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Questions 17-22 are based on the short-run production function in the graph on the right 18. Whcrc would firms choosc to producc? a. Point Z c. Somewhere between point X and Y d. Somewhere between point Y and 7, e. I know theres another graph that might help, but I dont remember it, so Im giving up b. Point Y TP 19. The slope of line segment OD can be interpreted as the a. total product of labor at Y b. avcrage product of labor at Y c. value of labors marginal product at Y d. greatest possible marginal product of labor ZLabor 20. The slope of the TP curve can be interpreted as the a. marginal product of labor b. total product of labor c. value of labors marginal product d. NILF divided discouraged workers 21. For labor input levels between X and Y a. the marginal product of labor is falling, but is greater than the average product of labor b. both the marginal product and the average product of labor are falling c. the marginal product of labor is rising and the average product of labor is falling d. both the marginal product and the average product of labor are rising 22. The law of diminishing marginal returns begins to take effect at labor input level b. X e. whenever your nanna exits the labor force 23. At labor input 7 a. average product is maximized b. marginal product is zero c marginal product is maximized d. total product is zero

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18). Option D. This is because it is the second stage of production where profit maximizing output is achieved.

19) Option D. Slope of total product is marginal product and here the line is tangent at Y. After Y MP declines steadily

20) Option A. Slope of TP is MPL

21) Option A. This is because it is the second stage where MP starts declining but AP is rising so MP > AP

22) Option B. At X

23) Option B. Because TP is maximum.

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