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"Education is the most powerful weapon which you can use to change the world”
– Nelson Mandela

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M 4 - Graded Quiz

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Q 1. Which of the following statements is TRUE in the short run? 2. The marginal product of labor is 3. Which of the following statements best summarizes the law of diminishing marginal returns? 4. Total Product is 5. An isoquant represents levels of capital and labor that

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1. Generally, labor is a variable input. 2. the change in total product resulting from an extra unit of labor, holding other factors constant. 3. In the short run, as more labor is hired, output increases at a diminishing rate. 4. the amount of output that can be produced by a given amount of labor. 5. yield the same level of output.