Economics Paper 35

1

A curve that represents all combinations of market baskets that provide the same level of utility to a consumer is called:






2

The slope of an indifference curve reveals that:






3

The law of diminishing returns applies to






4

In the long run:






5

According to the law of diminishing returns






6

The slope of the total product curve is the






7

The short run is






8

The marginal product of an input is B.






9

Average product is defined as:






10

Marginal product crosses the horizontal axis (is equal to zero) at the point where:






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