If a production function exhibits diminishing marginal product the slope of the corresponding total-cost curve ? A. is liner (a straight line) B. could be any of these answersC. becomes steeper as the quantity of output increases D. become flatter…

If there are implicit costs of production ? A. accounting profit will exceed economic profit B. economic profit will always be zero C. economic profit will exceed accounting profit D. accounting profit will always be zero E. economic profit and…

Naila owns a small pottery factory. She can make 1000 pieces of pottery per year and sell them for Rs 100 each. It costs Naila Rs 20,000 for the raw materials to produce the 1,000 pieces of pottery She has…

Accounting profit is equal to total revenue minus ? A. implicit costs B. variable costs C. the sum of implicit and explicit costs.D. explicit costs. E. marginal costs