Use above figure for the followingh two questions: 1) If the price is $6 then profit-maximizing prof 1 answer below »
Use above figure for the followingh two questions:
1) If the price is $6 then profit-maximizing profits for this firm are:
| A. | $360 | |
| B. | need more information | |
| C. | $60 | |
| D. | $300 |
2) The shutdown price is:
| A. | $4.50 | |
| B. | need more information | |
| C. | $2 | |
| D. | $5 |
3) Adding a variable input (labor) to a fixed input (capital) will result in an increase in output:
| A. | Until the marginal product of labor is maximized. | |
| B. | Until the average product of labor begins to fall. | |
| C. | Until the marginal product of labor begins to diminish. | |
| D. | Until the marginal product of labor is becomes 0. |
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