Reference no: EM13825574

Questions-

1. A typical total product curve goes through four stages. What is the correct order for these stages?

A) increases at a decreasing rate, increases at an increasing rate, reaches a maximum, decreases

B) increases at an increasing rate, increases at a decreasing rate, decreases, reaches a maximum

C) increases at an increasing rate, reaches a maximum, increases at a decreasing rate, decreases

D) increases at an increasing rate, increases at a decreasing rate, reaches a maximum, decreases

2. When a new worker hired adds more to total output than the previous worker hired, you have:

A) decreasing marginal returns.

B) constant marginal costs.

C) increasing marginal costs.

D) decreasing marginal returns.

Additional Information-

These multiple choice questions belong to Economics. The first question is about the stages in total product curve and the second question is about increase in total output by hiring an additional worker.