Question: Please Answer with explanation for each answer. 1. A production function shows the relationship between 4. Diminishing returns to an input ensures that as a

Please Answer with explanation for each answer.

Please Answer with explanation for each answer. 1. A production function shows

1. A production function shows the relationship between 4. Diminishing returns to an input ensures that as a firm inputs and continues to produce, the total product curve will have a. fixed costs. what kind of slope? b. variable costs. a. negative decreasing c. total revenue. b. positive decreasing d. output. c. negative increasing e. profit. d. positive increasing 2. Which of the following defines the short run? e. positive constant a. less than a year 5. Historically, the limits imposed by diminishing returns have b. when all inputs are fixed been alleviated by c. when no inputs are variable a. investment in capital. d. when only one input is variable b. increases in the population. e. when at least one input is fixed c. discovery of more land. 3. The slope of the total product curve is also known as d. Thomas Malthus. a. marginal product. e. economic models. b. marginal cost. c. average product. d. average revenue. e, profit

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