Table 13-5 -Refer to Table 13-5.Assume That Fixed Costs Are $500,and Variable

question 247

Multiple Choice

Table 13-5

-Refer to Table 13-5.Assume that fixed costs are $500,and variable costs are $100 per worker.For this firm,what are the shapes of the production function and the total-cost curve?

• A) Both the production function and total-cost curve are increasing at an increasing rate.
• B) Both the production function and total-cost curve are increasing at a decreasing rate.
• C) The production function is increasing at a decreasing rate, whereas the total-cost function is increasing at an increasing rate.
• D) The production function is increasing at an increasing rate, whereas the total-cost function is increasing at a decreasing rate.

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Definitions:

Voluntary Use

The choice or decision to use or engage in a particular behavior or substance without coercion.

Irresistible Impulse Rule

A legal defense theory that argues a defendant was compelled by an uncontrollable impulse to perform an illegal act, as a result of mental illness, and therefore should not be held accountable.

M'Naghten Rule

A legal standard used to determine criminal liability, which states that a defendant cannot be found guilty if, at the time of the crime, they were so afflicted by a mental disease that they did not know the nature of the act or could not distinguish right from wrong.

Guilty Mind

A legal concept indicating that a person was aware of the wrongfulness of their actions at the time they committed a crime.