Production and costs

Question 1 of 10

TFC = 200; TVC at 10 units = 300. AVC at 10 units is

Question 2 of 10

Division of labour means

Question 3 of 10

External economies of scale arise from

Question 4 of 10

Which of the following is a fixed cost?

Question 5 of 10

Total product is at a maximum when marginal product is

Question 6 of 10

Economies of scale are reflected by a

Question 7 of 10

The entrepreneur is rewarded with

Question 8 of 10

Total cost is made up of

Question 9 of 10

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

Question 10 of 10

The marginal cost curve cuts the average cost curve at