Quiz #10 - Profit Maximization - Custom Scholars
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Quiz #10 – Profit Maximization

question
The marginal product of a factor is just the derivative of the production function with respect to the amount of this factor, holding the amounts of other factor inputs constant.
answer
True
question
If a profit-maximizing competitive firm has constant returns to scale, then its long-run profits must be zero.
answer
True
question
If the value of the marginal product of labor exceeds the wage rate, then a competitive, profit-maximizing firm would want to hire less labor.
answer
False
question
A profit-maximizing competitive firm uses just one input, x. Its production function is q = 8x1/2. The price of output is $24 and the factor price is $8. The amount of the factor that the firm demands is:
answer
144
question
If the short-run marginal costs of producing a good are $40 for the first 200 units and $50 for each additional unit beyond 200, then in the short run, if the market price of output is $46, a profit-maximizing firm will:
answer
produce exactly 200 units.
1 of 5
question
The marginal product of a factor is just the derivative of the production function with respect to the amount of this factor, holding the amounts of other factor inputs constant.
answer
True
question
If a profit-maximizing competitive firm has constant returns to scale, then its long-run profits must be zero.
answer
True
question
If the value of the marginal product of labor exceeds the wage rate, then a competitive, profit-maximizing firm would want to hire less labor.
answer
False
question
A profit-maximizing competitive firm uses just one input, x. Its production function is q = 8x1/2. The price of output is $24 and the factor price is $8. The amount of the factor that the firm demands is:
answer
144
question
If the short-run marginal costs of producing a good are $40 for the first 200 units and $50 for each additional unit beyond 200, then in the short run, if the market price of output is $46, a profit-maximizing firm will:
answer
produce exactly 200 units.
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