Which of the Following Statements Is True

question 38

Multiple Choice

Which of the following statements is true?

• A) The law of diminishing returns states that beyond some point the marginal product of a variable resource continues to rise.
• B) The marginal product is the change in total output by adding one additional unit of a fixed input.
• C) Fixed costs are costs which vary with the output level.
• D) When marginal productivity of a variable input is falling then marginal costs of production must be rising.
• E) When marginal cost is below average cost, average cost rises; when marginal cost is above average cost, average cost falls.

Analyze the conflict between personal experience and external claims, and the role of direct experience in perception.

Identify and explain various informal fallacies.

Recognize the impact of fallacies on the validity of an argument.

Distinguish between fallacies of relevance, ambiguity, and assumption.

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Definitions:

Intangible Objects

Non-physical assets such as intellectual property, rights, and licenses that have value and can be owned or transferred.

Ascertainable Value

A value that can be precisely determined or measured.

Limited Liability Company

A corporate framework blending the direct taxation feature of a partnership and the restricted liability characteristic of a corporation.

Unmarried Partner

An individual in a committed romantic relationship who lives with another individual without being legally married to them.