If marginal revenue is equal to zero, then a. total revenue is zero. b. average revenue is zero. c. total revenue is at a maximum or a minimum. d. average revenue is at a maximum or a minimum.

Match the descriptions below with the appropriate definition: A. Neither B. Total Revenue C. Total Cost D. Profit ? v 1. Market value of all goods and services sold 2. Cost of materials, labor, capital and other inputs of production 3. Market price minus Total cost 4. Total Revenue minus Total Cost ? ? v n. ?

32. The marginal cost curve is labeled: a L b. I. C. II d IV

10. How is marginal product affected if workers are added who are equally good at the job?a. The increase in workers will eventually cause marginal output to fall.b. The value of marginal output increases more with each additional good worker.c. With equivalent workers, marginal productivity will neither rise nor fall.d. Marginal quality will improve as the added workers gain experience.