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(Figure: Production Function II) Which of the Following Statements Are

question 40

Multiple Choice

(Figure: Production Function II) Which of the following statements are TRUE? (Figure: Production Function II) Which of the following statements are TRUE? I. This production function exhibits diminishing marginal product. II) At L = 3, MP<sub>L</sub> = 1.88 and AP<sub>L</sub> = 4. III) At L = 6, AP<sub>L</sub> > MP<sub>L</sub>. IV) At L = 3, MP<sub>L</sub> = 4 and AP<sub>L</sub> = 1.88. A) II and III B) I, II, and III C) I, III, and IV D) I and II I. This production function exhibits diminishing marginal product.
II) At L = 3, MPL = 1.88 and APL = 4.
III) At L = 6, APL > MPL.
IV) At L = 3, MPL = 4 and APL = 1.88.

Definitions:

Fundamental Attribution Error

The tendency to overestimate the influence of personal characteristics and underestimate the influence of situational factors when explaining other people's behavior.

Pessimistic Explanatory

A tendency to explain negative events as being widespread, permanent, and uncontrollable.

Martin Seligman

A psychologist known for his work on positive psychology, learned helplessness, and for promoting concepts such as PERMA to characterize well-being.

Downward Comparison

A social comparison strategy where individuals compare themselves to others who are less competent or in a worse situation, which can boost self-esteem.

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