will eventually rise O b. Total costs start to fall O. Average total costs will eventually fall O d. Fixed costs get spread out over a greater quantity

Question 5 If a firm wants to increase output, the law of diminishing returns implies. a. Average total costs will eventually rise O b. Total costs start to fall O. Average total costs will eventually fall O d. Fixed costs get spread out over a greater quantity

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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Question 5 If a firm wants to increase output, the law of diminishing returns implies... O a. Average total costs will eventually rise O b. Total costs start to fall Oc. Average total costs will eventually fall O d. Fixed costs get spread out over a greater quantity Question 3 In 2018 there was a decrease in the supply of tequila in the United States. Which of the following would explain why? (Select all that apply.) O a. Drought in agave (main ingredient of tequila) farming regions. O b. Increased price of glass. Oc. More efficient tahonas (grinds agave to extract the juice used for tequila). O d. Distillery workers' wage increases. O e. Increase in number of distilleries. Of. Decrease in price of agave syrup (made in same ingredients).
Transcribed Image Text:Question 5 If a firm wants to increase output, the law of diminishing returns implies... O a. Average total costs will eventually rise O b. Total costs start to fall Oc. Average total costs will eventually fall O d. Fixed costs get spread out over a greater quantity Question 3 In 2018 there was a decrease in the supply of tequila in the United States. Which of the following would explain why? (Select all that apply.) O a. Drought in agave (main ingredient of tequila) farming regions. O b. Increased price of glass. Oc. More efficient tahonas (grinds agave to extract the juice used for tequila). O d. Distillery workers' wage increases. O e. Increase in number of distilleries. Of. Decrease in price of agave syrup (made in same ingredients).
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