Production and costs

Question 1 of 10

The law of diminishing returns states that as more of a variable factor is added to a fixed factor, eventually

Question 2 of 10

In the short run, average fixed cost

Question 3 of 10

External economies of scale arise from

Question 4 of 10

Division of labour means

Question 5 of 10

Division of labour increases output because

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

The point where average product equals marginal product is where

Question 8 of 10

If 4 workers produce 40 units and 5 workers produce 45 units, the marginal product of the 5th worker is

Question 9 of 10

Which is a variable cost?

Question 10 of 10

Total cost of 10 units is GH¢200 and of 11 units is GH¢215. Marginal cost of the 11th unit is