Question : ____ is defined as the output per unit of variable input.

Option 1: Marginal product

Option 2: Production function

Option 3: Total product

Option 4: Average product

Question : Production function explains the relationship between:

Option 1: initial inputs and ultimate output

Option 2: input and ultimate consumption

Option 3: output and consumption

Option 4: output and exports

Question : When the average product of an input is at its maximum then:

(AP = Average product)

(MP = Marginal product)

Option 1: AP = 0

Option 2: AP = MP

Option 3: AP > MP

Option 4: AP < MP

Question : Equilibrium out is determined by:

Option 1: the equality between total variable cost and marginal revenue

Option 2: the equality between Marginal cost and Marginal revenue

Option 3: the equality between Average cost and Average revenue

Option 4: the equality between total cost and total revenue

Question : If the total product is at its maximum then:

(AP = Average product)

(MP = Marginal product)

Option 1: AP = 0

Option 2: AP<0

Option 3: MP = 0

Option 4: AP =MP = 0