In economics, the short run is the time frame in which ______________ and the long run is the period of time in which ______________.

all resources are fixed; all resources are variable
some resources are fixed; all resources are variable
all resources are variable but technology is fixed; technology is variable
some resources are variable; all resources are fixed

Which of the following statements is true?

When average product exceeds marginal product, marginal product is rising.
When average product is rising, marginal product is rising.
When marginal product is falling, average product is falling.
When marginal product exceeds average product, average product is rising.

Diminishing marginal returns start when as output increases, _______________.

average product reaches a maximum
total product reaches a maximum
marginal product begins to decrease
average product begins to decrease

Which of the following statements is true?

If average product equals marginal product, average product falls.
If marginal product exceeds average product, marginal product rises.
If marginal product equals average product, marginal product is a maximum.
If marginal product equals average product, average product is a maximum.

If marginal cost is below ______________________, then __________________ is ____________.

average total cost; marginal cost; rising
average variable cost; average variable cost; falling
average total cost; average variable cost; falling
average variable cost; marginal cost; falling

If marginal cost exceeds average variable cost, then ___________________cost is ____________.

average total; at a minimum
average fixed; rising
average variable; rising
average total; rising

The marginal cost curve passes through the __________ points of the ____________ cost curve and the _________ cost curve.

minimum; average total; average fixed
maximum; total cost; total variable
minimum; average total; average variable
minimum; average variable; average fixed

When a firm experiences diseconomies of scale, its __________________ cost curve slopes ____________.

short-run marginal cost; downward
long-run average; downward
long-run average; upward
short-run average total; downward

A firm experiences ___________ when its ___________ downward at larger outputs.

diminishing marginal returns; average total cost curve shifts
diminishing marginal returns; long-run average cost curve slopes
economies of scale; long-run average cost curve slopes
economies of scale; average total cost curve slopes

The firm's production function is the relationship between the _________ and ____________.

possible range of maximum output; the quantity of variable inputs
maximum output possible; the quantity of labour
maximum output possible; the quantities of both labour and capital
output produced; the quantities of all inputs

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