Production and costs

Question 1 of 10

Total product is at a maximum when marginal product is

Question 2 of 10

Cost savings a firm gets from growing larger are

Question 3 of 10

Diseconomies of scale occur when

Question 4 of 10

The law of diminishing returns applies in the

Question 5 of 10

A firm's total cost is GH₵ 500 when it produces 50 units. Its average cost is

Question 6 of 10

The law of diminishing returns states that as more units of a variable factor are added to a fixed factor, the

Question 7 of 10

External economies of scale arise from

Question 8 of 10

Fixed cost GH¢500 and variable cost GH¢300 at an output of 100 units. Average total cost is

Question 9 of 10

Total cost is made up of

Question 10 of 10

In the short run, average fixed cost