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8. Which stage of production is efficient? C. Stage III D. None A Stage I B. Stage II 9. Which statement is false about perfect competitive market? A. Products are identical B. There is perfect knowledge about market conditions C. Entry is free while there is barrier to exit D. Firms/producers take market equilibrium price 10. At a point at which average product is maximized: C. Total product starts falling A. The marginal product starts to decrease D. Marginal product of la B. Marginal product of labor is at its maximum is equal to zero 11. Short run average variable costs (AVC): A. Are incurred even when production ceases B. Have no bearing whatsoever on rational decision making C. Are incurred only in the long run D. Are only at a minimum when the MPL is at a maximum E. Are only at a minimum when labor is on average, most productive 12. In monopoly market; A. There is oniy one seller C. Firms are price taker B. Firms are price maker D. There is blocked entry 13. In stage II; A. Total product increases at a decreasing rate B. Average product is higher than marginal product of labour C. Average product is lower than marginal product of labour D. Total product increases at both increasing and decreasing rate E.A and B __ 14. Which of the following is incorrect? C. Production is a function of inputs a. Cost is a function of inputs b. Cost is a function of outputs D. Utility is a function of outputs E. None 15. Identify the correct statement a. AP cuts the MP curve at the maximum point of MP b. Mil cuts the AP curve at the maximum point of AP C. AP and MP intersects at the maximum point of both curves d. AP and MP do not intersect each other e. None 16. Which one of the following cost is per-unit cost? A. MC B. TVC C. AVC D. TFC E. All excep

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8. Which stage of production is efficient? C. Stage III D. None A Stage I B. Stage II 9. Which statement is false about perfect competitive market? A. Products are identical B. There is perfect knowledge about market conditions C. Entry is free while there is barrier to exit D. Firms/producers take market equilibrium price 10. At a point at which average product is maximized: C. Total product starts falling A. The marginal product starts to decrease D. Marginal product of la B. Marginal product of labor is at its maximum is equal to zero 11. Short run average variable costs (AVC): A. Are incurred even when production ceases B. Have no bearing whatsoever on rational decision making C. Are incurred only in the long run D. Are only at a minimum when the MPL is at a maximum E. Are only at a minimum when labor is on average, most productive 12. In monopoly market; A. There is oniy one seller C. Firms are price taker B. Firms are price maker D. There is blocked entry 13. In stage II; A. Total product increases at a decreasing rate B. Average product is higher than marginal product of labour C. Average product is lower than marginal product of labour D. Total product increases at both increasing and decreasing rate E.A and B __ 14. Which of the following is incorrect? C. Production is a function of inputs a. Cost is a function of inputs b. Cost is a function of outputs D. Utility is a function of outputs E. None 15. Identify the correct statement a. AP cuts the MP curve at the maximum point of MP b. Mil cuts the AP curve at the maximum point of AP C. AP and MP intersects at the maximum point of both curves d. AP and MP do not intersect each other e. None 16. Which one of the following cost is per-unit cost? A. MC B. TVC C. AVC D. TFC E. All excep

8. Which stage of production is efficient? C. Stage III D. None A Stage I B. Stage II 9. Which statement is false about perfect competitive market? A. Products are identical B. There is perfect knowledge about market conditions C. Entry is free while there is barrier to exit D. Firms/producers take market equilibrium price 10. At a point at which average product is maximized: C. Total product starts falling A. The marginal product starts to decrease D. Marginal product of la B. Marginal product of labor is at its maximum is equal to zero 11. Short run average variable costs (AVC): A. Are incurred even when production ceases B. Have no bearing whatsoever on rational decision making C. Are incurred only in the long run D. Are only at a minimum when the MPL is at a maximum E. Are only at a minimum when labor is on average, most productive 12. In monopoly market; A. There is oniy one seller C. Firms are price taker B. Firms are price maker D. There is blocked entry 13. In stage II; A. Total product increases at a decreasing rate B. Average product is higher than marginal product of labour C. Average product is lower than marginal product of labour D. Total product increases at both increasing and decreasing rate E.A and B __ 14. Which of the following is incorrect? C. Production is a function of inputs a. Cost is a function of inputs b. Cost is a function of outputs D. Utility is a function of outputs E. None 15. Identify the correct statement a. AP cuts the MP curve at the maximum point of MP b. Mil cuts the AP curve at the maximum point of AP C. AP and MP intersects at the maximum point of both curves d. AP and MP do not intersect each other e. None 16. Which one of the following cost is per-unit cost? A. MC B. TVC C. AVC D. TFC E. All excep

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8. B. Stage II <br />Stage II of production is considered efficient because it is where the marginal product of labor is positive but decreasing, and total product is increasing at a decreasing rate.<br /><br />9. C. Entry is free while there is barrier to exit <br />In a perfectly competitive market, there are no barriers to entry or exit. The statement that there is a barrier to exit is false.<br /><br />10. B. Marginal product of labor is at its maximum <br />At the point where average product is maximized, the marginal product of labor is equal to the average product, not at its maximum.<br /><br />11. E. Are only at a minimum when labor is on average, most productive <br />Short run average variable costs (AVC) are minimized when labor is most productive on average, which corresponds to the point where the average product of labor is at its maximum.<br /><br />12. A. There is only one seller <br />In a monopoly market, there is only one seller who controls the entire supply of a product or service.<br /><br />13. E. A and B <br />In Stage II, the total product increases at a decreasing rate, and the average product is higher than the marginal product of labor.<br /><br />14. b. Cost is a function of outputs <br />Cost is typically considered a function of inputs, not outputs. This statement is incorrect.<br /><br />15. b. MP cuts the AP curve at the maximum point of AP <br />The marginal product (MP) curve intersects the average product (AP) curve at the maximum point of the AP curve.<br /><br />16. C. AVC <br />Average Variable Cost (AVC) is a per-unit cost, calculated by dividing total variable costs by the quantity of output produced.
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