1. If marginal product is decreasing, then average product must also be decreasing. 2. For a fixed-proportion technology, inputs cannot be substituted for each other in production. 3. The marginal ...

1. Textbook problems # 2, 5, 7, 8 from Chapter 8. Textbook problems # 9, 10, 11 from Chapter 9. 2. True/ False Questions. 1. Since long-run economic profits for a competitive firm are always zero, it ...

Mitchell Grant is a self-taught investor with over 5 years of experience as a financial trader. He is a financial content strategist and creative content editor. Michael Boyle is an experienced ...